The Adani Group has strongly rejected the latest allegations made by Hindenburg Research, terming them “recycling of discredited claims”.
In a statement filed with stock exchanges on August 11, the Adani Group spokesperson said these claims had already been thoroughly investigated and dismissed by the Supreme Court in January 2024. “We completely reject these allegations against the Adani Group, which are 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 spokesperson stated.
The Adani Group further clarified that it has “absolutely no commercial relationship with the individuals or matters mentioned in this calculated, deliberate effort to malign our standing.”
The statement also underscored the conglomerate’s commitment to transparency and adherence to all legal and regulatory requirements.
Character assassination bid: SEBI Chief
Madhabi Puri Buch, the chairperson of the Securities and Exchange Board of India (SEBI), and her husband, Dhaval Buch, have also rejected the allegations levelled against them in the new Hindenburg Research report.
The report alleged that the Buchs held undisclosed stakes in offshore entities linked to the Adani Group.
The couple issued a joint statement refuting the allegations and accusing the Hindenburg of attempting “character assassination.”
The Buchs said that their finances are transparent and that all necessary disclosures have been made to SEBI over the years. They also expressed their readiness to provide any additional financial documents if requested by authorities.
Hindenburg Research, in its report, suggested that SEBI’s perceived inaction against the Adani Group might be tied to Buch’s alleged involvement with the same offshore entities under scrutiny.
The report claimed that despite extensive evidence and corroboration from over 40 independent media investigations, SEBI has taken no significant public action against the Adani Group.