Adani Group Dismisses Hindenburg Report As Recycled And Baseless Claims

In response to the recent Hindenburg report, the Adani Group issued a statement on Sunday, August 11, strongly denying any commercial connection with SEBI Chairperson Madhabi Puri Buch, as claimed in the report. The conglomerate firmly rejected the allegations, calling them a “recycling of baseless claims” aimed at tarnishing the group’s reputation. The Adani Group emphasized that these accusations had been thoroughly investigated in the past and were dismissed as unfounded by the Supreme Court in January 2024.

Hindenburg Report’s Allegations

On Saturday, August 10, Hindenburg Research released a report alleging that the ongoing SEBI investigation into the Adani Group had stalled due to connections between SEBI Chairperson Madhabi Puri Buch and her husband Dhaval Buch with the Adani Group. The report implied that these alleged links were the reason for the lack of progress in the investigation.

SEBI Chairperson’s Rebuttal

In response to the allegations, SEBI Chief Madhabi Puri Buch and her husband Dhaval Buch categorically denied any ties with the Adani Group. They stated, “Our lives are an open book. We have provided all necessary disclosures to SEBI over the years.”

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Willingness to Provide Financial Documents

The couple also expressed their willingness to make their financial documents public, even from the period when they were leading private lives. “We are ready to provide all documents to any authority,” they stated, underscoring their transparency and commitment to clearing their names.