The Adani-Hindenburg controversy began with a 24 January 2023 short-seller report that the Adani Group rejected. The Supreme Court left the probe with SEBI on…
A US short seller alleged stock manipulation, accounting fraud and offshore misuse at the Adani Group. It held short positions. The group denied it.
Adani Enterprises called off its follow-on offer a day after it closed fully subscribed. Estimates of value lost topped $100 billion.
It told SEBI to investigate and named an expert committee under Justice A. M. Sapre. The panel found no regulatory lapse prima facie.
SEBI told the Court that 22 of 24 investigations were complete. The number counts SEBI's probes, not allegations.
It refused an SIT or CBI probe and told SEBI to finish. It did not rule on whether the allegations were true.
Hindenburg alleged offshore fund links for Madhabi Puri Buch. She denied it, and the Lokpal dismissed related complaints in May 2025.
Prosecutors and the SEC alleged a $265 million bribery scheme for solar contracts. The group denied it. This was a separate case.
It found no violation in two matters tied to loans routed through three entities. Other examinations were reported pending.
A judge dismissed the criminal charges with prejudice at the Justice Department's request. The SEC case settled for $18 million without admission.
Companies paid Rs 1.508 crore and Rs 1.482 crore without admission. SEBI found the allegations against Vinod Adani not established.
Read the complete story, FAQs and key facts.