Mumbai (18.09.2025): The Securities and Exchange Board of India (SEBI) has absolved the Adani Group and its Chairman Gautam Adani of allegations made by US-based Hindenburg Research concerning the siphoning of funds and concealment of related-party transactions. The ruling comes after a thorough investigation into the claims. Interestingly, Hindenburg had already shut its shop in January 2025 after its founder Nate Anderson reportedly decided to spend more time with his family.
In two separate orders, the market regulator concluded that the transactions in question did not violate existing regulations. SEBI noted that the definition of "related party" was amended in 2021, and when transactions occurred, they did not fall under this category.
Furthermore, the regulator found no evidence of funds being siphoned off, noting that the loans had been fully repaid with interest. As a result, SEBI has determined that there was no fraud or unfair trade practice.
A vindicated Adani Group Chairman Gautam Adani posted on X, “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.”
This decision effectively drops all proceedings against the Adani Group related to the Hindenburg allegations. The report from Hindenburg, published in January 2021, had claimed that three companies — Adicorp Enterprises, Milestone Tradelinks, and Rehvar Infrastructure — were used as conduits to route funds among Adani Group firms to evade rules on related party transactions.
He further said, “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 added, “Our commitment to India’s institutions, to India's people and to nation building remains unwavering. Satyamev Jayate! JAI HIND!”
