Mahesh Jethmalani dismisses Hindenburg allegations on SEBI Chairperson

Jethmalani criticized Hindenburg for not responding to SEBI’s notice, which sought details about the circumstances of the Adani short sale, and instead launching an attack on Buch based on what he deemed as “prima facie rubbish”

Rajya Sabha MP and Senior Advocate Mahesh Jethmalani has launched a scathing criticism of the Hindenburg Research report, calling its allegations against the Adani group and SEBI Chairperson Madhabi Puri Buch a “pathetic damp squib”. In a tweet, Jethmalani accused Hindenburg of attempting to destabilize India’s stock markets. “#Hindenburg’s “Something big” is a pathetic damp squib,” he tweeted.

"The announcement prior to its alleged big revelation itself reveals its motive: to destabilise India’s stock markets. The pre publicity ill behoves a reputed “research analyst," Jethmalani wrote, questioning the credibility of the research firm.

Jethmalani criticized the report's focus on SEBI and its Chairperson, Madhabi Puri Buch, arguing that it did not provide new evidence against the Adani group and instead aimed to undermine SEBI's regulatory authority.

“As regards the “big” something there is nothing new against the #Adani group,” Jethmalani said, dismissing allegations.

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Jethmalani criticized Hindenburg for not responding to SEBI’s notice, which sought details about the circumstances of the Adani short sale, and instead launching an attack on Buch based on what he deemed as “prima facie rubbish”. “SEBI had issued a notice to Hindenburg seeking information regarding the circumstances of the Adani short sale as it was entitled to. Instead of responding to these Hindenburg has chosen to attack its Chairperson,” he said.

The Hindenburg Research report published on August 10, 2024, alleged that Buch held stakes in offshore entities linked to the Adani Group. The report had alleged that Buch had a conflict of interest related to offshore investments.

Describing the situation as a case of “colonial arrogance,” Jethmalani accused Hindenburg of exploiting its position to defame Indian institutions and questioned the motives behind such actions. “This reeks of colonial arrogance of days bygone and contempt by a rich country national fortified by safe harbour, of the economic sovereignty of an Emerging nation,” he tweeted.

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

He also condemned left-leaning media outlets for calling for Buch’s resignation, framing their calls as part of a broader agenda to disrupt India's social and economic stability. “...a host of left leaning media outlets - slaves to foreign masters all and wannabe rulers with their help- have called for Ms Buch’s head.,” he wrote.

Also Read: SEBI Chair Madhabi Puri Buch, husband strongly rebut Hindenburg allegations, claim character assassination

Jethmalani urged the Indian government to address what he perceives as anti-national activities, aimed at distorting India's political and economic landscape. "It’s time the govt of the day turned its serious attention to these anti nationals who have no other agenda but to disrupt India’s social fabric, distort its polity and now devastate its economy," he said.