India's regulator dismisses certain claims against Adani, made by Hindenburg.
The Securities and Exchange Board of India (SEBI) published two orders on Thursday, clearing several of Gautam Adani's companies of some allegations of financial impropriety made by US short-seller Hindenburg Research. The orders, related to Adani Group's listed ports and power units, were issued in response to allegations of undisclosed related-party transactions and earnings manipulation in Adani's listed firms. However, SEBI found that the Adani Group did not use related-party transactions to route funding into group companies. Kamlesh C Varshney, a SEBI member, wrote in both orders that the allegations were not established. SEBI's determination that the Adani Group did not violate disclosure rules also supports this conclusion. The orders came after the Adani Group lost billions of dollars in market value in 2023, following allegations made by Hindenburg Research. The loss in market value occurred after Hindenburg Research accused the Adani Group of 'brazen' corporate fraud. However, it's important to note that the available search results do not specify which companies within the Adani Group were explicitly excluded from the SEBI orders dated September 18 concerning allegations of financial irregularities. Gautam Adani, founder of the Adani Group, rejected the claims at the time, calling the Hindenburg report a 'deliberate attempt' to damage the group's reputation for the benefit of short-sellers. Despite the clearance from SEBI, the Adani Group continues to face scrutiny, and it remains to be seen how these allegations will impact the group's future.
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