The Securities and Exchange Board of India (SEBI) has issued orders regarding Hindenburg allegations against Adani Power. The orders pertain to transactions involving Adicorp Enterprises Private Limited and Milestone Tradelinks Private Limited. The investigation period spans from 2012-13 to 2020-21 and 2018-19 to 2022-23 respectively. After reviewing the matter holistically, it was found that the allegations are not established.
Orders Regarding Hindenburg Allegations
The Securities and Exchange Board of India (SEBI) has issued final orders related to Hindenburg allegations against Adani Group, concerning transactions with Adicorp Enterprises Private Limited and Milestone Tradelinks Private Limited. These orders, reference numbers WTM/KV/CFID/CFID-TPD/31671/2025-26 and WTM/KV/CFID/CFID-SEC1/31672/2025-26, were both dated September 18, 2025.
Key Findings
After a comprehensive review, SEBI concluded that the allegations made against the Noticees in the Show Cause Notice (SCN) are not established. The investigation period for the transactions with Adicorp Enterprises Private Limited was from 2012-13 to 2020-21. The investigation period for the transactions with Milestone Tradelinks Private Limited and Rehvar Infrastructure Pvt. Ltd. spanned from 2018-19 to 2022-23.
Allegations and Scope of Investigation
The allegations involved potential material misrepresentation or misstatement in financial statements and attempts to circumvent regulations. Allegations also concerned related party transactions, failure to comply with LODR Regulations, and potential unfair trade practices. The investigation examined financial transactions between Adani Group companies and the entities in question, as well as compliance with disclosure requirements and corporate governance standards. However, the final order states that these allegations were not established.
Conclusion and Directions
The final order indicated that, as the allegations were not established, no liability was imposed on the Noticees. Exercising its powers under the SEBI Act, 1992 and the Securities Contracts (Regulation) Act, 1956, SEBI disposed of the proceedings without any specific directions. The order was issued by Kamlesh C. Varshney, Whole Time Member, Securities and Exchange Board of India, on September 18, 2025.
Source: BSE
