New Delhi [India], September 19 : BJP National Spokesperson Shehzad Poonawalla welcomed the Securities and Exchange Board of India (SEBI)'s clean chit to Adani Group over the Hindenburg report, stating that truth has prevailed and those working against India's economic interests have been dealt a significant blow.
While speaking to ANI on Thursday, Poonawalla said, "Once again, truth has prevailed and those who have been behaving like economic anarchists, economic terrorists and economic sleeper cells working full time against the economic interests of India have been dealt a body blow."
Poonawalla slammed those who had used the Hindenburg report to create "economic anarchy" in the country, targeting Rahul Gandhi and the Congress party.
Poonawalla also questioned the motives of those who had used the Hindenburg report to stall parliament and create an economic situation in the country, asking if they would apologise for their actions.
"Those in India who considered Hindenburg to be a gospel used the Hindenburg report and stalled parliament, created an economic situation in the country and tried to hurt the economic interests, particularly Rahul Gandhi and the Congress party. Will they apologise?", he said, adding, "Were they also hand in glove in creating losses for Indian investors and profiting out of it? What was their motive to create this kind of economic anarchy? They should be the ones who should be held accountable today."
Poonawalla pointed out that this is not the first time an institution or agency has dismissed the allegations made by Hindenburg, noting that the Supreme Court had earlier also dismissed all the allegations made by the US-based short-seller against the business group.
"This is not the first time an institution or an agency has said that there is no substance in the allegations made by this fly-by-night operator called Hindenburg. Even before this, the Supreme Court had dismissed all the allegations that were made by Hindenburg and by those who were using Hindenburg as a tool to create economic anarchy within India..", Poonawalla said.
The BJP spokesperson also highlighted that the Hindenburg group has since shut its operations, and termed it a "triple strike" on the allegations made by the short-seller, stating, "Today, the question is that the Hindenburg group has also shut its shop. There has been a triple strike on the allegations made by Hindenburg."
Meanwhile, Supreme Court Advocate Ishkaran Bhandari also welcomed SEBI's clean chit to the Adani Group in the Hindenburg case, stating that it was no surprise given the lack of evidence against the business conglomerate. Bhandari alleged that the entire ecosystem went after a businessman "so that they could satisfy their foreign interests."
Bhandari contrasted India's treatment of its business leaders with that of other countries
"The most important point is that US-based Hindenburg does it. Forget what is happening between the US and India right now on the trade deal and on tariffs. Come to reality... The worst problem was how, in India, an entire ecosystem went after a businessman so that they could satisfy either their foreign interests or those who hate Indian business and want to destroy it. You see, any other nation in the world supports their wealth creators; they respect them. Do you see the US taking such action on Google, Apple, Amazon, or any big company there?" Bhandari questioned while talking to ANI.
He attributed the issue in India to an "unfortunate lobby" that makes complaints and approaches the court. The advocate noted that both the Supreme Court and SEBI had found no substance in the allegations made by Hindenburg, but predicted that some individuals would still not be satisfied.
"But in India, we have an unfortunate lobby that will go on to make all sorts of complaints and approach the court also. Before SEBI went to the Supreme Court, nothing was found regarding the Hindenburg. Then it went to the authority that had to deal with it, SEBI, and nothing was found. But the reality is that even today, I can predict some people will not be satisfied because their entire interest lies in destroying business in India. That is what we are dealing with geopolitically..." he added.
The market regulator on Thursday refuted the allegations made by the US Short seller Hindenburg against the Adani Group. SEBI concluded that there is no violation of the listing agreement or SEBI Listing Obligations and Disclosure Requirements (LODR), and the impugned transactions do not qualify as "related party transactions".
Adani Group Chairman Gautam Adani on Thursday demanded a "national apology" from those who spread the "false narratives" of Hindenburg Research.
In a post on X, Gautam Adani emphasised the group's commitment to transparency and integrity, expressing empathy for investors who lost money due to the report.