The Hindeburg Report's new set of allegations has drawn reactions from different corners. In the latest report, the short-selling firm accused the market regulator's chief, Madhabi Puri Buch, of irregularities. The group has accused Buch and her spouse of being in cahoots with Adani and having a vested interest in the company.
'Rubbish From Vultures'
Many have voiced their thoughts on this, and some have stood in solidarity with the SEBI. Former Infosys CFO and one of the leading voices from the industry in various matters, Mohandas Pai, has come out in support of Buch and admonished Hindenburg Research.
He took to his official X account and said, "Character assassination by a Vulture Fund."
He further added, hinting at this being just a tactic to garner attention: "Rubbish allegations aimed at sensationalism."
He further concluded by saying, "There was a SC monitored investigation overseen by an Eminent panel- when the vulture fund was fully exposed it throws mud."
Hindenburg Accuses Buch Of Having Vested Interests
The research group has accused the market regulator of being lackadaisical towards the probe against the company. The company has been accused of irregularities and violations of existing rules and regulations in the country.
The report said, "Madhabi Buch and her husband Dhaval Buch first appear to have opened their account with IPE Plus Fund 1 on June 5, 2015, in Singapore. The group attributed this to whistleblower documents. The group further claimed that a declaration of funds signed by a principal at IIFL states that the source of the investment is "salary". In addition, it also added that the couple's net worth is estimated at USD 10 million,"
Buch Issues Statement
Buch, on her side, has issued a statement on the matter. She and her spouse have denied the allegations. She accused the group of character assassination and deemed the allegations baseless. Buch said, "The same are devoid of any truth. Our life and finances are an open book. All disclosures as required have already been furnished to SEBI over the years. We have no hesitation in disclosing any and all financial documents, including those that relate to the period when we were strictly private citizens, to any and every authority that may seek them."
