Hindenburg

In a landmark ruling with far-reaching implications for corporate governance and investor confidence, the Securities and Exchange Board of India (SEBI) has dismissed several of the most serious allegations leveled against the Adani Group by U.S.-based short seller Hindenburg Research. SEBI’s orders found no evidence of stock manipulation or improper related-party transactions, offering a partial reprieve for the conglomerate. However, certain investigations, particularly those relating to minimum public shareholding norms and foreign portfolio investors, remain active.

In a decisive ruling, India's anti-corruption ombudsman, the Lokpal, has dismissed complaints filed against former SEBI chairperson Madhabi Puri Buch, concluding that the allegations lacked substantive evidence and were based on conjecture. The complaints, linked to a controversial Hindenburg Research report that targeted the Adani Group, included claims of impropriety and conflict of interest. Following months of legal proceedings and detailed submissions, the Lokpal found the charges to be unsubstantiated and frivolous, effectively closing the matter.