The Hindenburg saga has taken a brand new turn in India. After teasing users on X with a new revelation, the short-selling group dropped another bombshell.
In this new tranche of allegations, the American entity has accused the regulatory body, the Securities and Exchange Board of India, or SEBI and its chairperson, Madhabi Puri Buch, of having vested interests in the matter. Buch and her spouse, Dhaval Buch, have been accused of having stakes in Adani's offshore dealings.
SEBI Chief Buch Issues Statement
Buch has come out with a statement on the matter, staunchly rebutting the allegations. Buch's statement read, “In the context of allegations made in the Hindenburg Report dated August 10,2024 against us, we would like to state that we strongly deny the baseless allegations and insinuations made in the report."
She further added, "The same are devoid of any truth. Our lives and finances are an open book. All disclosures as required have already been furnished to SEBI over the years."
The statement further read, "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. | Madhabi Puri Buch
Character Assassination By Group
The statement further read, "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. Further, in the interest of complete transparency, we would be issuing a detailed statement in due course."
The statement concluded by saying, "It is unfortunate 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 to the same."
Hindenburg, in its report, claimed that these new allegations were based on documents provided by a whistleblower and investigations carried out by other entities. | India Today
The regulatory body, on its own, has yet to declare or issue a statement on the matter.
Hindenburg, in its report, claimed that these new allegations were based on documents provided by a whistleblower and investigations carried out by other entities.
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, per whistleblower documents. A declaration of funds, signed by a principal at IIFL states that the source of the investment is "salary" and the couple's net worth is estimated at USD 10 million,"
