Adani Group on Sunday refuted the latest accusations by US-based Short Seller Hindenburg Research, which allege to establish a direct link between Sebi Chairperson Madhabi Puri Buch, her husband Dhaval and some offshore entities related to the Adani financial transactions case.
Dismissing these allegations as “malicious, mischievous, and manipulative,” the Adani Group has accused Hindenburg of selectively exploiting publicly available facts to justify predetermined conclusions for personal advantage.
The most recent allegation from Hindenburg Research claims to have documents leaked by whistleblowers linking the Buchs to offshore companies involved in the financial dealings of Adani.
The Adani Group, on the other hand, has denied these claims, characterising them as rehashed allegations that the Supreme Court dismissed in March 2023 after a comprehensive investigation and proven baseless.
The company reaffirmed that all pertinent information is consistently released in public documents and that its offshore ownership structure is completely transparent.
They highlighted the fact that Anil Ahuja, who was mentioned in the report, was a nominated director of Adani Power’s 3i investment fund from 2007 to 2008 and later a director of Adani Enterprises till 2017. The Adani Group, however, made it clear that it has no business connection to the people or matters that are named in what they see as a calculated effort to damage their reputation.
The statement went on to label Hindenburg as a “discredited short-seller” who was being investigated for several violations of Indian securities regulations. It dismissed the accusations as “red herrings” made by a group that had no regard for Indian laws. The Adani Group has restated its dedication to openness and adherence to all applicable laws and regulations.
Buchs’ Response to Report
The claims presented by Hindenburg Research were also rejected by Sebi Chairperson Madhabi Puri Buch, who called them “baseless” and an effort at “character assassination.”
She and her husband, Dhaval Buch, said in a joint statement that they were prepared to provide all financial records. “Our life and finances are an open book,” they said, emphasising that they have given SEBI all the information that was required throughout the years.
Additionally, the Buchs stated that they are prepared to provide any more financial records, including ones from their earlier days as private individuals, to any appropriate body.
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