Tamil Nadu: K Annamalai Says Hindenburg Reports Trigger Panic; Calls For Probe Of SEBI Chief-Adani Links

The BJP's Tamil Nadu unit chief, K Annamalai, has called for an investigation into the latest allegations Hindenburg Research against SEBI chairperson Madhabi Puri Buch. He noted that previous claims by Hindenburg were found to be baseless.

Addressing reporters, Annamalai accused Hindenburg of causing panic among investors for profit. "Hindenburg is not a journalist or an NGO but a short selling agent of shares," he said. "They release such reports, trigger panic among investors, make preparations to capitalise on that crisis scenario, and make thousands of crores of profit. This is what Hindenburg is all about," he added.

Allegations Against SEBI Chairperson

Annamalai's comments come after new claims by Hindenburg Research, which cited "whistleblower documents" alleging that SEBI chairperson Madhabi Puri Buch had a stake in offshore entities linked to the Adani Group. Both Madhabi Buch and her husband, Dhaval Buch, have denied these accusations as "baseless" and "devoid of any truth".

"If there is a charge against SEBI officials, let's investigate that too. If SEBI officials had offshore accounts, let us probe it. If it is true, there will be action for sure. Even if Hindenburg has always been false in their claims and reports, a responsible government will definitely probe it," Annamalai stated.

Previous Allegations and Supreme Court Findings

Reflecting on earlier controversies involving Hindenburg, Annamalai mentioned that the Supreme Court had appointed a committee to investigate previous allegations. The committee found no basis for the claims made by Hindenburg at that time.

"Even earlier, a Hindenburg report had come, and the Supreme Court appointed a committee that found the allegations had no basis. Still, I wouldn't say that we should just ignore it," he said. "The Hindenburg report should be probed without judging the false charges they made in the past. But we should also remember that Hindenburg is known for raising such frequent false alarms," Annamalai said.

International Conspiracy Claims

Annamalai also linked the controversy to what he described as an international conspiracy aimed at hindering India's growth. He suggested that strong nations like India face such attacks because they pose a threat to other countries.

"A strong country will face such attacks. A strong India is a threat for many countries. Many want to make sure that India is not getting stronger anymore. To prevent our growth, there is an international-level conspiracy going on, and this is also one such attempt," he said.

During the earlier controversy involving SEBI, Congress expressed distrust in SEBI's findings. However, the Supreme Court-appointed committee found no evidence to support the allegations against SEBI officials.

"During the earlier controversy, Congress said they don't trust SEBI. Then the Supreme Court appointed a committee and found that there was nothing to substantiate the charges," Annamalai said. "Having said all this, I still repeat that their allegations should be probed," he reiterated.