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

Advocate Nitin Meshram characterized the Hindenburg Report as an effort to destabilize India's economic growth. (File)

New Delhi:

Legal experts have welcomed the Securities and Exchange Board of India's (SEBI) exoneration of the Adani Group in the Hindenburg matter, describing the regulator's decision as thorough, sustainable, and instrumental in drawing the controversy to a close.

According to senior advocate Amit Desai, SEBI's "thoroughly justified ruling" against Hindenburg's accusations would remain valid despite potential challenges.

"This ruling will stand the test of time. Any appeal against such a meticulously reasoned decision would face significant hurdles. This effectively puts the Hindenburg allegations behind the Adani Group permanently, enhancing their standing in the business community," he stated.

Advocate Vijay Agarwal highlighted Hindenburg's acknowledgment of "short-selling" practices.

"The Supreme Court's judgment in Vishal Tiwari's case had previously cleared the group. Now Hindenburg faces investigation after confessing to short-selling activities. Nothing more remains to be examined. The Adani Group has successfully overcome every challenge. This matter should be considered resolved," Agarwal observed.

Advocate Nitin Meshram portrayed the Hindenburg Report as a calculated attempt to undermine India's economic progress.

"The Hindenburg Report represented a coordinated effort against India's development, part of a broader international scheme. I consistently maintained that the allegations lacked substance. SEBI has discovered no wrongdoing, and the Supreme Court dismissed requests for special investigations. Those questioning the ruling are effectively undermining India's regulatory framework," he explained.

Advocate Ishkaran Bhandari suggested that an "ecosystem" targeted an Indian entrepreneur to benefit foreign interests, noting that certain groups remain discontent despite SEBI and Supreme Court findings revealing "no misconduct."

"In India, an entire network mobilized against a businessman to appease foreign interests or those resentful of Indian entrepreneurship. Other nations protect their business leaders—you don't see America undermining Apple or Amazon. Despite SEBI and the Supreme Court finding no evidence of wrongdoing, certain groups will remain dissatisfied because they benefit from weakening Indian enterprises," he remarked.

Responding to the ruling, Adani Group Chairman Gautam Adani stated that the decision validated the company's position from the beginning.

"SEBI has confirmed that Hindenburg's claims were unfounded. The Adani Group has always operated with transparency and integrity. We sincerely regret the losses investors suffered due to this fraudulent and calculated report. Those responsible for spreading misinformation owe the country an apology," Adani wrote on X.

(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)