The new Hindenburg report claimed that Sebi chairperson Madhabi Buch and her husband had stakes in offshore entities concerned in the alleged Adani cash siphoning scandal.
In a press release, Adani group described the allegations as “malicious, mischievous and manipulative selections of publicly available information to arrive at pre-determined conclusions for personal profiteering with wanton disregard for facts and the law.”
“We completely reject these allegations against the Adani Group which are a recycling of discredited claims that have been thoroughly investigated, proven to be baseless and already dismissed by the Hon’ble Supreme Court in January 2024,” the Adani Group mentioned in its assertion.
The group emphasised that their abroad holding construction is totally clear, with all related particulars often disclosed in quite a few public paperwork.
The assertion additionally clarified that Anil Ahuja, talked about in the allegations, had beforehand served as a nominee director and later as a director in Adani corporations, however the group presently has no business relationship with the people or issues talked about in the report.
“The Adani Group has absolutely no commercial relationship with the individuals or matters mentioned in this calculated deliberate effort to malign our standing. We remain steadfastly committed to transparency and compliance with all legal and regulatory requirements,” it mentioned.
Hindenburg Research, in its report, claimed that the Sebi chairperson and her husband had hidden stakes in the identical obscure offshore Bermuda and Mauritius funds utilized by Vinod Adani, primarily based on paperwork supplied by a whistleblower and investigations carried out by different entities.
The report said that the couple had opened an account with IPE Plus Fund 1 in Singapore in June 2015, with a declaration of funds signed by a principal at IIFL stating that the supply of the funding was “salary” and estimating the couple’s internet value at $10 million.
This newest growth comes after Hindenburg’s January 2023 report accusing the Adani Group of monetary irregularities, which led to a big drop in the corporate’s inventory value. The Adani Group had beforehand rubbished these claims, which alleged inventory manipulation and fraud by the conglomerate, ensuing in a pointy fall in the shares of varied Adani group corporations’ shares, reportedly amounting to over USD 100 billion.
Meanwhile, Securities and Exchange Board of India (SEBI) chairperson Madhabi Puri Buch and her husband Dhaval Buch have additionally refuted the allegations made in opposition to them by Hindenburg Research, saying that the report was “devoid of any truth”.
In a joint assertion, Madhabi Puri Buch and her husband strongly denied the allegations, stating, “In the context of allegations made in the Hindenburg Report dated August 10, 2024, against us, we would like to state that we strongly deny the baseless allegations and insinuations made in the report. The same are devoid of any truth. Our life and finances are an open book. All disclosures as required have already been furnished to SEBI over the years. We have no hesitation in disclosing any and all financial documents, including those that relate to the period when we were strictly private citizens, to any and every authority that may seek them. Further, in the interest of complete transparency, we would be issuing a detailed statement in due course.”
The couple additionally expressed their disappointment and accused Hindenburg of resorting to character assassination in response to the regulatory measures. They emphasised that their life and funds are clear and that they’ve constantly supplied all mandatory disclosures to SEBI over time.
