Latest Hindenburg Allegations ‘Malicious & Mischievous’: Adani Group

Mumbai: The Adani Group slammed Hindenburg Research for claiming that the Indian conglomerate had financial links with Securities & Exchange Board of India (SEBI) chairperson Madhabi Buch and her husband Dhaval Buch.

Accusing the American short-seller firm of arriving at pre-determined conclusions for ‘personal profiteering’, Adani Group dismissed the allegations as ‘malicious, mischievous and manipulative’.

“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. 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,” Adani Group said.

The group said its overseas holding structure is fully transparent, with all relevant details disclosed regularly in public documents.

Adani Group further claimed that it has no commercial relationship with the SEBI chief or her husband Dhaval Buch.

“The Adani Group has absolutely no commercial relationship with the individuals or matters mentioned in this calculated deliberate effort to malign our standing. We remain steadfastly committed to transparency and compliance with all legal and regulatory requirements,” it said.

Calling Hindenburg Research a ‘discredited short-seller’, the group said it was under the scanner for several violations of Indian securities laws.

“Hindenburg’s allegations are no more than red herrings thrown by a desperate entity with total contempt for Indian laws,” it added.