SEBI ruling 'powerful validation' of conglomerate’s governance: Adani

'TRUTH HAS PREVAILED'

- OUR CORRESPONDENT

In a strongly-worded letter to shareholders, Adani Group chairman Gautam Adani on Wednesday described the market regulator SEBI’s dismissal of key allegations from the Hindenburg Research report as a “powerful validation” of the conglomerate’s governance and transparency, and declared that “truth has prevailed”.

More than two years after the damning short-seller report triggered a USD 150 billion selloff in group stocks, Adani said the Securities and Exchange Board of Indias (SEBI) dismissal of allegations marked the end of a prolonged scrutiny period that tested “every dimension” of the group’s resilience.

Referring to the January 2023 Hindenburg Research report as a moment that shook India’s markets, he said the attack was not just on the Adani Group but “a direct challenge to the audacity of Indian enterprises to dream on a global scale”.