‘Malicious, Mischievous & Manipulative’: Adani Group Trashes Hindenburg’s Accusations

Mumbai: The Adani Group has strongly refuted the latest accusations made by Hindenburg Research, branding them as “malicious, mischievous, and manipulative.”

The US-based short-seller firm claimed on Saturday that whistleblower documents suggest Securities and Exchange Board of India (SEBI) Chairperson Madhabi Puri Buch had a stake in offshore entities allegedly linked to an “Adani money siphoning scandal.”

In response, the Adani Group issued a statement on Sunday, dismissing the allegations as a “recycling of discredited claims” that had already been debunked in court.

“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,” the statement read.

The Adani Group further criticised Hindenburg’s report, calling it a “calculated effort” to tarnish the company’s reputation.

Hindenburg Research previously questioned Adani’s apparent immunity to regulatory scrutiny, suggesting it might be due to Adani’s relationship with SEBI Chairperson Madhabi Puri Buch. The report now alleges that Buch and her husband, Dhaval Buch, had hidden stakes in the same offshore funds used by Vinod Adani.

According to the report, whistleblower documents indicate that the Buchs opened an account with IPE Plus Fund 1 in Singapore on June 5, 2015, with an estimated net worth of $10 million, attributed to salary.

SEBI Chairperson Madhabi Puri Buch and her husband have categorically denied the accusations, labelling them as “baseless” and an attempt at “character assassination.” In a joint statement, they asserted that their finances are transparent and have always been disclosed as required by law.