Published on : 18 Sep 2025, 6:13 pm 4 min read

The Securities and Exchange Board of India (SEBI) has given a clean chit to the Adani Group in connection with allegations made by US short-seller Hindenburg Research that group entities used Milestone Tradelinks Pvt. Ltd. and Rehvar Infrastructure Pvt. Ltd. as conduits to route funds between Adani Ports & SEZ (APSEZ), Adani Power (APL), and Adani Enterprises (AEL).

In its final order, SEBI held that the loans between FY 2018–19 and FY 2022–23 were genuine transactions that were fully repaid with interest, and that the law in force at the time did not classify such indirect transactions as related party transactions (RPTs)

On January 24, 2023, Hindenburg Research published a report alleging that Adani Enterprises and Adani Power Mun

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