The Adani Group has strongly refuted the latest allegations made by Hindenburg Research, which claims a connection between Sebi Chairperson Madhabi Puri Buch, her husband Dhaval, and certain offshore entities involved in the Adani money movement case. In a statement, the Adani Group dismissed these claims as "malicious, mischievous, and manipulative," accusing Hindenburg of selectively using publicly available information to support predetermined conclusions for personal gain.
Hindenburg Research’s latest report cites whistleblower documents that allegedly link the Buchs to offshore entities implicated in the Adani financial dealings. The Adani Group, however, has rejected these allegations, labeling them as recycled accusations that have already been thoroughly investigated, proven baseless, and dismissed by the Supreme Court in March 2023.
The group reiterated that its overseas holding structure is fully transparent, with all relevant details regularly disclosed in public documents. They emphasized that Anil Ahuja, mentioned in the report, served as a nominee director of 3i investment fund in Adani Power from 2007 to 2008 and later as a director of Adani Enterprises until 2017. However, the Adani Group clarified that it has no commercial relationship with the individuals or matters mentioned in what they describe as a deliberate attempt to tarnish their reputation.
The statement further criticized Hindenburg as a "discredited short-seller" under scrutiny for multiple violations of Indian securities laws, dismissing the allegations as "red herrings" thrown by an entity showing contempt for Indian regulations. The Adani Group reaffirmed its commitment to transparency and compliance with all legal and regulatory requirements.
Sebi Chairperson Madhabi Puri Buch dismissed the allegations made by Hindenburg Research, describing them as "baseless" and an attempt at "character assassination."
In a joint statement with her husband, Dhaval Buch, the Sebi chairperson declared their willingness to disclose all financial records. "Our life and finances are an open book," they stated, underscoring that all necessary disclosures had been provided to Sebi over the years. The Buchs also expressed their readiness to submit any additional financial documents to any relevant authority, including those from their time as private citizens.
Full statement of Adani Group:
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 March 2023.
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 deliberate effort to malign our standing. We remain steadfastly committed to transparency and compliance with all legal and regulatory requirements.
For a discredited short-seller under the scanner for several violations of Indian securities laws, Hindenburg's allegations are no more than red herrings thrown by a desperate entity with total contempt for Indian laws.