After months of speculation following the Hindenburg Report, SEBI has issued its final order in the Adani–Milestone–Rehvar case. While the fund flows raised governance concerns, the regulator found no violation under the LODR framework applicable at that time.
‣ No diversion or misapplication of funds
‣ All loans repaid with interest
‣ Transactions not classified as Related Party Transactions (RPTs) under pre-2023 rules
‣ No evidence of fraud or investor harm
The order sets a clear precedent on how regulatory amendments apply prospectively and highlights important governance lessons for India Inc.
