'The law does its work': Leaders react to SEBI's clean chit to Adani Group

New Delhi, Sep 19 (IANS) Political leaders from across parties on Friday welcomed the Securities and Exchange Board of India’s (SEBI) clean chit to the Adani Group, saying institutions must be allowed to function independently and their decisions respected.

Union Minister of State for Corporate Affairs Harsh Malhotra said he believed that the law always does its work.

“I believe that the law does its work,” he said while responding to questions on the market regulator’s decision.

Nationalist Congress Party (NCP) leader and Maharashtra minister Chhagan Bhujbal also echoed the sentiment.

"It is a good thing; what is wrong has been called wrong, and what is right has been called right," he said.

BJP leader and former minister Raj K. Purohit went a step further, criticising Hindenburg Research, whose 2023 report had triggered a sharp fall in Adani Group stocks.

"Hindenburg was a fraudulent entity based in the US. From time to time, it spreads such incidents about businessmen and industries in other countries and then disappears. Recently, it took money and ran in Italy. Hindenburg is a deceitful organisation," Purohit stated.

“There are several elements in the world that are concerned about India’s progress. As the Indian economy grows stronger and Prime Minister Modi emerges as a powerful leader globally, these elements become restless,” he said.

Shiv Sena-UBT spokesperson Anand Dubey said such a verdict should be taken positively.

“Whenever any agency gives a clean chit to someone, it should be welcomed. We would like to say that if anyone is accused and comes out cleared of the charges, it should be celebrated,” he remarked.

Maharashtra Deputy Chief Minister Ajit Pawar highlighted the independence of democratic institutions.

"Our democracy grants autonomy to institutions like the Election Commission, judiciary, Parliament, and Assemblies. Each has the right to perform its duties. After reviewing documents, they have the authority to make decisions they deem right, and they have fulfilled that responsibility," he said.

The SEBI’s clean chit comes more than a year after Hindenburg Research accused the Adani Group of stock manipulation and accounting irregularities, allegations the group strongly denied.

The regulator’s findings have now triggered a rally in Adani Group stocks and strong reactions from political leaders.

--IANS

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