The Adani Group has fiercely rebuked recent claims made by American short-seller Hindenburg Research, dismissing them as “malicious, mischievous, and manipulative.” The conglomerate, which has been under intense scrutiny since Hindenburg’s earlier reports, responded on Sunday to allegations that it had financial links with SEBI Chairperson Madhabi Buch and her husband, Dhaval Buch.
The Adani Group condemned the accusations as a calculated effort to harm its reputation, stating, “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 company firmly rejected these claims, labeling them as recycled and discredited assertions that have already been dismissed by the Supreme Court earlier this year.
Addressing concerns about its financial transparency, the Adani Group emphasized that its overseas holding structure is entirely transparent, with all necessary disclosures made in various public documents. The conglomerate also clarified that it has no commercial ties to the SEBI Chairperson or her husband, further accusing Hindenburg of engaging in a deliberate smear campaign.
“The Adani Group has absolutely no commercial relationship with the individuals or matters mentioned in this calculated deliberate effort to malign our standing. We remain steadfastly committed to transparency and compliance with all legal and regulatory requirements,” the company stated, while also branding Hindenburg as a “discredited short-seller” with little regard for Indian laws.
In response to the allegations, Madhabi Buch and Dhaval Buch issued a joint statement asserting their innocence and transparency. They expressed their willingness to disclose any financial documents to the relevant authorities and condemned Hindenburg’s actions as an attempt at character assassination in retaliation for enforcement actions taken against the firm by SEBI.
“Our life and finances are an open book. All disclosures as required have already been furnished to SEBI over the years. We have no hesitation in disclosing any and all financial documents, including those that relate to the period when we were strictly private citizens, to any and every authority that may seek them,” the Buchs stated. They also confirmed that a detailed statement would be issued soon to address the situation further.
Hindenburg’s report claimed that the Buchs had concealed stakes in obscure offshore funds associated with the Adani Group, raising further questions about the firm’s transparency. However, the Adani Group and the Buchs have vehemently denied these allegations, underscoring their commitment to full transparency and legal compliance.
As tensions continue to rise, this latest exchange highlights the ongoing friction between the Adani Group and Hindenburg Research, with both sides standing firm in their positions amidst the ongoing investigations.