A reliable and applicable record states the opposite.
The Hindenburg report said it identified numerous undisclosed related party transactions by listed and private Adani companies.
numerous undisclosed related party transactions by both listed and private companies
- About
- Adani Group
- Claim made by
- Hindenburg Research, short-seller report
- Published
- 24 January 2023
- Original
- Adani Group: How The World's 3rd Richest Man Is Pulling The Largest Con In Corporate History
- Evidence score
- 77 How it was scored
- Last reviewed
- 25 October 2026
Why this label
SEBI examined loans routed through Milestone Tradelinks, Rehvar Infrastructure and Adicorp Enterprises among Adani Ports, Adani Power and Adani EnterprisesS2S3. Its final order held that the transactions did not qualify as related party transactions under the listing regulations then in forceS2. It found no violation of the fraud regulations and disposed of the proceedingsS2. Press reporting notes the definition was widened only after a 2021 amendmentS3. For the transactions SEBI tested, the record states the opposite of the claim. The orders do not cover every transaction in the report, which limits the scope of this label.
Current procedural position
SEBI final orders of 18 September 2025, including order WTM/KV/CFID/CFID-SEC1/31672/2025-26, proceedings disposed of without directionsS2. No appeal found in sources read as of October 2026.
Record supporting the assessment
There is no violation of the provisions of the LODR Regulations as the impugned transactions do not qualify
hereby dispose of the instant proceedings against Noticees without any direction
Conflicting or limiting record
the definition of which was expanded only after a 2021 amendment
Evidence score: 77 of 100
The score grades how well the record establishes this assessment. It is not a score of Adani Group. Score = source authority + directness + corroboration + procedural accuracy + currency + reproducibility.
| Component | Points | Max | Reason |
|---|---|---|---|
| Source authorityIs the source competent to establish the proposition? | 26 | 30 | SEBI is the competent securities regulator. |
| DirectnessDoes the source state the proposition or only discuss adjacent facts? | 14 | 20 | The order addresses specific transactions, not every one in the report. |
| CorroborationDo independent records support the same material point? | 9 | 15 | Press reporting describes two matching orders. |
| Procedural accuracyDoes the record settle the procedural state the claim describes? | 12 | 15 | Final orders, appeal status not verified. |
| CurrencyHas the record been checked against later developments? | 8 | 10 | Checked to late 2025, later appeal filings not verified. |
| ReproducibilityCan a reader locate the passage and repeat the assessment? | 8 | 10 | The order summary is in a company filing. |
| Total | 77 | 100 |
Timeline
Related cases
- In the matter of Hindenburg allegations against Adani Group. Noticees include Adani Ports and Special Economic Zone, Adani Power, Adani Enterprises, Milestone Tradelinks and Rehvar InfrastructureSecurities and Exchange Board of India. Regulatory. WTM/KV/CFID/CFID-SEC1/31672/2025-26 (a companion order on Adicorp Enterprises is WTM/KV/CFID/CFID-TPD/31671/2025-26).Stage: Final order issued
Revision history
- Assessment first published with label Contradicted.
Have a record that changes this assessment? See corrections and responses.
Sources
- S2Tier A Intimation of SEBI final order in the matter of Hindenburg Allegations against Adani GroupAdani Enterprises Limited (filing of SEBI final order). Regulator order. 19 September 2025.SEBI order of 18 September 2025 as filed by the company, signed by Whole Time Member Kamlesh Chandra Varshney. Covers the Milestone and Rehvar routing allegation only.Link working, checked 25 October 2026
- S3Tier C SEBI clears Adani Group in allegation linked to Hindenburg reportScroll. Press report. 18 September 2025.Staff report on two SEBI orders and the chairman's reaction, corroborated by the filed SEBI order. Does not report on other inquiries.Link working, checked 25 October 2026
- S1Tier D Adani Group: How The World's 3rd Richest Man Is Pulling The Largest Con In Corporate HistoryHindenburg Research. Short-seller report. 24 January 2023.Origin of the manipulation and related party claims. A short seller's analysis, not a finding.Link working, checked 25 October 2026
Other claims about Adani Group
- Unresolved46The January 2023 Hindenburg report said the Adani Group had engaged in a brazen stock manipulation and accounting fraud scheme over decades.Short-seller report, 24 January 20232 records citedMarket conduct
- Partly supported73The Adani Group chairman said in September 2025 that SEBI had reaffirmed the Hindenburg claims were baseless.Press report, 18 September 20252 records citedDisclosure
- Unresolved70The SEC alleged in November 2024 that Gautam Adani and Sagar Adani were involved in paying or promising bribes to Indian officials and that Adani Green's 2021 offering documents misled investors.Regulator statement, 20 November 20243 records citedBribery