Hindenburg Research had made a big disclosure in the Adani case a few years ago. Now Hindenburg has implicated SEBI. It has alleged that SEBI Chairperson Madhabi Puri Buch has a stake in a company of the Adani Group, which is involved in this scam.
Responding to Hindenburg's allegations, Madhabi Puri Buch and Dhawal Buch have issued a statement. In their statement, they have rejected Hindenburg's allegations. According to PTI, they have said- 'There is no truth in all these things. Our life and our finances are like an open book. All the necessary disclosures have already been submitted to SEBI for years. It is sad that due to SEBI's action, Hindenburg tried to defame us.
Hidenburg Research had made a big disclosure in the Adani case a few years ago. Now Hindenburg has implicated SEBI. It has been alleged that SEBI Chairperson Madhabi Puri Buch has a stake in a company of Adani Group, which is involved in this scam. The Hindenburg report states that due to this reason SEBI has not taken any action against Adani Group even in 18 months. However, now SEBI Chief Madhabi Puri Buch and her husband have rejected all the allegations against them.
Responding to Hindenburg's allegations, Madhabi Puri Buch and Dhawal Buch have issued a statement. In their statement, they have rejected Hindenburg's allegations. According to PTI, they have said- 'There is no truth in all these things. Our life and our finances are like an open book. All the necessary disclosures have already been submitted to SEBI for years. It is sad that due to SEBI's action, Hindenburg tried to defame us.
Capital markets regulator Securities and Exchange Board of India (SEBI) chief Madhavi Buch and her husband Dhaval Buch on Saturday termed the allegations leveled against them by short seller Hindenburg as baseless and said their financial dealings were like an open book.
Buchs said in a statement that it is unfortunate that Hindenburg Research, against which SEBI has taken enforcement action and issued a show-cause notice, has chosen to pursue a defamation suit in response. Hindenburg has alleged that SEBI Chairperson Buch and her husband partnered in murky offshore funds used in the alleged Adani money misappropriation scam.
"Sebi has surprisingly not shown interest in Adani's alleged undeclared Web of Mauritius and offshore shell entities," Hindenburg alleged in a blog post 18 months after its previous report on the Adani group. "Current SEBI chief Madhavi Buch and her husband were partners in both murky offshore funds used in the Adani money misappropriation scam," the short-seller quoted the "whistleblower document" (which exposed the case) as saying.
Responding to the allegations, the Butch couple said in their statement, "Regarding Hinderberg's August 10, 2024 report, we would like to state that we strongly deny all the baseless allegations and allegations made against us in the report.
He said, “There is no truth in these allegations. Our life and finances are like an open book. All necessary financial records have been provided to SEBI over the years.”
Butch said he would not mind submitting any of his financial documents to any authority, including those dating back to the time he was a private citizen. "Furthermore, we will issue a detailed statement in due course in the interest of full transparency," he said.
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