The Adani Group has dismissed the latest report by Hindenburg Research as a “red herring,” a tactic aimed at distracting from the core issues.
The Chairman of SEBi and her husband Mr. Dhaval Buch also denies the allegations made against them are baseless and without any merit. Both issued a joint statement in response to the allegations made in the Hindenburg report and categorically denied the allegations.
In their official statement, they categorized Hindenburg’s claims as “malicious, mischievous, and manipulative,” using publicly available information to arrive at predetermined conclusions for personal gain.
The conglomerate emphasized that the allegations are a rehash of previously discredited claims that were thoroughly investigated and dismissed by the Supreme Court of India. They firmly reject any accusations of wrongdoing and maintain their commitment to transparency and compliance with all legal and regulatory requirements.
Specifically, the Adani Group denied any commercial relationship with the individuals mentioned in the report, including the Chairperson of the Securities and Exchange Board of India (SEBI) and her husband. They also clarified that their overseas holding structure is fully transparent, with regular public disclosures.
By calling the report a “red herring,” the Adani Group is essentially implying that Hindenburg is attempting to divert attention from the real issues at hand and create unnecessary confusion and doubt. They are confident in their position and believe that the allegations are baseless and motivated by self-interest.
The core of the dispute lies in Hindenburg’s allegations of financial irregularities and stock manipulation within the Adani Group. While Hindenburg claims to have based their allegations on documents from a whistleblower and investigations by other entities, the Adani Group has consistently denied these claims and maintains its commitment to transparency and compliance with all legal and regulatory requirements.
The SEBI Chairman Madhabi Puri Buch and her husband Mr. Dhaval Buch denies the Hinderburg claims in joint statement:
The Chairperson of SEBI, Madhabi Puri Buch, and her husband, Dhaval Buch, have issued a joint statement in response to the allegations made in the Hindenburg report. They categorically denied the allegations, stating:
“In the context of allegations made in the Hindenburg Report dated August 10, 2024, we categorically deny any wrongdoing and conflict of interest. We would like to emphasize that we have always acted in a fair and transparent manner in all our dealings. The allegations made against us are baseless and without any merit.”
They further stated that they have always adhered to the highest standards of integrity and professionalism in their personal and professional lives. The couple expressed confidence that the truth will prevail and that their names will be cleared of all allegations.
Overall, the joint statement strongly denies the allegations made in the Hindenburg report, labeling them as “baseless” and “devoid of any truth”. They have stated that their “life and finances are an open book” and that all required disclosures have already been furnished to SEBI over the years.
The statement also mentions that it is unfortunate that Hindenburg Research, against whom SEBI has taken enforcement action and issued a show cause notice, has chosen to attempt character assassination in response.