The Securities and Exchange Board of India (SEBI) has issued a legal notice to Hindenburg Research on June 27, 2024, regarding its report on the Adani Group published in January 2023. The notice challenges Hindenburg's claims and threatens legal action.
Hindenburg's report, along with investigations by 40 international publications, alleged corruption within the Adani Group and its connections to the Modi government. The report claimed that Gautam and Vinod Adani own numerous offshore companies used for corruption.
SEBI's notice comes 18 months after the report's publication. Hindenburg has criticized the timing and rejected SEBI's allegations of being funded by Adani's rivals in India.
The research firm maintains it is a US-based company with no investments in India. SEBI's action has raised questions about its role in investigating corporate misconduct versus protecting certain entities.
This development follows previous incidents where journalists and politicians who spoke against Adani faced legal consequences.
