Sebi Clears Adani Group, Gautam Adani Of Hindenburg-Linked Allegations

Mumbai (Maharashtra) [India], September 18 (ANI): The Securities and Exchange Board (SEBI) on Thursday gave its conclusion in the matter of the allegations made by US Short seller Hindenburg against the Adani Group. SEBI concluded that there is no violation of 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.