In a scathing response, the Adani Group has vehemently denied the latest allegations made by US-based short seller Hindenburg Research, calling them “red herrings” and “malicious, mischievous, and manipulative selections of publicly available information.”
The new Hindenburg report alleges that Sebi chairperson Madhabi Buch and her husband had stakes in offshore entities involved in the alleged Adani money siphoning scandal. However, the Adani Group has rejected these claims as “recycling of discredited claims” that have been thoroughly investigated and dismissed by the Supreme Court in January 2024.
Transparency and Compliance
The Adani Group emphasized its commitment to transparency, stating that its overseas holding structure is fully transparent, with all relevant details regularly disclosed in numerous public documents. The group also clarified that it has no commercial relationship with the individuals or matters mentioned in the report.
SEBI Chairperson Refutes Allegations
Meanwhile, Madhabi Puri Buch and her husband Dhaval Buch have also denied the allegations, calling the report “devoid of any truth.” They emphasized their commitment to transparency, stating that their life and finances are an open book, and they have consistently provided all necessary disclosures to SEBI over the years.
A History of Allegations
Hindenburg has a history of publishing false and frivolous reports which has resulted into backlash for the organization. This latest development comes after Hindenburg’s January 2023 report accusing the Adani Group of financial irregularities, which later was found to be frivolous, but led to a significant drop in the Adani stock price. The Adani Group had previously rubbished these claims, which alleged stock manipulation and fraud by the conglomerate.
