Adani Group Denies Latest Hindenburg Claims

The Adani Group has strongly refuted the recent allegations made by Hindenburg Research, describing them as “malicious, mischievous, and manipulative.” According to the claims, SEBI Chairperson Madhabi Puri Buch allegedly had a stake in offshore entities connected to the so-called “Adani money siphoning scandal.” The Adani Group categorically denies these allegations.

Hindenburg Research, a US-based short-seller firm, released a report suggesting that SEBI Chairperson Madhabi Puri Buch was involved with obscure offshore entities linked to the alleged scandal. This report claims that whistleblower documents indicate that both Madhabi Puri Buch and her husband, Dhaval Buch, had investments in funds based in Bermuda and Mauritius.

In a response issued on Sunday, the Adani Group dismissed the allegations as a “recycling of discredited claims” that have been disproven in court. The statement asserted, “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 a 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 accused Hindenburg of making a “calculated deliberate effort to malign” their reputation. The report by Hindenburg Research suggested that Adani’s confidence in operating without serious regulatory intervention might be linked to its relationship with SEBI Chairperson Madhabi Buch.

The Hindenburg Report

Hindenburg’s report alleged that Madhabi Buch and her husband Dhaval Buch had hidden stakes in offshore funds, which were previously linked to Vinod Adani. It detailed that the Buchs had invested in IPE Plus Fund 1 in Singapore on June 5th, 2015, and declared their investment as originating from their ‘salary,’ with their net worth estimated at $10 million.

SEBI Chairperson Rejects Allegations

SEBI Chairperson Madhabi Puri Buch and her husband, Dhaval Buch, have rejected the allegations, calling them “baseless” and a “character assassination” attempt. They have asserted that their financial affairs are transparent and that all necessary disclosures have been made to SEBI.

“In response to the allegations made in the Hindenburg Report dated August 10, 2024, against us, we strongly deny these baseless claims. Our life and finances are an open book,” said their joint statement. They emphasized their willingness to provide any financial documents if required.

Madhabi Puri Buch and Dhaval Buch promised a detailed statement soon to ensure complete transparency.

Aakhir Tak Editor-in-Chief

See Full Bio