Those who spread false narratives owe the nation an apology: Gautam Adani on SEBI orders

Ahmedabad, Sep 18 (IANS) Gautam Adani, Chairman of the Adani Group, on Thursday said that the SEBI orders have reaffirmed what we have always maintained, that the Hindenburg claims against the Group were totally baseless.

In two separate orders passed on Thursday, the capital markets regulator disposed of the proceedings against Adani Group firms along with its senior officials in matters related to allegations made by Hindenburg Research.

"After an exhaustive investigation, SEBI has reaffirmed what we have always maintained, that the Hindenburg claims were baseless. Transparency and integrity have always defined the Adani Group," Gautam Adani said in a post on social media platform X.

"We deeply feel the pain of the investors who lost money because of this fraudulent and motivated report. Those who spread false narratives owe the nation an apology," the billionaire industrialist stated.

Gautam Adani further said: "Our commitment to India’s institutions, to India's people and to nation building remains unwavering. Satyamev Jayate! JAI HIND!"

The capital market regulator said that a detailed probe found no violations with respect to related party transactions (RPTs) by the listed entities and the individuals, and hence the proceedings have been disposed of without any direction.

"Accordingly, having considered the matter holistically, I find that the allegations made against Noticees in the SCN are not established. Considering the above, the question of devolvement of any liability on Noticees does not arise, and hence the question of determination of quantum of penalty also does not require any deliberation. I, hereby dispose of the instant proceedings against Noticees without any direction,” said Kamlesh C. Varshney, whole-time member at the SEBI, in the two filings.

—IANS

na/vd