The Securities and Exchange Board of India (SEBI) has acquitted the Adani Group of the Hindenburg issue, ending the chapter that attracted international publicity. High-profile lawyers have given glowing reviews of the regulator's findings, terming the order enduring and able to withstand legal scrutiny.
Amit Desai, a senior advocate, said the nature of SEBI's action was well-reasoned, and it would not be simple to reverse the decision on appeal. He stated that the order firmly seals the allegations behind the Adani Group and returns confidence to its market position.
Chevron attorney Vijay Agarwal highlighted Hindenburg's confessions of short-selling. He used the Supreme Court's previous ruling, which had already cleared the company. Once these confessions have been made, there is nothing left. The Adani Group has successfully passed all tests, and this scandal should be forgotten now, Agarwal mentioned.
Other lawyers presented the Hindenburg Report as an assault on the Indian story of growth. According to an advocate named Nitin Meshram, the report was part of a larger agenda to sabotage the economy. He indicated that SEBI had conducted no wrongdoing, and the Supreme Court denied requests to conduct additional inquiries. In his opinion, doubting the order at this point weakens one's belief in the regulatory system in India.
According to Ishkaran Bhandari, the advocacy group, the whole controversy was created by groups with foreign interests. He likened the scenario to other nations that shield their large companies. In India, an ecosystem was being used to target a businessman and regulators, and the court could not find anything. There will be lobbies that will not be satisfied, but they intend to undermine Indian business, said Bhandari.
Adani Group Chairman Gautam Adani greeted the regulator's order with joy. He stated that it gave the company what it had asserted all along. He restated that there is transparency and integrity in the group's running.
Adani also sympathized with investors who had lost their money due to the publication of the Hindenburg Report. He said the report was deceitful and that those making false claims should apologize to the nation.
The Supreme Court has taken an earlier side with the SEBI ruling, which is being viewed as a turning point in the long-running dispute. As the supporters of the order are those with legal authority, attention is again drawn to the company's business activity and market performance.