Senior advocate Amit Desai has a clear message for the Adani Group: the Hindenburg allegations are finally history. Speaking on Thursday, Desai hailed the Securities and Exchange Board of India (SEBI) order as a solid win, saying it puts an end to the controversy that rocked the Indian business giant.
Desai called the SEBI decision “strong and well-reasoned,” adding that it’s tough to challenge. “This order will stand the test of time,” he said. “Even if someone appeals, it’s not going to be easy to overturn it. With this, the Hindenburg chapter is closed for the Adani Group once and for all.”
He went on to explain how the ruling boosts the Adani Group’s image. “These orders will strengthen their standing with regulators, banks, and the market. It shows they’ve followed the rules in their business dealings, wiping out those negative vibes from the past.”
### What Did SEBI Say?
Earlier today, SEBI cleared the Adani Group of all Hindenburg claims. The market watchdog found no breaches of listing rules or disclosure norms. Key points from the order:
– Transactions with unrelated parties don’t count as related party deals under the rules back then (though a 2021 update changed that).
– The Supreme Court already backed SEBI’s process, calling it fair and legal.
– No proof of fraud, lies, or fund misuse under SEBI laws. All money involved was returned with interest.
– No penalties for Adani entities or individuals—case closed without any orders.
This comes after SEBI probed the allegations thoroughly, ensuring no stones were left unturned.
### A Quick Look Back at the Hindenburg Report
It all started in January 2023 when US short-seller Hindenburg Research dropped a bombshell report. They accused the Adani Group of stock manipulation, accounting tricks, and using offshore firms to siphon funds. Adani stocks crashed hard, wiping out billions in market value overnight.
The Adani Group fired back right away, calling the claims “baseless” and a hit job by a foreign player out to profit from short-selling. At the Adani Enterprises AGM that year, Chairman Gautam Adani stood firm: “These are attacks on our decades of hard work by a short seller with an agenda.”
The Adani Group has denied every accusation from the Hindenburg report since day one. Now, with SEBI’s clean chit, it seems the storm has passed, paving the way for a fresh start in the Indian stock market.
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