Hindenburg Research's latest allegations have again put business magnate Gautam Adani in a spot and has also brought Securities and Exchange Board of India (SEBI) chairperson Madhabi Puri-Buch in national headlines. Hindenburg Research, a US short seller also targeted Adani Group last year. At the time, the impact on the business conglomerate was massive as Adani shares fell by 10 per cent resulting in the company losing around USD 150 billion and shaving off Gautam Adani's net worth.
This time, Hindenburg Research has alleged that SEBI chief Puri-Buch and her husbands have investments linked to Adani. It has also expressed surprise at market regulators "lack of interest and not investigating" Adani companies.
Here's the timeline of events that unfolded over the last year and this one:
January 24, 2023: Hindenburg releases its report under the name 'Adani Group: How The World's 3rd Richest Man Is Pulling the Largest Con in Corporate History' and made allegations of share-price manipulation and more. Prices of Adani stocks took nosedive.
January 31, 2023: Adani FPF fully subscribed.
February 2023: A PIL filed in the Supreme Court of India demands setting up of a committee to investigate Hindenburg's claims.
March 2, 2023: SC asks SEBI to conclude probe into allegations within two months. Additionally, a six-member panel of experts is constituted by SC to investigate.
March 8, 2023: The expert panel submits report to SC in sealed cover. The report said that there was no regulatory failure in Adani issue and that there was "no evident pattern of manipulation" in Adani companies.
May 17, 2023: Court gives more time to SEBI to submit its investigation report. The new date is August 14. SEBI files affidavit in August 25.
January 2024: SC dismisses plea that sought CBI probe into the issue.
January 3, 2024: Gautam Adani makes post on X saying Supreme Court's judgment has proven that truth always prevails.
June 2024: Adani shares regain their pre-Hindenburg level.
July 2, 2024: Hindenburg says SEBI has served notice to it saying it had violated Indian regulations. Hindenburg denies allegation.
August 10, 2024: Hindenburg makes a cryptic post on X that says, 'Something big soon India'. On the same day, Hindenburg publishes its allegations against SEBI chief Madhabi Puri-Buch.
August 11, 2024: Madhavi Puri-Buch and her husband release joint statement denying the allegations.
