The Adani Group has vehemently rejected the latest allegations from Hindenburg Research, which purportedly link Sebi Chairperson Madhabi Puri Buch and her husband Dhaval to offshore entities implicated in the Adani money movement case.
Describing these claims as "malicious, mischievous, and manipulative," the Adani Group accused Hindenburg of selectively using publicly available information to support pre-determined conclusions for personal gain.
Hindenburg Research’s report cites whistleblower documents that allegedly connect the Buchs to offshore entities involved in the Adani financial dealings. In response, the Adani Group has dismissed these allegations as recycled accusations, already thoroughly investigated and proven baseless, having been previously dismissed by the Supreme Court in March 2023.
The group emphasized that its overseas holding structure is fully transparent, with details regularly disclosed in public documents. They also clarified that Anil Ahuja, mentioned in the report, served as a nominee director of 3i investment fund in Adani Power from 2007 to 2008 and later as a director of Adani Enterprises until 2017. However, the Adani Group stressed that it has no commercial relationship with the individuals or matters mentioned in the report, which they describe as a deliberate attempt to tarnish their reputation.
Criticizing Hindenburg as a "discredited short-seller" facing scrutiny for multiple violations of Indian securities laws, the Adani Group dismissed the allegations as "red herrings" thrown by an entity showing contempt for Indian regulations. They reaffirmed their commitment to transparency and adherence to all legal and regulatory requirements.
In response, Sebi Chairperson Madhabi Puri Buch, alongside her husband Dhaval, labeled the allegations as "baseless" and an attempt at "character assassination." They assured that their financial records are fully transparent and that they are prepared to disclose any additional documents to relevant authorities.
Buch stated, "Our life and finances are an open book," emphasizing that all necessary disclosures have been provided to Sebi over the years. The Buchs reiterated their readiness to submit any further financial documents if required by relevant authorities, including those from their time as private citizens.
The Adani Group and the Buchs stand firm in their commitment to transparency and legal compliance amid the ongoing scrutiny.