Hindenburg’s new report has once again created a new uproar. This time the short seller is directly attacking SEBI Chairperson Madhabi Puri Buch. This new report by Hindenburg states that allegedly the SEBI Chairperson has had a stake in those offshore companies which were used in the financial irregularities of the Adani Group. It states that the offshore funds that have been involved in the financial irregularities of the Adani Group have unclear and complex structures.
US short seller fund Hindenburg on Saturday cited a whistleblower document to say that SEBI Chairperson Madhabi Puri Buch and her husband Dhawal Buch have had a stakes in those offshore companies which were linked to the financial irregularities of the Adani Group. Earlier on January 25, 2023, Hindenburg Research released a report titled ‘Adani Group: How The World’s 3rd Richest Man Is Pulling The Largest Con In Corporate History’. After the release of this report, the shares of Adani Group were badly affected and the companies had to suffer huge losses. Even after the release of this report today, there has been a decline in the market.
Within seconds of the opening of the stock market, Adani Group lost about Rs 1.28 lakh crore. Most of Adani’s shares have seen a decline of 4 to 17 percent. Due to this decline, the market cap of the group has come down to Rs 16 lakh crore.
After the report came out, the opposition has demanded the resignation of Madhabi Buch. Congress leader Rahul Gandhi released a video on social media saying that the reputation of SEBI, which is responsible for protecting the assets of small retail investors, has been seriously tarnished by the allegations against its chairperson.
https://x.com/RahulGandhi/status/1822638113753317572
Congress leader Jairam Ramesh also said that this raises questions about Gautam Adani’s 2022 meetings with Madhabi Buch soon after becoming SEBI chairperson, remember during that time SEBI was investigating Adani transactions. TMC MP Mahua Moitra also demanded SEBI chairperson to answer the questions arising in this matter. Calling the Hindenburg report a smoking gun, former Union Minister Rajiv Chandrashekhar said that it is a well-planned attack on India’s SEBI by a foreign institution which has been done in partnership with the Congress.
After the report came out, SEBI Chief Madhabi Buch said that our life and financial accounts are like an open book and all the necessary information has been given to SEBI in the last few years. These allegations are baseless and there is no truth in these allegations.
Adani Group has also issued a statement rejecting the Hindenburg report, the group has said “we completely reject the allegations leveled against the Adani Group. These allegations are a repetition of baseless claims that have been thoroughly investigated. These allegations have already been rejected by the Supreme Court in January 2024.”
