Gautam Adani offers prayers at Jain temple in Ahmedabad, a day after SEBI clean chit to Adani Group

Ahmedabad (Gujarat) [India] September 20 (ANI): Adani Group Chairman Gautam Adani, accompanied by his wife, offered prayers at a Jain temple in Ahmedabad a day after SEBI gave a clean chit to the Adani Group in the Hindenburg allegations probe.

A close aide told ANI that in the aftermath of the Hindenburg storm and months of speculation, Adani chose gratitude over celebration. At the temple, the couple lit a single diya and offered a silent prayer of thanks.

"For the Adani family, this was more than regulatory relief -- it symbolised the triumph of good over evil, a quiet victory of grit, faith, and resilience," the aide added.

Adani Group Chairman on Thursday demanded a "national apology" from those who spread the "false narratives" of Hindenburg Research.

Securities and Exchange Board of India (SEBI) gave a clean chit to the Adani Group regarding their "baseless" allegations of violating disclosure norms or constituting fraudulent practices.

In a post on X, Gautam Adani emphasised the group's commitment to transparency and integrity, expressing empathy for investors who lost money due to the report.

"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. 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. Our commitment to India's institutions, to India's people and to nation building remains unwavering. Satyamev Jayate! JAI HIND!" Gautam Adani said in a post on X.

The US-based short-seller had alleged fund routing to conceal related-party transactions, sparking significant market volatility and impacting Adani Group's market value. The clean chit brings significant relief to the Adani Group, ending months of scrutiny.

The market regulator on Thursday refuted the allegations made by US Short seller Hindenburg against the Adani Group. SEBI concluded that there is no violation of the listing agreement or SEBI Listing Obligations and Disclosure Requirements (LODR), and the impugned transactions do not qualify as "related party transactions".

According to SEBI, "Reading of Listing Agreement and SEBI (LODR) Regulations reveals that transactions between a listed company with unrelated party is not covered within the definition of "related party transactions" as it existed during the time when impugned transactions took place, though included specifically after the 2021 amendment.

SEBI said that the Supreme Court had rejected the plea of the petitioner and held that procedure followed in arriving at the current shape of regulations is not tainted with any illegality. The Supreme Court also held that no valid grounds have been raised to direct SEBI to revoke its amendments to the SEBI(LODR) Regulations.

SEBI said that there is no violation of Section 12A of the SEBI Act and SEBI-Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) (PFUTP) Regulations as alleged. It concluded that no fraud, misrepresentation, or siphoning of funds was proven and all funds were returned with interest.

SEBI concluded that no liability or penalties were imposed on Adani Group entities or individuals and the proceedings were disposed of without directions. (ANI)

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