NEW DELHI: Adani Group Chairman Gautam Adani has urged the Group staff to accelerate the pace of innovation and drive bold advances in energy, logistics, and other infrastructure that push the very edges of possibility, as the cloud of the Hindenburg case over the conglomerate has been lifted with the SEBI verdict rejecting the allegations of the US short-seller.
"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, " Gautam Adani said in a letter to the Group’s staff.
"Today, a cloud that had hung over us for more than two years has been lifted. SEBI's comprehensive investigation has concluded by rejecting all allegations contained in the Hindenburg report from January 2023, " the letter states.
Adani Group repeatedly denied the allegations made by US-based Hindenburg Research, which ironically, itself came under a cloud due to its controversial short-selling practices and had to shut down its operations amid widespread criticism in the American press.
The SEBI ruling states that "the matter has been considered holistically, and the allegations made against the Adani Group are not established".
Gautam Adani called the allegations part of a "targeted, multidimensional assault" and lauded his employees for maintaining operational momentum despite global scrutiny. "This attack was never just a market event, " he remarked.
He praised the group's workforce for continuing to execute major infrastructure projects during the scrutiny. Ports, power plants, airports, and renewable energy projects continued to expand as the group faced reputational and legal pressure.
"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, " he said. "You proved that execution under pressure is the truest test of character, and that the Adani character is simply unbreakable."
Gautam Adani further stated in his letter that the Adani Group had emerged stronger and laid out future priorities, including a focus on transparency, innovation, long-term value creation, and transformation.