Adani Gets SEBI Clean Chit: Advocates Call Hindenburg Report a Conspiracy Against India

GG News Bureau

New Delhi, 19th Sept: In a strong endorsement of SEBI’s recent decision to clear the Adani Group of allegations made by Hindenburg Research, Advocate Nitin Meshram on Thursday described the regulator’s move as both justified and essential for India’s economic stability.

Meshram argued that the Hindenburg Report was less about corporate accountability and more about undermining India’s growth story. “The clean chit given to the Adani Group by SEBI today is a very good decision. I see the Hindenburg Report as a conspiracy against India’s economy. The campaign that developed around it was part of an international plan to derail India’s progress,” he told ANI.

SEBI Verdict Ends Long-Standing Controversy

The market regulator’s findings concluded that Adani Group had not violated listing norms or disclosure requirements, dismissing allegations of related party transactions. This verdict came after months of intense scrutiny following Hindenburg’s explosive report, which had accused the conglomerate of stock manipulation and fraud.

The Supreme Court had earlier declined to transfer the probe to a Special Investigation Team (SIT) or the CBI, insisting that SEBI was competent to handle the matter. Meshram highlighted this stance, stressing that continuing to accuse Adani of wrongdoing was tantamount to undermining India’s legal institutions.

“Those who still claim Adani committed misconduct do not respect the regulator, do not follow the country’s laws, and want to see the economy derailed. This matter should now be put to rest,” Meshram added.

Legal Community Backs SEBI’s Stand

Senior Advocate Vijay Agarwal echoed Meshram’s view, saying the Adani Group had successfully weathered every test of credibility. Referring to the Supreme Court’s earlier ruling in the Vishal Tiwari case, which also found no evidence of wrongdoing, Agarwal said: “The Adani Group has passed the litmus test one after another. With Hindenburg admitting they short-sold, nothing remains. This issue is buried, dead, and undone.”

He further emphasised that the verdict vindicated the group’s consistent claims of transparency, describing Adani as India’s “biggest conglomerate with unwavering confidence.”

Adani Demands National Apology

Reacting to SEBI’s decision, Adani Group Chairman Gautam Adani took to X (formerly Twitter), demanding a “national apology” from those who amplified what he termed “false narratives.” He assured stakeholders of the group’s commitment to integrity and expressed empathy for investors who suffered losses during the turmoil.

The Road Ahead

With SEBI’s clean chit and the judiciary’s backing, legal experts believe the Adani-Hindenburg saga is finally nearing closure. Yet, the controversy has left an indelible mark on market sentiment and investor confidence, raising questions about the balance between global financial scrutiny and domestic regulatory sovereignty.

For now, the government, regulators, and the Adani Group are projecting unity, seeking to shift the narrative from allegations to renewed economic growth.