The Securities and Exchange Board of India (SEBI) Chairperson Madhabi Puri Buch and her husband Dhaval Buch have refuted the allegations hurled against them in the latest report by short-seller Hindenburg Research, news agency PTI reported. In a big revelation on Saturday, the US-based investment research firm claimed that the husband-wife duo owned stakes in offshore shell companies which Adani group allegedly used in orchestrating a fiscal wrongdoing.

The report, citing "whistleblower documents," alleges that these entities were part of a network utilized by Vinod Adani, the elder brother of Gautam Adani, to "siphon money." It also questioned SEBI's impartiality in probing the Adani Group, citing potential conflicts of interest.

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In response to the allegations, Buch asserted that the claims made against them were false and that their finances were completely transparent. "In the context of allegations made in the Hindenburg Report dated August 10, 2024, against us, we would like to state that we strongly deny the baseless allegations and insinuations made in the report," they said, as per PTI.

"The same are devoid of any truth. Our life and finances are an open book. All disclosures as required have already been furnished to SEBI over the years," the statement added.

The couple also stated that they have no reservations about providing any financial documents, including those from the time when they were "strictly private citizens," to any authority if they request them to do so. “Further, in the interest of complete transparency, we would be issuing a detailed statement in due course,” the statement read.

Notably, the Adani group faced a massive setback after the Hindenburg report, in January 2023, levelled some serious allegations against it. The report claimed that the Adani group was involved in financial fraud, stock manipulation, and accounting irregularities.

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It claimed that the conglomerate engaged in unethical practices to artificially inflate the value of its companies and conceal significant debt. It also raised concerns about the complex network of offshore entities allegedly controlled by members of the Adani family, which were purportedly used to siphon money and evade regulatory oversight.

Madhabi's comprehensive statement on Hindenburg report:-

In the context of allegations made in the Hindenburg Report dated August 10,2024 against us, we would like to state that we strongly deny the baseless allegations and insinuations made in the report. The same are devoid of any truth. 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. Further, in the interest of complete transparency, we would be issuing a detailed statement in due course.

It is unfortunate that Hindenburg Research against whom SEBI has taken an Enforcement action and issued a show cause notice has chosen to attempt character assassination in response to the same.

Madhabi Puri Buch

Dhaval Buch