NewBiz Report

KATHMANDU, August 12

Hindenburg Research, citing whistleblower documents, has levelled allegations against the chairperson of the Securities and Exchange Board of India (SEBI) Madhabi Puri Buch and her husband Dhaval Buch of having a stake in some offshore funds related to India’s Adani Group.

The United States-based short seller made the allegations through a new report published on Saturday, 

However, Bush, her husband and the Adani group have denied the accusation, calling it baseless.

“Our life and finances are an open book,” reads the joint statement issued by the couple. “All disclosures as required have already been furnished to SEBI over the years.”

The Adani Group said that the allegations were malicious, mischievous and manipulative.

“The latest allegations by Hindenburg are malicious, mischievous and manipulative selections of publicly available information to arrive at predetermined conclusions for personal profiteering with wanton disregard for facts and the law,” reads the statement issued by the group. “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 new report comes 18 months after the Hindenburg Research accused Adani Group of the improper use of tax havens and stock manipulation. 

Besides starting the inquiry against the Adani Group, India's share market regulator had also sent an ‘show-cause’ notice to Hindenburg Research alleging it violated India’s rules by using non-public information. 

Hindenburg Research argued that nearly 18 months after the publication of the original report and  enough evidence against the Indian conglomerate’s unlawful activities, SEBI did not take any public action against the group.

The Adani Group, which comprises 10 publicly traded companies operating in various sectors such as ports, transport and energy among others, is considered to have close ties with the ruling Bharatiya Janata Party (BJP).