In a significant development, NDTV, owned by billionaire Gautam Adani, has received major relief as the tax authorities have reportedly dropped the proceedings initiated against the media company.
NDTV: TAX AUTHORITY DROPPED PROCEEDINGS INITATED AGAINST CO
— RedboxGlobal India (@REDBOXINDIA) September 19, 2025
In a separate but equally high-profile update, the Securities and Exchange Board of India (SEBI) issued its final order regarding the allegations made by Hindenburg Research against the Adani Group. The allegations involved loan transactions routed through Milestone Tradelinks Pvt. Ltd. and Rehvar Infrastructure Pvt. Ltd., raising concerns about potential undisclosed related party transactions between Adani Ports and SEZ Ltd., Adani Power Ltd., and Adani Enterprises Ltd. for the financial years 2018–19 to 2022–23.
After a detailed investigation, SEBI concluded that these transactions do not qualify as related party dealings under the Listing Obligations and Disclosure Requirements (LODR) Regulations applicable during the period in question. The regulator highlighted that while large sums were lent and repaid, all loans along with interest were fully settled before March 31, 2023, with no evidence of fund diversion or investor harm. SEBI also clarified that the 2021 amendment expanding the definition of related party transactions was prospective, effective only from April 2022, and could not be applied retroactively.
Additionally, SEBI dismissed allegations of fraudulent or unfair trade practices, citing lack of evidence for price manipulation, siphoning of funds, or inducement of investors. The final order effectively clears Adani Ports, Adani Power, Adani Enterprises, promoters Gautam Adani and Rajesh Adani, CFO Jugeshinder Singh, and the two private entities involved. No penalties or directions were imposed.
The Hindenburg report of January 2023 had raised questions about the flow of funds within the Adani Group, triggering both SEBI’s investigation and monitoring by the Supreme Court of India. With the regulator now closing the matter, the Adani Group has received a major regulatory vindication, which is expected to positively influence investor sentiment.
