'Baseless Allegations': Sebi Chief Madhabi Buch, Husband 'Strongly' Deny Hindenburg Report

In a press statement SEBI chairperson Madhabi Puri Buch and her husband Dhaval Buch "strongly denied" the "baseless allegations" made by Hindenburg in the report.

SEBI chairperson Madhabi Puri Buch and her husband have denied allegations by Hindenburg report.

Source : PTI

Securities Exchange Board of India chairperson (SEBI) Madhabi Puri Buch and her husband Dhaval Buch denied allegations levelled by US short-seller Hindenburg Research, of having stakes in offshore funds linked to the Adani Group's alleged money siphoning scandal. The report cited a "whistleblower document" to suggest a potential conflict of interest within the regulatory body tasked with overseeing corporate governance in India. The report could not be independently verified by ABP LIVE. 

In a press statement the couple "strongly denied" the "baseless allegations and insinuations" made in the report. 

They claimed that all the required disclosures have already been furnished to SEBI and they have no hesitation in disclosing any and all financial documents. 

"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," read the press statement. 

"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," they added. 

The Buchs said that it was "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." 

In its report, the short-seller had alleged that Vinod Adani, brother of Gautam Adani used offshore entities, primarily based in Mauritius and Bermuda, to siphon funds through over-invoicing of power equipment imports. 

The report alleged that the funds were laundered through a complex web of shell companies, with ties to the Adani Group. 

The Hindenburg report comes a year and a half after it had released an earlier report against the Adani Group that had far-reaching consequences including the cancellation of the company's flagship Rs 20,000 crore follow-on public offer. 

The Adani Group had consistently denied the allegation.