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Capital markets regulator SEBI on Thursday, September 18, cleared the Adani Group and its associated entities of all allegations in the Hindenburg case. The SEBI order states that the matter has been considered holistically, and the allegations made against the Adani Group "are not established".

"Considering the above, the question of devolvement of any liability on Noticees (Adani Group and associated companies) does not arise and hence the question of determination of quantum of penalty also does not require any deliberation,” the order further states. The proceedings were disposed of without directions.

The alleged transactions were deemed genuine business dealings and not fraudulent or violative of RPT disclosure norms, given t

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