Gautam Adani reacted after SEBI cleared Adani Group of Hindenburg Research stock manipulation claims. He called the report fraudulent, expressed sympathy for investors and reaffirmed Group’s commitment to transparency, integrity, and nation-building.
Gautam Adani, the Chairman of the Adani Group, on Thursday reacted with a Satyamev Jayate post on X after the Securities and Exchange Board of India (SEBI) gave the conglomerate a clean chit over the Hindenburg Research report. In his tweet, Adani wrote, “After an exhaustive investigation, SEBI has reaffirmed what we have always maintained, that the Hindenburg claims were baseless. Transparency and integrity have always defined the Adani Group.”
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He expressed sympathy for investors who lost money due to the report, calling it “fraudulent and motivated” and said, “Those who spread false narratives owe the nation an apology.” Adani also reaffirmed the Group’s commitment to India’s institutions and nation-building, ending with “Satyamev Jayate! JAI HIND!”
SEBI clean chit to Adani Group
SEBI’s investigation dismissed allegations of stock manipulation, stating there was no violation of rules. The regulator found that transactions cited in the Hindenburg report did not qualify as ‘related party transactions’ and confirmed all loans were repaid with interest.
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The matter stems from a Hindenburg report dated January 24, 2023, which alleged that Adani Group companies routed funds through Adicorp Enterprises, Milestone Tradelinks, and Rehvar Infrastructure to listed companies like Adani Power Ltd. and Adani Enterprises Ltd. SEBI’s findings confirmed that loans were repaid with interest in several tranches, closing the case without any penalties.
(With ANI inputs)