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Key Points

Gautam Adani visited a Jain temple with his wife to offer prayers after receiving SEBI's clean chit. The market regulator completely exonerated Adani Group from all Hindenburg allegations after months of investigation. Adani demanded a national apology from those who spread what he called false narratives against his company. The SEBI ruling brings closure to months of market volatility and scrutiny surrounding the allegations.

Key Points: Gautam Adani Offers Prayers After SEBI Clean Chit in Hindenburg Probe

  • Adani demanded national apology from Hindenburg report spreaders
  • SEBI found no fraud or fund siphoning in exhaustive probe
  • Market regulator cleared all disclosure norm violation allegations
  • Adani expressed empathy for investors who lost money
3 min read

Gautam Adani offers prayers at Jain temple in Ahmedabad, a day after SEBI clean chit to Adani Group

Adani Group Chairman Gautam Adani and his wife visited a Jain temple in Ahmedabad to offer silent prayers of gratitude after SEBI cleared the group of all Hindenburg allegations.

"For the Adani family, this was more than regulatory relief -- it symbolised the triumph of good over evil - Adani Family Aide"

Ahmedabad September 20

Adani Group Chairman Gautam Adani, accompanied by his wife, offered prayers at a Jain temple in Ahmedabad a day after SEBI gave a clean chit to the Adani Group in the Hindenburg allegations probe.

A close aide told ANI that in the aftermath of the Hindenburg storm and months of speculation, Adani chose gratitude over celebration. At the temple, the couple lit a single diya and offered a silent prayer of thanks.

"For the Adani family, this was more than regulatory relief -- it symbolised the triumph of good over evil, a quiet victory of grit, faith, and resilience," the aide added.

Adani Group Chairman on Thursday demanded a "national apology" from those who spread the "false narratives" of Hindenburg Research.

Securities and Exchange Board of India (SEBI) gave a clean chit to the Adani Group regarding their "baseless" allegations of violating disclosure norms or constituting fraudulent practices.

In a post on X, Gautam Adani emphasised the group's commitment to transparency and integrity, expressing empathy for investors who lost money due to the 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. Our commitment to India's institutions, to India's people and to nation building remains unwavering. Satyamev Jayate! JAI HIND!" Gautam Adani said in a post on X.

The US-based short-seller had alleged fund routing to conceal related-party transactions, sparking significant market volatility and impacting Adani Group's market value. The clean chit brings significant relief to the Adani Group, ending months of scrutiny.

The market regulator on Thursday refuted the allegations made by US Short seller Hindenburg against the Adani Group. SEBI concluded that there is no violation of the listing agreement or SEBI Listing Obligations and Disclosure Requirements (LODR), and the impugned transactions do not qualify as "related party transactions".

According to SEBI, "Reading of Listing Agreement and SEBI (LODR) Regulations reveals that transactions between a listed company with unrelated party is not covered within the definition of "related party transactions" as it existed during the time when impugned transactions took place, though included specifically after the 2021 amendment.

SEBI said that the Supreme Court had rejected the plea of the petitioner and held that procedure followed in arriving at the current shape of regulations is not tainted with any illegality. The Supreme Court also held that no valid grounds have been raised to direct SEBI to revoke its amendments to the SEBI(LODR) Regulations.

SEBI said that there is no violation of Section 12A of the SEBI Act and SEBI-Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) (PFUTP) Regulations as alleged. It concluded that no fraud, misrepresentation, or siphoning of funds was proven and all funds were returned with interest.

SEBI concluded that no liability or penalties were imposed on Adani Group entities or individuals and the proceedings were disposed of without directions.

- ANI

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Reader Comments

P
Priya S
While I'm glad the investigation is over, I hope this leads to better transparency mechanisms for all Indian companies. Foreign investors need to see our markets as completely trustworthy. The temple visit shows good values though 🙏
M
Michael C
As someone who lost money during the Hindenburg episode, I appreciate Adani acknowledging investor pain. The clean chit is reassuring, but we need stronger safeguards against such market manipulation by foreign entities.
A
Ananya R
The humility shown by visiting temple instead of celebrating speaks volumes about Indian business ethos. Foreign short-sellers should understand that our companies operate with dharma and values, not just profit motives.
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Siddharth J
This is a victory for Indian capitalism! Hindenburg tried to destroy one of India's biggest success stories but our systems proved robust. Time to focus on nation-building again 💪
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Nikhil C
While SEBI has given clean chit, I hope this leads to better disclosure norms for all listed companies. The 2021 amendment shows regulations were improved, which is good for market integrity in the long run.

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