Leading Lawyers Praise SEBI's Clean Chit To Adani Group In Hindenburg Case

The Securities and Exchange Board of India's (SEBI) decision to give a clean chit to the Adani Group in the Hindenburg case has been hailed by leading lawyers, who described the order as well-reasoned, durable, and a significant step towards closing the chapter on the controversy.

Senior advocate Amit Desai said the regulator's "well-reasoned order" against Hindenburg allegations would withstand appeals.

"This order is going to be sustainable in the long run. Even if there is an appeal, it will not be easy to succeed against such a well-reasoned order. With this, the Hindenburg allegations are now behind the Adani Group once and for all. It will strengthen their credibility in the marketplace," he said.

Advocate Vijay Agarwal pointed to admissions made by Hindenburg about "short-selling."

"The Supreme Court in Vishal Tiwari's judgment had already given a clean chit. Now there's an inquiry against Hindenburg because they admitted to short-selling. After that, nothing remains. The Adani Group has passed every litmus test. This controversy should now be considered buried," Agarwal remarked.

Advocate Nitin Meshram framed the Hindenburg Report as an attempt to undermine India's economy.

"The Hindenburg Report was a conspiracy against India's growth, part of a larger international plan. I always believed the allegations were myths with no substance. SEBI has found no misconduct, and the Supreme Court rejected demands for an SIT or CBI probe. Those who still doubt the order are undermining India's regulator and its laws," he said.

Advocate Ishkaran Bhandari said an "ecosystem" targeted an Indian businessman to serve foreign interests adding some lobbies remain unsatisfied despite SEBI and Supreme Court finding "nothing."

"In India, an entire ecosystem went after a businessman to satisfy foreign interests or those who dislike Indian enterprise. Other countries protect their wealth creators, you don't see the US trying to pull down Apple or Amazon. Even after SEBI and the Supreme Court found nothing, some lobbies will remain unsatisfied because their interest lies in weakening Indian business," he said.

Reacting to the order, Adani Group Chairman Gautam Adani said the decision reaffirmed what the company had maintained from the start.

"SEBI has reaffirmed that the Hindenburg claims were baseless. Transparency and integrity have always defined the Adani Group. We deeply feel the pain of investors who lost money because of this fraudulent and motivated report. Those who spread false narratives owe the nation an apology," Adani posted on X.

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