Hindenburg Research, the US-based short-selling group, has come out with a new set of allegations. This time, the hedge funders have accused SEBI chairperson Madhabi Puri Buch and her spouse of having stakes in Adani's offshore business and, therefore, having vested interests in the company's litigation.
Adani Issues Statement
The Adani group, which is at the centre of the storm, has now issued a statement in the matter.
The statement issued by the group through an exchange filing. |
Adani Enterprises issued this statement through a BSE exchange filing on August 11.
The company said, "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."
Rejecting the allegations, the company further added, "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 March 2023."
'Discredited Short-Seller'
The statement further read, "It is reiterated that our overseas holding structure is fully transparent, with all relevant details disclosed regularly in numerous public documents. Furthermore, Anil Ahuja was a nominee director of 3i investment fund in Adani Power (2007- 2008) and, later, a director of Adani Enterprises until 2017.
"The Adani Group has absolutely no commercial relationship with the individuals or matters mentioned in this calculated and deliberate effort to malign our standing. We remain steadfastly committed to transparency and compliance with all legal and regulatory requirements."
Furthermore, the company dismissed the Hindenburg Research group, calling them a discredited short-seller. In addition, the group also said that the US-based entity itself is under the scrutiny of the Indian legal paradigm. | File
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Furthermore, the company dismissed the Hindenburg Research Group, calling them a discredited short-seller. In addition, the group also said that the US-based entity itself is under the scrutiny of the Indian legal paradigm.
It is interesting to note that the company has tactfully avoided any mention or getting into the specifics of the recent allegations. In fact, the statement makes no mention of Madhabi Puri Buch, her spouse or the allegations concerning vested interests.
The Sebi chairperson, Buch, on her part, issued a statement in the matter. Buch denied any wrongdoing and said that their (Buch and her spouse's) finances are an open book. She even accused Hindenburg of restoring to 'Character Assassination'.
