• By Vivek Raj
  • Sun, 11 Aug 2024 12:21 PM (IST)
  • Source:JND

The Adani Group on Sunday refuted the latest allegations made by US-based Hindenburg Research, which accused the conglomerate of a conflict of interest involving SEBI Chairperson Madhabi Buch and her husband. Hindenburg claimed that SEBI was reluctant to act against Adani Group due to Buch’s alleged financial ties with the company’s offshore entities. 

In a statement released on Sunday, the Adani Group dismissed these accusations, labeling them as "malicious, mischievous, and manipulative." The conglomerate said that Hindenburg's claims were based on selective use of publicly available information, aiming to reach pre-determined conclusions for personal gain, with disregard for facts and the law.

"The latest allegations by Hindenburg are malicious, mischievous and manipulative selections of publicly available information to arrive at pre-determined conclusions for personal profiteering with wanton disregard for facts and the law," Adani Group said in a statement.

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"We completely reject these allegations against the Adani Group which are a recycling of discredited claims that have been thoroughly investigated, proven to be baseless and already dismissed by the Hon'ble Supreme Court in January 2024," the statement added.

The company reiterated its commitment to transparency, stating that its overseas holding structure is fully transparent and that all relevant details are regularly disclosed in public documents. The statement also mentioned that Anil Ahuja, who served as a nominee director of 3i investment fund in Adani Power and later as a director of Adani Enterprises until 2017, had no current commercial relationship with the Adani Group.

Earlier, Madhabi Puri Buch and her husband, Dhaval Buch, also issued a joint statement denying the allegations. They labeled the claims as "baseless" and stated, "Our life and finances are an open book."

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This recent report by Hindenburg Research comes nearly 18 months after its initial report in January 2023, where it accused the Adani Group of "brazen stock market manipulation" and "accounting fraud." The Adani Group had denied those allegations as well, and the Supreme Court rejected the demand for a CBI or court-monitored probe at the time.

The new allegations have reignited a political debate, with opposition parties demanding a thorough investigation into the claims.