Hindenburg Report: Adani Group Rubbishes Latest Allegations, Says ‘Malicious, Mischievous And Manipulative’

Hindenburg Report: In the latest development in the Adani-Hindenburg row, Adani Group on Sunday issued an official statement on the latest report of the American short-seller, stating that the allegations are “malicious, mischievous and manipulative”.
In its latest report on Saturday, Hindenburg Research claimed, citing whistleblower documents, that the Chairperson of India’s Securities and Exchange Board (SEBI), Madhabi Puri Buch, has a stake in certain obscure offshore companies used in the “Adani money siphoning scandal”.

Adani Group issues a statement on the latest report from Hindenberg Research.
The latest allegations by Hindenburg are malicious, mischievous and manipulative selections of publicly available information to arrive at pre-determined conclusions for personal profiteering with… pic.twitter.com/WwKbPLTkrv
— ANI (@ANI) August 11, 2024

Rubbishing the claims, the Adani Group promptly issued an official statement and said these are ‘recycling of discredited claims’.
“The latest allegations by Hindenburg are 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,” Adani Group said in a statement.
The Adani Group sees Hindenburg’s report as a premeditated strike, designed with the intention to tarnish their good name.

What The Hindenburg Report Said?
The Hindenburg report stated, “We had previously noted Adani’s total confidence in continuing to operate without the risk of serious regulatory intervention, suggesting that this may be explained through Adani’s relationship with Sebi Chairperson, Madhabi Buch”.
The report alleged that, “What we hadn’t realized: the current Sebi Chairperson and her husband, Dhaval Buch, had hidden stakes in the exact same obscure offshore Bermuda and Mauritius funds, found in the same complex nested structure, used by Vinod Adani”.
A whistleblower’s tip-off suggests that Madhabi Buch, along with her spouse, Dhaval Buch, began their investment journey with IPE Plus Fund 1 in Singapore, starting from June 5th, 2015. Reliable documents signed by an influential person at IIFL confirm that their investments came straight from their paychecks. It’s estimated that this power couple’s net worth is around an impressive $10 million.

What Did The SEBI Chairman say About The Latest Allegation?
Madhabi Puri Buch, the Chairperson of Sebi, together with her husband, strongly dismiss the allegations put forth by Hindenburg. They believe it’s a deliberate attempt to smear their good name.
In a joint statement, Madhabi Puri Buch and Dhaval Buch termed the Hindenburg allegations “baseless”.
“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 is devoid of any truth. Our life and finances are an open book,” the statement read.
“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,” the statement said.
The SEBI chief stated that she and her husband will shortly issue a detailed statement “in the interest of complete transparency”.
(Note: This is a developing story. It will be updated.)