The Adani Group has strongly rejected new allegations made by Hindenburg Research, a US-based short-selling firm. In a recent statement to stock exchanges, the Adani Group described these claims as “malicious,” “mischievous,” and “manipulative.” The company insists that its overseas holding structure is entirely transparent and lawful.
The Adani Group emphasized that it has no commercial relationship with the individuals or entities mentioned in Hindenburg’s report. The company accused Hindenburg of attempting to harm its reputation with false and misleading information.
Adani reiterated its commitment to transparency and compliance with all legal and regulatory requirements in India and abroad.
In its statement, the Adani Group criticized Hindenburg Research, describing the firm as a “discredited short-seller” that has violated Indian securities laws. Adani claimed that the latest allegations are merely a distraction, aimed at creating confusion and doubt. The company portrayed Hindenburg’s actions as those of a desperate entity that showed no respect for Indian laws.
Accusations Against SEBI Chairperson
The controversy also involves Madhabi Puri Buch, the Chairperson of the Securities and Exchange Board of India (SEBI). Hindenburg’s report alleges that she has ties to obscure offshore entities supposedly involved in what the firm describes as a “money siphoning scandal” connected to the Adani Group.
These allegations have been strongly denied by both Madhabi Puri Buch and her husband, Dhaval Buch. They have called the accusations “baseless” and an attempt at “character assassination.”
These new accusations come as the Adani Group continues to face scrutiny following a previous report by Hindenburg Research in January 2023. That report accused the Adani Group of financial irregularities, leading to a sharp decline in the company’s stock value. Despite the serious impact of the allegations, the Adani Group has consistently denied any wrongdoing.
The Supreme Court of India has also been involved in this ongoing issue. Activists filed petitions in response to the allegations made by Hindenburg Research, calling for an investigation into SEBI’s actions. However, the Supreme Court ruled that there was no regulatory failure on SEBI’s part. This decision allows SEBI to continue its investigations into the claims made by Hindenburg Research in 2023.
The Adani Group remains firm in its denial of the accusations, labeling them as part of a calculated attempt to damage the company’s reputation. The dispute between the Adani Group and Hindenburg Research appears to be far from over, with both sides standing their ground. The situation continues to develop, drawing significant attention from investors, regulators, and the public.
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