US-based short-seller Hindenburg Research alleged Saturday that SEBI chairperson Madhabi Puri Buch and her husband Dhaval Buch had stakes in “obscure offshore funds” used in “Adani money siphoning.”
SEBI did not respond immediately to the allegations, according to PTI.
“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,” reads a press statement by SEBI chairperson Madhabi Puri Buch and her husband Dhaval Buch.
The US based short-seller had put out allegations of stock manipulation and accounting fraud against the Adani Group in January 2023. Following this, The Adani Group witnessed a massive fall in market cap and share prices of its listed companies.
