NEW DELHI: Securities and Exchange Board of India (SEBI) Chairperson Madhabi Puri Buch and her husband Dhaval Buch have denied the allegations against them Hindenburg Researcha US-based short seller, in its latest report.
The statement was released shortly after Hindenburg Research claimed that the couple owned shares in “the two obscure offshore companies that played a role in the Adani embezzlement scandal.”
In a joint statement, Madhabi Puri Buch and her husband strongly denied the allegations and stated: “In the context of the allegations in the Hindenburg Report dated 10 August 2024 against us, we would like to state that we strongly refute the baseless allegations and insinuations in the report. They are devoid of any truth. Our lives and finances are an open book. All the required disclosures have already been provided to SEBI over the years. We have no qualms about disclosing all financial documents, including those relating to the time when we were purely private individuals, to any authority that may request them. Further, in the interest of complete transparency, we will provide a detailed explanation in due course.” The couple also expressed their disappointment and accused Hindenburg of committing character assassination in response to the regulatory action. They stressed that their lives and finances are transparent and that they have always provided all the required disclosures to SEBI over the years.
“It is unfortunate that Hindenburg Research, against which SEBI has initiated enforcement proceedings and issued summons for hearing, has resorted to an attempt at character assassination in response,” the statement said.
The latest allegations by Hindenburg Research, based on documents from a whistleblower and investigations by other agencies, say that Madhabi Book and Dhaval Buch had hidden interests in the same offshore funds in Bermuda and Mauritius, which were part of a complex nested structure used by Vinod Adani. The report also mentioned that the couple had opened an account with IPE Plus Fund 1 in Singapore on June 5, 2015, with a stated net worth of $10 million.
The statement was released shortly after Hindenburg Research claimed that the couple owned shares in “the two obscure offshore companies that played a role in the Adani embezzlement scandal.”
In a joint statement, Madhabi Puri Buch and her husband strongly denied the allegations and stated: “In the context of the allegations in the Hindenburg Report dated 10 August 2024 against us, we would like to state that we strongly refute the baseless allegations and insinuations in the report. They are devoid of any truth. Our lives and finances are an open book. All the required disclosures have already been provided to SEBI over the years. We have no qualms about disclosing all financial documents, including those relating to the time when we were purely private individuals, to any authority that may request them. Further, in the interest of complete transparency, we will provide a detailed explanation in due course.” The couple also expressed their disappointment and accused Hindenburg of committing character assassination in response to the regulatory action. They stressed that their lives and finances are transparent and that they have always provided all the required disclosures to SEBI over the years.
“It is unfortunate that Hindenburg Research, against which SEBI has initiated enforcement proceedings and issued summons for hearing, has resorted to an attempt at character assassination in response,” the statement said.
The latest allegations by Hindenburg Research, based on documents from a whistleblower and investigations by other agencies, say that Madhabi Book and Dhaval Buch had hidden interests in the same offshore funds in Bermuda and Mauritius, which were part of a complex nested structure used by Vinod Adani. The report also mentioned that the couple had opened an account with IPE Plus Fund 1 in Singapore on June 5, 2015, with a stated net worth of $10 million.
In January 2023, Hindenburg published a report accusing the Adani Group of financial irregularities, which led to a significant decline in the company’s share price. The group had denied these allegations at the time. The Hindenburg report alleged stock manipulation and fraud by the group, which led to a sharp decline in the shares of various Adani Group The shares of the companies involved are reportedly worth over $100 billion.
