'Satyamev Jayate': Gautam Adani hails SEBI clean chit as powerful validation of governance

In the letter to the shareholders, he wrote that what was meant to weaken the Group has instead strengthened its foundations.

Gautam Adani recalled January 24, 2023, when a US short-seller's report triggered a market storm.

"It was not merely a critique of your Adani Group. It was a direct challenge to the audacity of Indian enterprises to dream on a global scale," he wrote.

Gautam Adani said SEBI's "resounding and unequivocal verdict" delivered last week had brought closure to a two-year period of intense scrutiny.

"With SEBI's clear and final word, truth has prevailed or like we had always said -- Satyamev Jayate," he noted.

"This moment is more than a regulatory clearance, it is a powerful validation of the transparency, governance and purpose with which your company has always operated. And the truest evidence of our resilience lies not in words, but in performance over this period," Gautam Adani wrote in the letter.

Highlighting performance during the turbulence, he said the group's portfolio EBITDA rose from Rs 57,205 crore in 2022-23 to Rs 89,806 crore in 2024-25, a 57 per cent increase.

Gross block expanded from Rs 4.12 lakh crore to Rs 6.09 lakh crore in the same period, an addition of nearly Rs 2 lakh crore.

Among the projects commissioned in the period were India's first container transshipment port at Vizhinjam, a 6 GW boost to renewable capacity including the world's largest single location project at Khavda, the world's largest copper smelter and metallurgical complex, 7,000 circuit kms of transmission lines and 4 GW of new thermal capacity.

Further in his letter, Gautam Adani also acknowledged the anxiety faced by investors, lenders, suppliers and partners during the crisis.

"It was your trust that steadied us, your patience that sustained us and your belief that emboldened us," he said, expressing gratitude for the support. "For this extraordinary support, I am profoundly grateful."

Looking ahead, the Indian industrialist pledged to "further strengthen governance standards," "accelerate innovation and sustainability" and "double down on nation building."

He asserted that the recent SEBI verdict not only restore confidence but also reaffirm the company's values -- "resilience in adversity, integrity in action and an unyielding commitment to building a brighter future for India and the world."

Closing his letter with lines from poet Sohan Lal Dwivedi, Gautam Adani said the Group would continue to push forward with determination: "The boat that fears the waves can never reach the shore, but those who keep on trying will win forevermore."

On September 18, Securities and Exchange Board of India (SEBI) gave a clean chit to the Adani Group regarding their "baseless" allegations of violating disclosure norms or constituting fraudulent practices.

The financial market regulator refuted the allegations made by US short seller Hindenburg against the Adani Group.

SEBI concluded that there was 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". (ANI)