"Will Congress Apologise?" BJP After SEBI's Clean Chit To Adani Group In Hindenburg Case

BJP National Spokesperson Shehzad Poonawalla has welcomed SEBI's clean chit to the Adani Group regarding the Hindenburg report, declaring that truth has prevailed against those working against India's economic interests.

Speaking to ANI on Thursday, Mr Poonawalla stated, "Once again, truth has prevailed and those who have been behaving like economic anarchists, economic terrorists and economic sleeper cells working full time against the economic interests of India have been dealt a body blow."

He criticized individuals who utilized the Hindenburg report to create "economic anarchy" in the country, specifically targeting Rahul Gandhi and the Congress party.

Mr Poonawalla questioned the intentions of those who used the Hindenburg report to paralyze parliament and disrupt the economy, challenging them to apologize for their actions.

"Those in India who considered Hindenburg to be a gospel used the Hindenburg report and stalled parliament, created an economic situation in the country and tried to hurt the economic interests, particularly Rahul Gandhi and the Congress party. Will they apologize?" he asked, further questioning, "Were they also hand in glove in creating losses for Indian investors and profiting out of it? What was their motive to create this kind of economic anarchy? They should be the ones who should be held accountable today."

Mr Poonawalla emphasized that this isn't the first time an institution has dismissed Hindenburg's allegations, noting that the Supreme Court had previously rejected all claims made by the US-based short-seller against the business group.

"This is not the first time an institution or an agency has said that there is no substance in the allegations made by this fly-by-night operator called Hindenburg. Even before this, the Supreme Court had dismissed all the allegations that were made by Hindenburg and by those who were using Hindenburg as a tool to create economic anarchy within India," Mr Poonawalla explained.

The BJP spokesperson also highlighted that Hindenburg has since ceased operations, calling it a "triple strike" against the short-seller's allegations, stating, "Today, the question is that the Hindenburg group has also shut its shop. There has been a triple strike on the allegations made by Hindenburg."

Additionally, Supreme Court Advocate Ishkaran Bhandari welcomed SEBI's clean chit to the Adani Group, saying it was expected given the lack of evidence. Bhandari claimed that an entire ecosystem targeted a businessman "to satisfy their foreign interests."

Mr Bhandari contrasted how India treats its business leaders compared to other countries.

"The most important point is that US-based Hindenburg does it. Forget what is happening between the US and India right now on the trade deal and on tariffs. Come to reality... The worst problem was how, in India, an entire ecosystem went after a businessman so that they could satisfy either their foreign interests or those who hate Indian business and want to destroy it. You see, any other nation in the world supports their wealth creators; they respect them. Do you see the US taking such action on Google, Apple, Amazon, or any big company there?" Mr Bhandari questioned while speaking to ANI.

He attributed the issue in India to an "unfortunate lobby" that files complaints and approaches courts. The advocate noted that both the Supreme Court and SEBI found no substance in Hindenburg's allegations, yet predicted some would remain unsatisfied.

"But in India, we have an unfortunate lobby that will go on to make all sorts of complaints and approach the court also. Before SEBI went to the Supreme Court, nothing was found regarding the Hindenburg. Then it went to the authority that had to deal with it, SEBI, and nothing was found. But the reality is that even today, I can predict some people will not be satisfied because their entire interest lies in destroying business in India. That is what we are dealing with geopolitically..." he added.

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

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

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

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