Adani Group
SEBI clears Adani Group of allegations levelled by Hindenburg Research
Mumbai/IBNS: The Securities and Exchange Board of India (SEBI) has cleared Indian businessman Gautam Adani, Rajesh Adani and several Adani Group entities of the allegations which were levelled by the US-based short-seller Hindenburg Research.
The regulatory authority for the securities and capital markets in India said the charges were not established and there was no violation of the SEBI Act.
In January 2023, Hindenburg Research made serious accusations against billionaire Gautam Adani's extensive ports-to-power conglomerate, alleging stock market manipulation and financial misconduct.
However, Gautam Adani had repeatedly and categorically denied all allegations made by the short-selling firm.
In August 2024, the Hindenburg Research had claimed that whistleblower documents reveal SEBI chairperson Madhabi Puri Buch had an interest in the obscure offshore entities implicated in the "Adani money siphoning scandal."
Both the Adani and SEBI chairperson issues were weaponised by the Opposition to corner the Modi government at the Centre.
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