A sharp exchange unfolded between Trinamool Congress lawmaker Mahua Moitra and Adani Group CFO Jugeshinder Robbie Singh, following the clearance of Adani Group of Hindenburg Research-related charges by the Securities & Exchange Board of India (SEBI) in early 2023.
Following reports that the Securities and Exchange Board of India (SEBI) had cleared the Adani Group of Hindenburg of regulatory misconduct charges, TMC MP Moitra tweeted on X (formerly Twitter) with a pointed comment.
"Wow. @SEBI_India cleared @AdaniOnline of all charges? Really? Never expected it," she posted, laced with sarcasm.
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But the Adani camp's response came quickly—although not in the manner one might have anticipated. Adani Group CFO Jugeshinder' Robbie' Singh responded to the post.
"Wish you joyous and happy Puja festivities, Honourable MP," he replied to Moitra's social media post.
The curt, almost tongue-in-cheek reply made news for its low-key demeanour, contrasting with the intensity of the political comment.
{{/usCountry}}The curt, almost tongue-in-cheek reply made news for its low-key demeanour, contrasting with the intensity of the political comment.
{{/usCountry}}Also Read | ‘Transparency and integrity define us,’ Gautam Adani says after SEBI order in Adani-Hindenburg case
Moitra, a strong critic of the Adani Group and its perceived close relationship with the central government, raised flags in Parliament and on public forums earlier regarding the conglomerate's purported irregularities, especially after the Hindenburg Research report.
SEBI order to Adani Group
The SEBI clean chit follows months of scrutiny after the dramatic Hindenburg Research report in early 2023, which accused Adani Group of stock manipulation and accounting fraud, claims the group forcefully rejected.
The regulator's investigation concerned Hindenburg's claims that Adicorp Enterprises Pvt. Ltd., Milestone Tradelinks Pvt. Ltd., and Rehvar Infrastructure Pvt. Ltd. were utilised as a channel to transfer funds from other Adani Group entities into financing publicly listed Adani Power Ltd. and Adani Enterprises Ltd.
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SEBI board member Kamlesh C Varshney said in the two orders that there was no violation of SEBI's disclosure norms, as transactions between Adicorp, Milestone Tradelinks, and Rehvar Infrastructure with the group's firms did not meet the definition of a related party.
Notably, the regulator's orders still do not clear the conglomerate of other allegations raised by the short seller in its 2023 report, alleging large-scale corporate fraud.