In another explosive revelation, Hindenburg Research has accused SEBI Chairperson Madhabi Puri Buch and her husband, Dhaval Buch, of holding investments in offshore funds linked to the Adani Group. The report, published on August 10, claims that the market regulator has been hesitant to act on the firm’s January 2023 report alleging financial irregularities by the Adani Group due to the alleged investments.
Hindenburg’s report alleges that Buch and her husband have hidden stakes in the same obscure offshore Bermuda and Mauritius funds used by Vinod Adani, a close associate of Gautam Adani. The firm claims to have obtained documents from a whistleblower and conducted investigations to support their allegations.
Social media erupted with reactions to the report, with many users highlighting the potential conflict of interest and questioning the independence of the market regulator.
Madhabi Puri Buch and Dhaval Buch have vehemently denied the allegations, calling them “character assassination”. They have also questioned the timing of the report, suggesting that it may be aimed at influencing the ongoing investigation into the Adani Group.
This latest development further intensifies the ongoing saga between Hindenburg Research and the Adani Group. The US short seller’s initial report in January 2023 led to a significant drop in the company’s stock price, triggering a massive financial crisis for the conglomerate.
The Adani Group has consistently denied all the accusations made against them, and the SEBI is conducting a thorough investigation into the matter.
The implications of this latest allegation are far-reaching, potentially impacting the credibility of the market regulator and raising concerns about corporate governance in India. It remains to be seen how this unfolding drama will play out and what consequences it will have for the Adani Group, SEBI, and the Indian market.
