New Delhi. There is a great news for India’s legendary industrialist Gautam Adani. The Securities and Exchange Board of India (SEBI) has given a clean chit to the Adani Group in the Hindenberg case. SEBI has said that the allegations made by American short -selling company Hindenberg to the Adani Group were not proved. SEBI said in its order that there was no transaction disturbance by Adani Group. With this, SEBI has blamed Adani Group Chairman Gautam Adani, his brother Rajesh Adani, Adani Ports, Adani Power and Edicorp Enterprises.
With this, SEBI has freed Gautam Adani and his group from some kind of fine or liability. It is worth noting that in January 2023, a report was released by Hindonburg Research in which the Adani Group was made several serious allegations including the manipulation of financial transactions. Hindenberg claimed in its report that in the Adani group companies, the institutions associated with them invested money through tax haven countries and thus the price of shares of the group companies was artificially increased. In addition, the group hid accounting frauds and disturbances. After this report of Hindonberg became public, the price of Shares of Adani Group declined significantly. However, the company’s shares were later jumped back from back.
These allegations were already denied by the Adani Group. Gautam Adani said at the annual general meeting (AGM) in June last year that a false report was prepared by the short seller to damage our group and reduce our market value. The Adani Group emerged as stronger than before, facing this bad phase. This proved that no challenge can weaken our foundation. The ability to stand firmly under adverse circumstances is the real measure of success and we did it.
