Mumbai: The Securities and Exchange Board of India (SEBI) on Thursday (September 18, 2025) gave a clean chit to the Adani Group and its chairman, Gautam Adani, dismissing allegations raised by U.S.-based Hindenburg Research. The charges had accused the group of routing funds through three entities to conceal related-party transactions.
In two separate orders, SEBI ruled out any violations, clarifying that at the time of the transactions, dealings with unrelated parties did not fall under the ambit of related-party rules — a definition that was only broadened after a 2021 amendment.
The regulator also observed that the loans in question were duly repaid with interest, no funds were siphoned off, and therefore no fraud or unfair trade practices had taken place. Consequently, all proceedings against the Adani Group have been closed.
Hindenburg had alleged in January 2021 that the conglomerate used three firms — Adicorp Enterprises, Milestone Tradelinks, and Rehvar Infrastructure — as conduits to move money between Adani group companies, thereby sidestepping related-party transaction norms and potentially misleading investors.
