NEW DELHI— Political leaders across party lines on Friday welcomed the Securities and Exchange Board of India’s (SEBI) decision to clear the Adani Group of wrongdoing, calling it a reaffirmation of institutional independence and the rule of law.
Union Minister of State for Corporate Affairs Harsh Malhotra said the outcome underscored his belief in the system.
“I believe that the law does its work,” Malhotra told reporters when asked about the market regulator’s findings.
Maharashtra minister and Nationalist Congress Party (NCP) leader Chhagan Bhujbal echoed that view.
“It is a good thing; what is wrong has been called wrong, and what is right has been called right,” he said.
BJP leader and former Maharashtra minister Raj K. Purohit went further, criticizing Hindenburg Research, the U.S.-based short-seller whose 2023 report alleged stock manipulation and accounting irregularities by the Adani conglomerate.
“Hindenburg was a fraudulent entity based in the U.S. From time to time, it spreads such incidents about businessmen and industries in other countries and then disappears,” Purohit said. “Recently, it took money and ran in Italy. Hindenburg is a deceitful organization. There are several elements in the world that are concerned about India’s progress. As the Indian economy grows stronger and Prime Minister Modi emerges as a powerful leader globally, these elements become restless.”
Shiv Sena (UBT) spokesperson Anand Dubey said the verdict should be taken positively.
“Whenever any agency gives a clean chit to someone, it should be welcomed. If anyone is accused and comes out cleared of the charges, it should be celebrated,” Dubey remarked.
Maharashtra Deputy Chief Minister Ajit Pawar emphasized the autonomy of democratic institutions.
“Our democracy grants autonomy to institutions like the Election Commission, judiciary, Parliament, and Assemblies. After reviewing documents, they have the authority to make decisions they deem right, and they have fulfilled that responsibility,” Pawar said.
SEBI’s clean chit comes more than a year after Hindenburg’s allegations rattled Adani Group shares, sparking political and financial controversy. The regulator’s findings have now fueled a rally in Adani stocks and drawn strong reactions from leaders who say the ruling underscores faith in India’s institutions. (Source: IANS)
