Hindenburg's New Allegations
Hindenburg Research has recently published a report that targets the Chairperson of the Securities and Exchange Board of India (SEBI), Madhabi Puri Buch, and her husband, Dhaval Buch. The report alleges that the couple had a stake in offshore funds supposedly involved in the Adani Group’s alleged financial mismanagement. The Adani Group, however, has vehemently dismissed these claims.
Adani Group’s Response
In response to the latest Hindenburg report, the Adani Group issued a statement condemning the accusations as malicious and misleading. The statement emphasized that Hindenburg’s report is based on selectively chosen public information, which has been manipulated to reach predetermined conclusions for personal gain.
The Adani Group also reiterated its earlier stance, saying, "We completely reject the accusations against us. These allegations are nothing but a recycling of unfounded claims that have already been thoroughly investigated and proven baseless. The Supreme Court of India had already dismissed these allegations in January this year."
Transparency in Foreign Holdings
The Adani Group has emphasized that its foreign holding structure is fully transparent. The company believes that these allegations are a deliberate attempt to tarnish its reputation. They affirmed their commitment to transparency and adherence to all legal and compliance standards, labeling Hindenburg as a desperate entity that disregards Indian laws.
Denial from Madhabi Puri Buch and Her Husband
Madhabi Puri Buch and her husband, Dhaval Buch, have also responded to the Hindenburg report, strongly denying the accusations made against them. They stated that the allegations are baseless and have no truth to them.
Hindenburg’s Claims Against SEBI Chairperson
According to the report, Hindenburg alleged that Madhabi Puri Buch transferred her shares to her husband shortly before being appointed as SEBI Chairperson. The report claims that between April 2017 and March 2022, Madhabi Puri Buch was a member of SEBI and had a 100% stake in a consulting firm named Agora Partners in Singapore. Just two weeks before her appointment as SEBI Chairperson on March 16, 2022, she allegedly transferred her shares to her husband.
Previous Setback for the Adani Group
It’s worth noting that this isn’t the first time Hindenburg Research has targeted the Adani Group. In January 2023, Hindenburg released a report accusing the Adani Group of various financial wrongdoings, which led to significant turmoil in the stock market. The Adani Group’s stocks plummeted, and Gautam Adani, who was once the second richest person in the world, dropped to 36th place on the list of billionaires.
Conclusion
The ongoing battle between Hindenburg Research and the Adani Group continues to unfold, with both sides firmly standing their ground. As the situation develops, it remains to be seen how these allegations will impact the Adani Group and its standing in the global market.