Adani Group Denounces Hindenburg’s Latest Allegations as Malicious and Manipulative
The Adani Group has dismissed recent allegations from US short-seller Hindenburg Research as “malicious” and “manipulative,” asserting that these claims exploit selectively chosen public information to reach biased conclusions for personal gain. The Group has firmly rejected these accusations, characterizing them as a repetition of previously discredited allegations that had been thoroughly investigated and dismissed by the Supreme Court in January 2024.
Hindenburg’s latest claims involve allegations that SEBI Chairperson Madhabi Puri Buch and her husband invested in offshore entities linked to the Adani Group through a fund managed by India Infoline. These investments reportedly date back to 2015, prior to Madhabi’s SEBI appointments in 2017 and 2022.
According to Hindenburg, the Bermuda-based Global Opportunities Fund, allegedly used by Adani-connected entities for trading in group company shares, had sub-funds in which Buch and her husband were investors. The research firm suggested that SEBI has shown a lack of interest in investigating the alleged offshore entities connected to Adani.
In response, the Adani Group emphasized that their international holding structures are fully transparent and regularly disclosed in public documents. They refuted any commercial links with the individuals or matters mentioned in the allegations, asserting their commitment to transparency and regulatory compliance.
The Adani Group also criticized Hindenburg as a discredited entity facing scrutiny for violations of Indian securities laws, dismissing the allegations as desperate attempts to undermine the Group’s reputation.
(With inputs from agency)
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