"Gautam Adani expresses sympathy towards financially affected investors following SEBI's clearance in the Hindenburg matter"
In a significant turn of events, the Securities and Exchange Board of India (SEBI) has cleared the Adani Group and its chairman, Gautam Adani, of any wrongdoing related to the allegations made by Hindenburg Research in January 2023.
The report by Hindenburg Research had led to massive corrections in Adani Group stocks, causing significant financial losses for retail investors. The report accused the Adani Group of using companies as conduits to avoid disclosure rules on related party transactions, specifically naming Adicorp Enterprises, Milestone Tradelinks, and Rehvar Infrastructure.
However, the SEBI investigation found no violations in the Adani Group's related party transactions. The investigators clarified that these transactions did not fall under the expanded definition introduced in a 2021 amendment. Moreover, the loans in question were repaid with interest, and there was no evidence of funds being siphoned off or any fraudulent activity.
The Adani Group has always maintained a focus on transparency and integrity. In response to the report, the group expressed deep sympathy for investors who lost money due to the "fraudulent and motivated report" on Hindenburg. The group's chairman, Gautam Adani, stated that the charges were baseless and harmful.
Adani Group believes that those who spread false narratives owe an apology to the nation. The group has always maintained that the report on Hindenburg was motivated. Following the clean chit from SEBI, the group reaffirmed its commitment to transparency and integrity.
The clean chit from SEBI follows months of scrutiny after the January 2023 report by Hindenburg Research. The exact release date of the report was January 24, 2023. The conclusion of the SEBI investigation on September 18, 2025, marks the end of a long-drawn-out period of uncertainty for the Adani Group and its investors.
The Adani Group feels the pain of investors who lost money due to the report on Hindenburg. The group has emphasised its focus on maintaining the trust and confidence of its investors and stakeholders. The group remains committed to upholding the highest standards of corporate governance and ethical practices.
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