"Hindenburg a hyena; wanted to create bloodbath in India": Tehseen Poonawalla on SEBI's clean chit to Adani Group

Pune (Maharashtra) [India], September 19 (ANI): After the Securities and Exchange Board of India (SEBI) gave a clean chit to the Adani Group on all charges levelled by Hindenburg Research, Political analyst Tehseen Poonawalla slammed the now-defunct US-based short-seller, calling it “a hyena that wanted to create a bloodbath in Indian markets”.

“The Hindenburg Group was not a hedge fund, rather a hyena that wanted to create a bloodbath in India, in the Indian markets and like vultures, then scoop in and take all the profits for themselves and they did it. They took all the money, and today they have shut down.” Poonawalla told ANI on Thursday.

Poonawalla hailed the market regulator’s fact-based and well-balanced report, adding that the SEBI report effectively addressed most of the points raised by the Hindenburg report, clarifying that some allegations were based on incorrect dates and that the Adani Group’s actions were within the purview of the law and norms at the time.

“Most of the points raised by the Hindenburg report have been addressed by the SEBI report, which is a fact-based, well-balanced report. They have raised certain questions. They have answered all queries, they have asked queries, and they have clarified that some of the allegations made by the Hindenburg group were on the wrong dates. At the time of the actions of the Adani group, those particular actions fell within the purview of the law and norms. Those norms may change later on. So it’s a very well-balanced report by SEBI,” he added.

Poonawalla emphasised that India’s focus should be on fostering entrepreneurship and creating more business leaders like Adani and Elon Musk. He emphasised the need for both the government and the public to support entrepreneurs, enabling India to become the world’s number two economy.

“The fact of the matter is the next two decades belong to India, and we should not be happy with one Adani. We have to create thousands of Adanis in India. We have to create thousands of Elon Musks in India. Entrepreneurship is the way forward for the Indian economy. Indians must become entrepreneurs, world-class entrepreneurs and the government and the public must support entrepreneurs. And that is the way forward for India to become the world’s number two economy,” he said.

The market regulator on Thursday refuted the allegations made by the US Short seller Hindenburg against the Adani Group. SEBI concluded that there is no violation of the listing agreement or SEBI Listing Obligations and Disclosure Requirements (LODR), and the impugned transactions do not qualify as “related party transactions”.

Meanwhile, Adani Group Chairman Gautam Adani on Thursday demanded a “national apology” from those who spread the “false narratives” of Hindenburg Research.

This comes after the Securities and Exchange Board of India (SEBI) gave a clean chit to the Adani Group regarding their “baseless” allegations of violating disclosure norms or constituting fraudulent practices.

In a post on X, Gautam Adani emphasised the group’s commitment to transparency and integrity, expressing empathy for investors who lost money due to the report.

“After an exhaustive investigation, SEBI has reaffirmed what we have always maintained, that the Hindenburg claims were baseless. Transparency and integrity have always defined the Adani Group. We deeply feel the pain of the investors who lost money because of this fraudulent and motivated report. Those who spread false narratives owe the nation an apology,” he posted on X. (ANI)

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