Gautam Adani offers prayers at Jain temple in Ahmedabad, a day after SEBI clean chit to Adani Group
(source : ANI) ( Photo Credit : ani)
Gautam Adani, the chairman of the Adani Group, and his wife visited a Jain temple in Ahmedabad to offer prayers just a day after India’s markets regulator cleared the group of Hindenburg Research allegations. The couple lit a single lamp and shared a quiet moment of thanks, choosing gratitude over big celebrations amid the storm of speculation.
A close aide to the Adani family shared that this visit meant more than just regulatory relief. It stood as a symbol of good prevailing over evil—a win for determination, faith, and strength. “For the Adani family, this was a quiet victory,” the aide told reporters.
On Thursday, Gautam Adani ramped up the call for accountability. He demanded a national apology from those who pushed the false Hindenburg claims. In a post on X (formerly Twitter), Adani highlighted the group’s dedication to transparency and integrity. He also showed empathy for investors who suffered losses because of the report.
“After an exhaustive investigation, SEBI has reaffirmed what we have always maintained—that the Hindenburg claims were baseless,” Adani wrote. “Transparency and integrity have always defined the Adani Group. We deeply feel the pain of the investors who lost money because of this fraudulent and motivated report. Those who spread false narratives owe the nation an apology. Our commitment to India’s institutions, to India’s people, and to nation-building remains unwavering. Satyamev Jayate! JAI HIND!”
The controversy started in early 2023 when US-based short-seller Hindenburg Research accused the Adani Group of routing funds to hide related-party transactions. This triggered huge market swings and wiped out billions in the group’s market value, drawing intense scrutiny for months.
But now, the Securities and Exchange Board of India (SEBI) has delivered a clean chit to the Adani Group. SEBI found no breaches of disclosure rules or any fraudulent practices under the listing agreement or its Listing Obligations and Disclosure Requirements (LODR) regulations.
In its detailed report, SEBI explained that the transactions in question didn’t count as related-party deals at the time they happened—before a 2021 amendment tightened those rules. The regulator also noted that India’s Supreme Court had already dismissed challenges to SEBI’s processes, ruling them fair and legal. No grounds existed to undo the amendments.
SEBI further cleared the air on fraud claims. It said investigators found no evidence of misrepresentation, siphoning funds, or violations of anti-fraud rules under the SEBI Act or its Prohibition of Fraudulent and Unfair Trade Practices (PFUTP) regulations. All involved funds got returned with interest, and no penalties hit Adani Group companies or individuals. The case wraps up without any further actions.
This SEBI verdict brings major relief to the Adani Group, putting an end to the long probe sparked by Hindenburg’s explosive report.
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