Cloud Lifted, Time To Accelerate: Gautam Adani On Way Forward After SEBI Clean Chit In Hindenburg Case

Days after receiving clean chit from Securities Exchange Board of India in the Hindenburg case, billionaire and Adani Group chairman Gautam Adani said his ports-to-energy group will now shift toward accelerating innovation, improving transparency, and building for long-term impact.

Accelerating innovation in energy, logistics and infrastructure; building a legacy that endures for decades beyond headlines; and embracing transformation to shape the future rather than be shaped by it is one of the most important priorities for the company, he said in an internal message to the staff.

SEBI last week dismissed some of Hindenburg's claims. In two separate orders, it said there was no evidence of the conglomerate using related-party transactions to route funds into its listed units, and that the transactions, cited by Hindenburg, did not meet the definition of a related party.

"Today, a cloud that had hung over us for more than two years has been lifted," he said. Adani called the allegations part of a 'targeted, multidimensional assault' and credited his employees for maintaining operational momentum despite global scrutiny.

He added that the company had emerged stronger and laid out future priorities, including a focus on transparency, innovation, long-term value creation, and transformation.

"Let history remember the past 3 years as the spark that built a greater Adani - an Adani that stood taller in dignity with every challenge it quietly overcame. And let our resolve echo - echo through every barrier we dared to break, echo through every tomorrow we dared to build, echo through every dream we dared to chase, And may the name Adani forever stand for courage, conviction, and a promise we all kept to our motherland, Bharat," the billionaire said in an internal message to staff.

Adani group, he said, must accelerate its pace of innovation and drive bold advances in energy, logistics, and other infrastructure that push the very edges of possibility. "We must build not for today's applause but for a legacy that endures for decades. Headlines fade, but what we create must leave its mark on history."

He pointed to the group's operational resilience, noting that "while the world debated about us, our ports expanded, transmission lines stretched farther, power plants ran reliably, renewable projects continued to green the world, airports advanced, cement furnaces fired away, and logistics teams delivered flawlessly."

Adani also framed the controversy as an 'agnipariksha' (trial by fire), saying every crisis deepens foundations and strengthens resolve. He warned employees that more tests would follow but urged them to draw confidence from the group's performance under pressure.

The Adani Group aggressively diversified over the past decade, expanding from ports and logistics into energy, data centres, airports, cement, and green hydrogen, propelling its founder chairman to the world's second richest position. This was until US short seller Hindenburg Research hit it with a damning report.

The crisis rattled global investors, prompted questions from the Supreme Court, and led to SEBI initiating multiple investigations. While Hindenburg subsequently ceased operations in January 2025 under what Adani called 'mysterious circumstances', the shadow of its allegations lingered until the regulator's latest findings.

Despite facing credit downgrades and investor skepticism in early 2023, the group has since regained market value, bolstered by strategic equity investments from global firms, including GQG Partners and the Abu Dhabi-based International Holding Company. What also helped was the paring of debt and resumption of expansion in the core infrastructure business.

In his closing lines, Adani urged employees to let the group's story stand for 'courage, conviction, and a promise we all kept to our motherland, Bharat'. He signed off with 'Satyameva Jayate, Jai Hind'.

(With inputs from PTI)