Sebi Clears Gautam Adani & Group Entities From Hindenburg Allegations

Mumbai: Indian securities and stock exchange board (SEBI) rejected the relevant party agreements against eight Adani group organizations, including the Group President Gautam Adani in the last 44 pages order of the US short vendor Hindenburg Research.

Emir Emir, who was passed by Sebi, could not claim declarations against Kamsh C. Varshney, Gautam Adani, Rajesh Adani, Group Cfo Jugeshinder Singh, Adani ports and private economic, Adani Power, Mileste Tradeldator.

A report against Adani Infra (India) through Adani Infra (India) of Hindanburg, Adani Enterprises and Adani Enterprises and Adani Power Mundra (now combined with Adani Power) through Adani Infra (India), was published on January 24, 2023. He also questioned the original background source of Hindenburg, Milestone Tradelinks and Rehvar infrastructure.

While disposed of the allegations of Sebı Hindenburg, the amendment dated 2021 could not be valid for past transactions in the relevant party transactions (LODR) regulations. The definition of the relevant party transactions did not apply to challenging/lowering transactions because it was changed later. “This change came into force from a date dated April 1, 2022 and also provided a shift until 1 April 2023.”

However, the transactions between Adani group assets took place in 2018-19 financially.

“When there is no violation of the provisions of the Lodr regulations, it is not a party to the objected transaction, and the amount will be wrong to categorize these procedures, seb, sebi, a fraud unless it proves that there is a fraud in these procedures when it does not prove that there is a fraud in these procedures before the start of the investigation.

“However, there is no such claim or evidence in SCN. Therefore, it is thought that the realities of this case do not meet the necessity of the definition of the term“ fraud ”. Therefore, it is assumed that the provisions of the prohibition of fraudulent and unfair trade practices related to fraudulent and unfair trade practices.