New Delhi, Sept 22: In his first response to the Securities and Exchange Board of India’s (SEBI) clean chit in the Hindenburg allegations case, Adani Group Chairman Gautam Adani on Monday termed the development an “agnipariksha” that made the group’s resolve “unbreakable.”
In a video statement, Adani said the regulator’s findings vindicated the conglomerate. “A cloud that had hung over us for more than two years has been lifted. SEBI’s comprehensive investigation has rejected all allegations contained in the Hindenburg report from January 2023,” he said, adding that the outcome “belongs to everyone who stood by us.”
Calling the Hindenburg episode a “targeted multidimensional assault,” Adani said it tested not just the company’s reputation but also India’s confidence in its entrepreneurs. “You proved that execution under pressure is the truest test of character, and that the Adani character is unbreakable,” he remarked.
The billionaire stressed that crises only strengthen the company’s foundation. “Every crisis teaches us lessons… our foundations deepen, and our resolve becomes even more unbreakable,” he said, noting that greater challenges lie ahead.
SEBI, in its final order, ruled that the transactions flagged in the Hindenburg report were not “related party transactions” under regulations applicable at the time and found no violations of the SEBI Act or fraud regulations.
“The impugned transactions do not qualify as related party transactions. There is no violation of Section 12A of the SEBI Act or PFUTP Regulations,” the regulator clarified.