Adani Group dismisses Hindenburg's latest allegations as 'malicious, manipulative'
Adani Group has refuted the accusations made by US-based short-seller Hindenburg Research yesterday, labeling them as "malicious, mischievous and manipulative." The Indian conglomerate claims that Hindenburg has selectively used public information to draw pre-determined conclusions for personal profit. Hindenburg's report implicated that SEBI Chairperson Madhabi Puri Buch and her husband Dhaval Buch, had concealed stakes in Bermuda and Mauritius-based funds. They were allegedly used by Gautam Adani's brother Vinod "to amass and trade large positions in shares of Adani Group."
'Allegations a rehash of previously discredited claims'
Adani Group has dismissed Hindenburg's allegations as a rehash of previously discredited claims. Adani said they were thoroughly investigated and found baseless by the Supreme Court in January 2024. The group stated, "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." The conglomerate has denied any commercial relationship with the SEBI chief or her husband.
Adani emphasizes transparency
The Adani Group has emphasized its transparency in overseas holding structures, stating that all relevant details are regularly disclosed in numerous public documents. The statement also clarified that Anil Ahuja, mentioned in the allegations, had previously served as a nominee director and later as a director in Adani companies. However, the group currently has no commercial relationship with him or any other individuals or matters mentioned in the report.
Buchs deny wrongdoing
The Buchs have issued a joint statement denying any wrongdoing, stating that their life and finances are an open book. They have furnished all required disclosures to SEBI over the years, accusing Hindenburg of attempting character assassination in response to an enforcement action taken against it by SEBI.
Adani Group labels Hindenburg as 'discredited short-seller'
The Adani Group has labeled Hindenburg as a "discredited short-seller" under scrutiny for several violations of Indian securities laws. The group's statement read, "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." This latest development follows Hindenburg's January 2023 report accusing the Adani Group of financial irregularities.
