IE headline on 19-9-25 https://indianexpress.com/article/explained/explained-economics/adani-group-clean-chit-hindenburg-case-sebis-final-order-10258630/
“Having considered the matter holistically, I find that the allegations made against Noticees (Adani group firms and officials) in the SCN are not established. “In my view, there are a few important facts like – there is no allegation of siphoning off of money or diversion of fund or loss to investors; all the money has come back with interest before start of the investigation; and the impugned transactions have not been held as related party transactions; which will make it very difficult to call impugned transactions as manipulative or fraudulent transactions or unfair trade practice,” Kamlesh Varshney wrote in final orders.
https://www.cnbctv18.com/market/adani-group-stocks-adani-enterprises-adani-power-shares-sebi-clean-chit-hindenburg-allegations-19680055.htm Hindenburg, which has since ceased operations, published a damning report in January 2023 accusing the Adani Group of using three companies—Adicorp Enterprises Pvt Ltd, Milestone Tradelinks Pvt Ltd, and Rehvar Infrastructure Pvt Ltd—as conduits to transfer funds from various group firms to publicly listed entities Adani Power Ltd and Adani Enterprises Ltd.
However, SEBI board member Kamlesh C Varshney clarified in the orders that there was no breach of disclosure requirements, as the transactions between these three firms and other group companies did not qualify as related party dealings under the rules at the time.