Adani Group denounces Hindenburg allegations as 'baseless,' stands firm on transparency

The SEBI Chairperson and her husband rejected the claims, asserting that they had no hidden stakes in the funds mentioned in the Hindenburg report.

The Adani Group has rebuffed the latest allegations from Hindenburg Research, dismissing them as "malicious," "mischievous," and "manipulative." The company condemned the claims as a recycling of previously discredited accusations that were thoroughly investigated and dismissed by the Hon'ble Supreme Court in March 2023.

In a statement on August 11, a spokesperson for the Adani Group asserted that their overseas holding structure is fully transparent, with details disclosed regularly in public documents. The spokesperson also clarified that Anil Ahuja, who served as a nominee director of the 3i investment fund in Adani Power from 2007 to 2008 and later as a director of Adani Enterprises until 2017, has no current commercial relationship with the issues or individuals mentioned in Hindenburg’s report.

"It is reiterated that our overseas holding structure is fully transparent, with all relevant details disclosed regularly in numerous public documents. Furthermore, Anil Ahuja was a nominee director of 3i investment fund in Adani Power (2007- 2008) and, later, a director of Adani Enterprises until 2017," the statement said.

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The response follows a August 10 report, where Hindenburg Research alleged SEBI chair Madhabi Puri Buch had a stake in offshore entities linked to the Adani case. The report claimed these funds, based in Bermuda and Mauritius, were allegedly controlled by Vinod Adani, Gautam Adani’s elder brother, and were used to manipulate funds and inflate stock prices.

Hindenburg’s report suggested that Adani's confidence in operating without serious regulatory intervention might be linked to an alleged relationship with SEBI Chairperson Madhabi Buch.

In response, Madhabi Puri Buch and her husband Dhaval Buch issued a joint statement denying the allegations. They stated, "We will be issuing a detailed statement in due course to ensure complete transparency."

The SEBI Chairperson and her husband rejected the claims, asserting that they had no hidden stakes in the funds mentioned in the Hindenburg report.