Ahmedabad: Adani Group Chairman Gautam Adani on Thursday strongly criticised the allegations made by US-based short-seller Hindenburg Research, demanding a “national apology” from those who propagated what he described as “false and baseless narratives.”

His statement comes after the Securities and Exchange Board of India (SEBI) officially gave the Adani Group a clean chit in connection with charges of fraudulent practices and disclosure violations.

In a detailed post on X, Adani reiterated his company’s long-standing stance of transparency and integrity, while expressing concern for investors who suffered financial losses due to the Hindenburg report.

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. 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,” he wrote.

 

The SEBI investigation concluded that there was no evidence of related-party transaction violations, fund misrepresentation, or insider trading as alleged.

It further clarified that the transactions flagged by Hindenburg did not fall under the definition of related-party dealings under the rules in place at the time, although such provisions were added later through a 2021 amendment.

Moreover, the regulator confirmed that there was no violation of Section 12A of the SEBI Act or the Prohibition of Fraudulent and Unfair Trade Practices (PFUTP) Regulations.

SEBI concluded that no siphoning of funds had occurred and all relevant financial dealings were transparent, with funds returned along with interest. The proceedings were closed without imposing any penalties on Adani Group companies or individuals.

Adani, while reaffirming the group’s commitment to nation-building, added: “Our commitment to India’s institutions, to India’s people and to nation-building remains unwavering. Satyamev Jayate! Jai Hind!”

The clean chit from SEBI provides a significant relief to the Adani Group after months of global scrutiny and market turbulence triggered by the January 2023 Hindenburg report, which had accused the conglomerate of accounting fraud and stock manipulation.

Although the report had led to a sharp decline in Adani Group’s market value at the time, the company consistently denied all allegations, calling them “baseless” and “motivated.”