Hindenburg probe: 'Hindenburg does not respond to notice and makes counter-allegations', SEBI chief hits back, says- Attempted assassination of character
Hindenburg probe: Sebi chairperson Madhavi Puri Buch and her husband Thaval Buch issued a statement on Sunday regarding the allegations leveled against them by Hindenburg on August 10, 2024. The Bachs said the investments in the funds mentioned in the Hindenburg report were made in 2015 while they were private citizens residing in Singapore. Madhavi joined SEBI almost 2 years ago as a full-time member, Thaval Butch said. The decision to invest in the fund was made as Chief Investment Officer Anil Ahuja is a childhood friend of Dhawal Buch from school and IIT Delhi. A former employee of Citibank, JP Morgan and 3i Group Plc, he said he had a strong investment career spanning decades. He said that Anil Ahuja has also confirmed this. The fund has at no time invested in securities, shares or derivatives of any Adani group companies, he said in the statement. SEBI here, on August 10, 2024, issued a statement from the Hindenburg Research report. Sebi said it has duly investigated the allegations made by Hindenburg Research against the Adani Group regarding Hindenburg's allegations against Madhavi Buch and her husband. SEBI said it would be wrong to say that such changes in rules, regulations or circulars relating to REITs would benefit a large multinational financial group. SEBI Report on Report of Hindenburg Research dated August 10, 2024 | Allegations made by Hindenburg Research against the Adani Group were duly investigated by SEBI. It says changes have been made in the rules, regulations or circulars relating to REITs… pic.twitter.com/zhugkv8iyt— ANI (@ANI) August 11, 2024 What is Hindenburg's allegation in the statement? Suspicions were raised on Saturday night that capital markets regulator Sebi's reluctance to take action against the Adani Group could be due to the role of the SEBI chief and her husband Dhawal Buch in foreign funds linked to the Adani Group. According to Hindenburg, Madhavi and her husband made undeclared investments in shadowy offshore funds in Bermuda and Mauritius. He also said that these are the funds allegedly used by Vinod Adani to misappropriate the funds of Adani Group companies and inflate share prices. Vinod Adani is the elder brother of Adani Group chairman Gautam Adani. Hindenburg did not respond to this notice. In a detailed statement on Sunday, Buchs said that IIFL Wealth Management's funds were invested as private citizens based in Singapore. In the statement, the Buchs said a show cause notice had been sent to Hindenburg for various regulatory violations in India. It is unfortunate that instead of responding to the notice, it is attacking the credibility of SEBI and trying to assassinate the character of the SEBI Chairman. Also read with language input: 'It's a dream come true…' Farmers' faces light up after seeing new variety of seeds, says – Boat full of farmers capsizes in Khagaria, two missing, watch video Hindenburg probe: 'Hindenburg doesn't respond to notice and makes counter-allegations', SEBI The leader retaliated and attempted character assassination first appeared in Prabhat Kabar.
