Billionaire industrialist and Adani Group’s Chairman, Gautam Adani, along with his wife, Priti Adani, visited a Jain temple in Ahmedabad, Gujarat, one day after India’s capital markets regulator, the Securities and Exchange Board of India (Sebi), dismissed Hindenburg charges against the conglomerate, reported the news agency ANI on Saturday, 20 September 2025.
According to the news agency’s report, a close aide of the billionaire said that Adani chose to prefer gratitude over celebration as the Hindenburg storm smoothens after months of speculations over Sebi’s judgment.
“For the Adani family, this was more than regulatory relief — it symbolised the triumph of good over evil, a quiet victory of grit, faith, and resilience,” the aide told the news agency.
On Saturday, 20 September 2025, Adani and his wife lit a single diya and offered a silent prayer of thanks to God and sought the blessings of the Almighty.
Adani on Sebi’s order
Mint reported earlier that Sebi on Thursday, 18 September 2025, cleared Adani Group and its top executives of allegations of bypassing related-party transaction rules levelled by Hindenburg Research.
Billionaire Gautam Adani, in a social media post on X, reiterated his stance that the allegations imposed by the US-based short seller Hindenburg Research were ‘baseless’ and the company has maintained its transparency and integrity.
“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,” said Gautam Adani in his post.
Adani also addressed that he emphatises with the pain of the investors who lost their money during the Adani-Hindenburg Saga which rocked the Indian stock market since the original report was released in January 2023.
“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,” said Adani. “Our commitment to India’s institutions, to India’s people and to nation building remains unwavering,” he said.
Here’s what Sebi found
Mint reported earlier that Sebi found that even though the Adani Group companies routed their funds through three companies as per the Hindenburg claims, those transactions were not illegal at the time when they were executed.
In two separate orders released together on Thursday evening, Sebi’s whole-time member Kamlesh Varshney disposed of the proceedings against all noticees, which included Gautam Adani, his brother Rajesh Adani, and Group chief financial officer (CFO) Jugeshinder Singh.
The market regulator’s investigation was triggered by a Hindenburg Research report, which alleged that Adani Group companies used Adicorp Enterprises Pvt. Ltd, Milestone Tradelinks Pvt. Ltd, and Rehvar Infrastructure Pvt. Ltd as “conduit entities.” However, Sebi said the group could not be penalised based on a 2021 amendment made after those transactions.