Hindenburg Saga 2.0: Adani Group Denounces Hindenburg's Fresh Allegations As 'Malicious' & 'Manipulative'

The Adani Group has strongly refuted the latest round of allegations from Hindenburg Research, labelling them as "malicious," "mischievous," and "manipulative." The conglomerate dismissed these claims as a rehash of previous accusations that have already been thoroughly investigated and dismissed by the Hon'ble Supreme Court in March 2023. The fresh allegations, brought to light on August 10 by Hindenburg, accuse the Adani Group of engaging in financial misconduct involving offshore entities, a claim that the company has categorically denied.

On August 11, a spokesperson for the Adani Group issued a statement stating that the company's overseas holding structure is fully transparent, with all relevant details regularly disclosed in public documents. The spokesperson criticized Hindenburg for recycling previously discredited claims, arguing that these accusations were nothing more than an attempt to tarnish the reputation of the Adani Group.

"It is reiterated that our overseas holding structure is fully transparent, with all relevant details disclosed regularly in numerous public documents," the spokesperson stated. "Furthermore, Anil Ahuja was a nominee director of the 3i investment fund in Adani Power (2007-2008) and, later, a director of Adani Enterprises until 2017. He has no current commercial relationship with the issues or individuals mentioned in Hindenburg's report."

The latest report from Hindenburg Research claims that whistleblower documents expose connections between SEBI Chairperson Madhabi Puri Buch and her husband, Dhaval Buch, with obscure offshore entities allegedly involved in a money siphoning scandal linked to the Adani Group. According to Hindenburg, these entities, based in Bermuda and Mauritius, were supposedly controlled by Vinod Adani, the elder brother of Gautam Adani, and were used to manipulate funds and inflate stock prices.

Hindenburg's report insinuated that the Adani Group's apparent confidence in operating without facing regulatory scrutiny could be attributed to an alleged relationship with SEBI Chairperson Madhabi Puri Buch. This claim has added to the ongoing scrutiny of the Adani Group's financial practices.

In the face of these serious allegations, Madhabi Puri Buch and her husband Dhaval Buch issued a joint statement, unequivocally denying the claims made by Hindenburg. The statement asserted that neither Madhabi Buch nor her husband had any hidden stakes in the offshore funds mentioned in the report. "We will be issuing a detailed statement in due course to ensure complete transparency," the Buchs stated, indicating their intention to clear their names fully.

The Adani Group's latest encounter with Hindenburg Research is part of an ongoing battle between the two entities. Hindenburg, a US-based investment research firm, has previously targeted the Adani Group with accusations of stock manipulation and accounting fraud, claims that have been met with fierce rebuttals from the Indian conglomerate.