American research and investment company Hindenburg has once again made a new claim in the case related to Adani Group. This time, American short-seller Hindenburg Research has accused market regulator SEBI chairperson Madhavi Puri Buch and her husband of having stakes in foreign funds linked to Adani. However, the SEBI chairperson has said in her clarification that all these are baseless and an attempt to defame her. So now a statement has also been issued by the Adani Group in this matter.
What did the Adani Group say?
Adani Group has completely rejected the allegations of Hindenburg and called it baseless. Adani Group has said in its statement, ‘These allegations are malicious. The facts have been distorted in the report. We completely reject these allegations. This is recycling of claims to defame us.’ Adani Group accused the company of reaching a predetermined conclusion for personal gain. Adani Group has said that the allegations made by Hindenburg have already been investigated in great depth and have been proven to be completely baseless. The group said that these allegations have already been rejected by the Supreme Court in January 2024.
What is in Hindenburg’s new report?
Hindenburg alleged in a recent report that SEBI chairperson Madhavi Buch and her husband had stakes in obscure offshore funds used in the alleged Adani fund embezzlement scam. According to the report, SEBI has not surprisingly shown interest in Adani’s alleged undeclared web of Mauritius and offshore shell entities. Vinod Adani, the elder brother of group chairman Gautam Adani, allegedly controlled obscure offshore Bermuda and Mauritius funds. Hindenburg alleges that these funds were used to embezzle funds and increase the price of the group’s shares. Let us tell you that such funds which invest in foreign markets are called offshore funds. These are also called foreign or international funds. Hindenburg said in its latest report- A fund declaration signed by a Pradhan in IIFL states that the source of investment is ‘salary’ and the couple’s total assets are estimated at US $10 million. Hindenburg said in its report that under the tutelage of Madhavi and Dhawal Buch, Blackstone had sponsored Mindspace and Nexus Select Trust, India’s second and fourth REITs. Both these companies received SEBI approval for IPO in the year 2019 and 2020.
