Adani presented clarification on Hindenburg report, completely rejected the allegations of collusion with SEBI chief

New Delhi : Research based company Hindenburg has presented a report late on Saturday evening making new allegations against Adani Group. Adani Group has now presented its clarification on these allegations. On Sunday, Adani Group has described the allegations made by Hindenburg Research as unfortunate and selectively tampering with public information. The group has also said that
He has no commercial relationship with the chairperson of market regulator SEBI or her husband.
Adani Group said in a notice to the stock exchange, “Hindenburg's new allegations are a malicious, mischievous and manipulative selection of publicly available information. This has been done with the intention of arriving at pre-determined conclusions for personal profiteering in disregard of facts and law.”
completely dismissed the allegations
The group said, “We completely reject these allegations against the Adani Group. These are a repetition of already rejected claims that have been thoroughly investigated, proven to be baseless and have already been rejected by the Supreme Court in January, 2024.”
Gautam Adani's elder brother Vinod Adani had invested
In a blogpost released on Saturday night, Hindenburg said that Sebi chief Madhabi Puri Buch and her husband invested in offshore entities that were reportedly part of a fund managed by India Infoline and also attended by Vinod Adani, the elder brother of Adani Group chairman Gautam Adani.
Utilization of Global Opportunities Fund
According to Hindenburg, these investments by the Buch couple date back to 2015, well before Madhavi's appointment as a full-time member of SEBI in 2017 and her elevation as chairperson in March 2022. The US investment firm said that Bermuda-based Global Opportunities Fund was also among the investors in this fund. Global Opportunities Fund was allegedly used by entities linked to the Adani Group to trade in shares of group companies.
Shares in offshore funds
Citing 'whistleblower documents', the investment firm said, “Current SEBI chief Buch and her husband had stakes in both the shadowy 'offshore funds' used in the money siphoning scam at the Adani Group.”
Completely transparent
Funds that invest in foreign markets are called offshore funds or foreign funds. Hindenburg has claimed that SEBI has not surprisingly shown interest in the alleged opaque web of Mauritius and foreign fake units of the Adani Group. Responding to these allegations, the Adani Group said in a regulatory notice, “We reiterate that our foreign holding structure is completely transparent, with all relevant details regularly disclosed in several public documents.”
No commercial relationship
It said Anil Ahuja was a nominee director of Three-I Investment Fund in Adani Power (2007-2008) and later a director of Adani Enterprises till 2017. The group said, “We have no commercial relationship with the persons or matters mentioned in this deliberate attempt to defame our reputation. We are strongly committed to transparency and compliance with all legal and regulatory provisions.”
nothing more than a forgetfulness of the unit
Further, the Adani Group described Hindenburg as 'a disgraced short-seller under investigation for multiple violations of Indian securities laws', saying, “Hindenburg’s allegations are nothing more than the ravings of a desperate entity with utter contempt for Indian laws.
(With agency input)