Adani Group Responds To Latest Hindenburg Attack: 'Manipulative, Mischievous'

The Adani Group responded sharply to allegations made by American short-seller Hindenburg, which accused the conglomerate of having financial ties with SEBI Chairperson Madhabi Buch and her husband, Dhaval Buch.

The group labeled these claims as "malicious, mischievous and manipulative," dismissing them as a rehash of discredited accusations.

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The Adani Group stated that Hindenburg's allegations were "a recycling of discredited claims that have been thoroughly investigated, proven to be baseless and already dismissed by the Hon'ble Supreme Court in January 2024."

The group said that its overseas holding structure is fully transparent, with all relevant details disclosed regularly in public documents.

It firmly denied any commercial relationship with Madhabi Buch or her husband, accusing Hindenburg of making a "calculated deliberate effort to malign our standing."

In a joint statement, Madhabi Buch and her husband denied any wrongdoing and expressed their willingness to disclose any financial documents.

They condemned Hindenburg's actions as an attempt at character assassination, stating 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."

Hindenburg Research had alleged that Buch and her husband held hidden stakes in offshore funds connected to the Adani Group.

The firm claimed, "What we hadn't realized: the current SEBI Chairperson and her husband, Dhaval Buch, had hidden stakes in the exact same obscure offshore Bermuda and Mauritius funds, found in the same complex nested structure, used by Vinod Adani."