SEBI has dismissed the allegations leveled by Hindenburg on Adani Group and Gautam Adani. It is said that the group did not make any disturbances. There was no irregularity in money transactions. Gautam Adani has posted in this regard on X.
Hindenburg allegations: India’s market regulator SEBI (Securities and Exchange Board of India) has dismissed the allegations made by American short seller Hindonburg Research against Adani Group Chairman Gautam Adani and group companies (Adani Enterprises, Adani Ports and Adani Power).
Hindonburg Research had made serious allegations against Adani Group
In January 2021, Hindonburg Research alleged that the Adani Group used three companies Edicorp Enterprises, Mylstone Tradle also and Rehwar Infrastructure to transact money among their companies. SEBI said in his order that the Adani Group did not violate.
Gautam Adani said- apologize to the country that spreads false news
According to a PTI report, SEBI said, “Given that all loans were repaid, money was used for intended purposes. There was no fraud or unfair trade.” SEBI has stopped all proceedings against the Adani group. Gautam Adani posted on X in this regard. Said that SEBI’s findings confirm that the claims of the short-seller were baseless. they wrote,
After a detailed investigation, SEBI has confirmed what we have always believed that Hindenberg’s claims were baseless. Transparency and honesty have always been the identity of the Adani group. We understand the pain of investors deeply who have lost money due to this fraud and malicious report. Those who spread false news should apologize to the country. Our commitment to India’s institutions, people of India and nation building is unbreakable. Satyamev Jayate! Jai Hind!
Scroll to load tweet…
Also read- Infosys Buyback: What is buyback? Why do companies start buying their own shares, 6 questions and answers
According to the NDTV report, former SEBI executive director JN Gupta said that since the release of Hindonberg report, almost everyone has gradually reached out to the conclusion that “Adani was not in the wrong side”. Gupta said,
This order imposes a final seal on the fact that there was no truth in the Hindonberg report. This reveals some things that we have a system where we believe in many things without facts. There is a need to improve our system. It took more than two years to reach this conclusion. Retail investors who panicked their investment due to the report have suffered losses.
Also read- Who is the world’s richest man Larry Ellison, Alan Musk left behind, how much is property?