The Adani Group has firmly rejected the latest allegations made by Hindenburg Research, labeling them as “malicious, mischievous, and manipulative.” The conglomerate stated that these accusations are a selective use of publicly available information, aimed at reaching pre-determined conclusions for “personal profiteering with disregard for facts and the law.” An Adani Group spokesperson clarified on Sunday that these claims are recycled and discredited, having already been thoroughly investigated and dismissed by the Supreme Court in January 2024.
In a filing dated August 11, the Adani Group reiterated that its overseas holding structure is “fully transparent,” with all relevant details regularly disclosed in public documents. The spokesperson emphasized that the group has “no commercial relationship with the individuals or matters mentioned” in what they described as a calculated attempt to damage their reputation. The statement concluded by affirming the Adani Group’s commitment to transparency and compliance with all legal and regulatory requirements.
Earlier in the day, Hindenburg Research alleged that SEBI Chairperson Madhabi Buch and her husband had stakes in offshore entities linked to the Adani money siphoning scandal. Both Madhabi Puri Buch and her husband issued a joint statement rejecting these allegations, accusing Hindenburg of attempting character assassination. They stated that their finances are an open book and that all required disclosures have been provided to SEBI over the years.
Hindenburg’s new allegations, reportedly based on documents from a whistleblower and other investigations, follow their January 2023 report accusing the Adani Group of financial irregularities, which led to a significant drop in the company’s stock prices. The Adani Group had dismissed those claims as well. In January 2024, the Supreme Court refused to transfer the probe into the allegations to an SIT and directed SEBI to complete its investigation within three months.