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Key Points

Leading lawyers have welcomed SEBI's decision giving a clean chit to the Adani Group in the Hindenburg case. Senior advocates described the order as well-reasoned and durable that will withstand any appeals. They pointed to Hindenburg's admission of short-selling as undermining the credibility of their allegations. The legal experts believe this decision finally closes the chapter on the controversy that had targeted India's business growth.

Key Points: Lawyers Hail SEBI Clean Chit to Adani Group in Hindenburg Case

  • SEBI found no misconduct by Adani Group in its detailed investigation
  • Hindenburg admitted to short-selling which undermined its allegations
  • Supreme Court had already rejected demands for a special investigation team
  • Lawyers call the report a conspiracy against India's economic growth
3 min read

Lawyers welcome SEBI's clean chit to Adani in Hindenburg Case

Top lawyers praise SEBI's well-reasoned order exonerating Adani Group from Hindenburg allegations, calling it durable and a closure to the controversy.

"This order is going to be sustainable in the long run - Amit Desai"

New Delhi, September 18

The Securities and Exchange Board of India's (SEBI) decision to give a clean chit to the Adani Group in the Hindenburg case has been hailed by leading lawyers, who described the order as well-reasoned, durable, and a significant step towards closing the chapter on the controversy.

Senior advocate Amit Desai said the regulator's "well-reasoned order" against Hindenburg allegations would withstand appeals.

"This order is going to be sustainable in the long run. Even if there is an appeal, it will not be easy to succeed against such a well-reasoned order. With this, the Hindenburg allegations are now behind the Adani Group once and for all. It will strengthen their credibility in the marketplace," he said.

Advocate Vijay Agarwal pointed to admissions made by Hindenburg about "short-selling."

"The Supreme Court in Vishal Tiwari's judgment had already given a clean chit. Now there's an inquiry against Hindenburg because they admitted to short-selling. After that, nothing remains. The Adani Group has passed every litmus test. This controversy should now be considered buried," Agarwal remarked.

Advocate Nitin Meshram framed the Hindenburg Report as an attempt to undermine India's economy.

"The Hindenburg Report was a conspiracy against India's growth, part of a larger international plan. I always believed the allegations were myths with no substance. SEBI has found no misconduct, and the Supreme Court rejected demands for an SIT or CBI probe. Those who still doubt the order are undermining India's regulator and its laws," he said.

Advocate Ishkaran Bhandari said an "ecosystem" targeted an Indian businessman to serve foreign interests adding some lobbies remain unsatisfied despite SEBI and Supreme Court finding "nothing."

"In India, an entire ecosystem went after a businessman to satisfy foreign interests or those who dislike Indian enterprise. Other countries protect their wealth creators, you don't see the US trying to pull down Apple or Amazon. Even after SEBI and the Supreme Court found nothing, some lobbies will remain unsatisfied because their interest lies in weakening Indian business," he said.

Reacting to the order, Adani Group Chairman Gautam Adani said the decision reaffirmed what the company had maintained from the start.

"SEBI has reaffirmed that the Hindenburg claims were baseless. Transparency and integrity have always defined the Adani Group. We deeply feel the pain of investors who lost money because of this fraudulent and motivated report. Those who spread false narratives owe the nation an apology," Adani posted on X.

- ANI

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Reader Comments

P
Priya S
As a small investor who held Adani stocks through this turmoil, I feel vindicated. The short-sellers caused so much unnecessary panic and losses for retail investors. Hope SEBI takes strict action against such manipulative reports in future.
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Michael C
While I respect SEBI's process, I hope this doesn't mean we stop asking tough questions about corporate governance. Healthy skepticism is good for markets. The key is evidence-based criticism, not motivated attacks.
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Ananya R
This is a proud moment for Indian regulatory systems! Foreign entities cannot just come and attack our successful businesses without consequences. SEBI has shown world-class investigation standards 👏
S
Siddharth J
The timing of Hindenburg report was suspicious - just when India's economy was gaining global momentum. Clearly an attempt to undermine confidence in Indian markets. Glad our institutions stood strong!
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Kavya N
I lost significant money during the Hindenburg crash. While I'm relieved about SEBI's findings, I hope there's better mechanism to protect retail investors from such manipulative practices in future. Regulation needs to evolve faster than market manipulators.
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Vikram M
This clean chit from both Supreme Court and SEBI should finally put an end to the conspiracy theories. Time to move on and focus on India's growth story rather than dragging down our successful entrepreneurs

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