When it comes to corporate dealings, it often transcends the simple dichotomy of right and wrong. Instead, it often includes a vast spectrum of grey areas. The shades of grey are evident in the recent controversy between SEBI-Hindenburg, even as a new entity, Kotak Bank, emerged from the grey areas. While many have viewed the report as a targeted attack, it has undeniably brought to light the unclear practices of a conglomerate whose operations have long been under scrutiny. This case points to a fundamental reality: corporate governance in India, marked by allegations of favouritism, regulatory oversights, and powerful business-political alliances, frequently operates within these grey zones.