The Adani Group’s Chief Financial Officer, Jugeshinder “Robbie” Singh, took a swipe at Trinamool Congress MP Mahua Moitra on Thursday, shortly after the Securities and Exchange Board of India (SEBI) cleared the conglomerate and its top executives of allegations linked to the Hindenburg Research report.
What Moitra on SEBI ruling?
“Wow. @SEBI_India cleared @AdaniOnline of all charges? Really? Never expected it,” Moitra posted on X, expressing disbelief at the regulator’s order.
Singh responded with sarcasm, writing: “Wish you joyous and happy Puja festivities Hon MP”, pointedly addressing the TMC leader as Durga Puja approaches. The remark was widely read as a trolling attempt, setting off another round of political sparring over the Adani-Hindenburg saga.
SEBI clears Adani firms and executives
In two detailed orders, SEBI disposed of proceedings against Adani Enterprises, Adani Power, Adani Ports & SEZ, and Adicorp Enterprises, as well as Gautam Adani, Rajesh Adani and Singh himself.
The regulator said its probe into alleged related party transactions (RPTs) found no violations under the SEBI Act, Listing Obligations and Disclosure Requirements (LODR) Regulations, or anti-fraud norms. Transactions flagged by Hindenburg as suspicious were, according to SEBI, regular loan arrangements that were repaid with interest in full.
“On merit too, it is held that impugned transactions cannot be classified as manipulative or fraudulent transactions or unfair trade practice since all the money has come back with interest before the start of the investigation,” the order noted.
Allegations from Hindenburg research
Hindenburg had alleged that Adani firms used intermediaries such as Milestone Tradelinks, Rehvar Infrastructure and Adicorp Enterprises to obscure related party dealings, thereby circumventing disclosure rules. SEBI, however, concluded that the transactions did not fall within the definition of RPTs at the time, especially before regulatory amendments in 2021.
The regulator also rejected charges of fund siphoning or misrepresentation.
Political backlash continues
Moitra has long accused SEBI of shielding the Adani Group, especially under chairperson Madhabi Puri Buch, whom she has targeted over alleged conflicts of interest. The TMC MP has called for Buch’s resignation and demanded that the Supreme Court reopen the case with a special investigation team.
The Adani Group and SEBI have both dismissed these allegations as unfounded and politically motivated.
Interestingly, Adani entities had filed settlement applications in March 2024 but later withdrew them in June 2025, prompting SEBI to issue a final order.