"Hindenburg Report, a conspiracy against India's economy": Advocate Nitin Meshram on SEBI's clean chit to Adani Group

Noida (Uttar Pradesh) [India], September 19 (ANI): In response to SEBI’s recent decision to give a clean chit to the Adani Group in the Hindenburg case, Advocate Nitin Meshram has expressed his support for the regulator’s move. Meshram views the Hindenburg Report as part of a larger conspiracy against India’s economy, stating that the report’s allegations lack substance.

He believes that the campaign surrounding the Hindenburg Report is part of an international conspiracy to derail India’s economy.

“The clean chit given to the Adani Group by SEBI today is a very good decision by SEBI, and I support it. I view the Hindenburg Report in several different ways. First, I see it as a conspiracy against India’s economy. Secondly, I see the campaign that has developed around it as a larger plan to derail India’s economy, including an international conspiracy.,” Meshram told ANI.

Meshram also highlighted that the Supreme Court had previously declined to form a Special Investigation Team (SIT) or transfer the case to the CBI, instead relying on SEBI to investigate the matter.

“I have written about it many times. I believe that the allegations made, specifically in the Hindenburg Report, are all myths. There is no substance to those allegations. When parties went to the Supreme Court regarding this, they asked to form an SIT or transfer it to the CBI. But the Supreme Court said no, there is no need for that. SEBI is enough..,” he added.

The Advocate said that if anyone is still accusing the Adani Group of committing misconduct, that person does not respect the regulator.

“When parties went to the Supreme Court regarding this, they asked to form an SIT or transfer it to the CBI. But the Supreme Court said no, there is no need for that. SEBI is enough…I believe this matter should be put to rest. It should not be accepted that the Adani Group has committed any misconduct. And those who believe that the Adani Group has committed any misconduct, I believe, do not respect the regulator, do not follow the country’s laws, do not believe SEBI, and they want to see the country’s economy derailed,” he said.

Meshram emphasised that SEBI’s decision should put the matter to rest and that those who continue to claim that the Adani Group has committed misconduct are essentially disregarding the regulator and the country’s laws.

“I believe this matter should be put to rest. It should not be accepted that the Adani Group has committed any misconduct. And those who believe that the Adani Group has committed any misconduct, I believe, do not respect the regulator, do not follow the country’s laws, do not believe SEBI, and they want to see the country’s economy derailed…” Meshram said.

Senior Advocate Vijay Agarwal also welcomed SEBI’s clean chit, stating that the Adani Group has passed the litmus test, one after the other. Advocate Agarwal stated that the matter should now be considered closed. Agarwal pointed to the Supreme Court’s earlier judgment in the Vishal Tiwari case, which had also given a clean chit to the Adani Group.

“Supreme Court has given a clean chit in Vishal Tiwari’s judgment. And now there is rather an inquiry against Hindenburg because there is an admission by Hindenburg that yes, they did short sell. So after that admission, nothing remains… The Adani group has passed the litmus test, one after the other. So nothing remains. Now it should be considered buried, dead and undone,” he said.

“They always had confidence in the Adani group, and it’s the biggest conglomerate. So now this only confirms and it vindicates the stand of the group,” he added.

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”.

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

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. (ANI)

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