Hindenburg report indicated that Adani’s belief in operating without regulatory severe intervention might be related to an alleged connection with SEBI Chairperson Madhabi Buch.
The Adani Group has strongly refuted the latest accusations from Hindenburg Research, characterizing them as “malicious,” “mischievous,” and “manipulative.”
In a statement released on August 11, the company dismissed the claims as a rehash of previously discredited allegations that had already been thoroughly investigated and dismissed by the Hon’ble Supreme Court in March 2023.
Allegations and Adani Group’s Response
Hindenburg Research’s report, released on August 10, alleged that SEBI Chairperson Madhabi Puri Buch had a stake in offshore entities linked to the Adani case.
The report further suggested that these funds, based in Bermuda and Mauritius, were allegedly controlled by Vinod Adani, Gautam Adani’s elder brother, and were used to manipulate funds and inflate stock prices.
In response, the Adani Group spokesperson reaffirmed that the company’s overseas holding structure is fully transparent, with all relevant details disclosed regularly in public documents.
The spokesperson also addressed the involvement of Anil Ahuja, clarifying that Ahuja, who served as a nominee director of the 3i investment fund in Adani Power from 2007 to 2008 and later as a director of Adani Enterprises until 2017, has no current commercial relationship with the issues or individuals mentioned in Hindenburg’s report.
“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 stated.
Repercussions and Further Denials
Hindenburg’s report also insinuated that Adani’s confidence in operating without serious regulatory intervention might be linked to an alleged relationship with SEBI Chairperson Madhabi Puri Buch.
In response to these allegations, Madhabi Puri Buch and her husband, Dhaval Buch, issued a joint statement denying the claims. They stated, “We will be issuing a detailed statement in due course to ensure complete transparency.”
The Adani Group’s robust rejection of these allegations highlights the ongoing tension between the conglomerate and Hindenburg Research, following earlier accusations that have continued to attract significant public and media attention.
The situation remains dynamic, with further developments expected as both parties continue to address the claims made in the Hindenburg report.
