Following Hindenburg Research's winding down, there have been intense debates online, among them was the one between the two veteran investors
'If you are chasing something you think you want or need, or are doubting whether you are enough, take a minute and give this a listen,' Nate Anderson said.
Over the years, Hindenburg Research acquired a reputation of publishing scathing reports targeting big companies and billionaires
'There is not one specific thing — no particular threat, no health issue, and no big personal issue', Anderson said in his note announcing the decision to shut down the short-seller
Bernstein said the Adani Group's significant reduction in promoters' pledged shares, lower leverage, and improved valuations were key factors lifting its financial footing in the past two years.
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The Adani Group has strongly refuted allegations that Swiss authorities have sequestered bank accounts linked to the group as part of a money laundering investigation.
The funds have sought SAT intervention to order Sebi to dispose their exemption applications expeditiously; they also seek stay on requirement to liquidate holdings by Sept 9 deadline.
The move comes a day after Hindenburg Research disclosed a short position in Super Micro and alleged "accounting manipulation" at the company, whose shares have nearly doubled in value this year on the back of the AI boom.
The report is based a three-month investigation by Hindenburg, which it says has revealed 'accounting red flags, evidence of undisclosed related party transactions, sanctions and export control failures, and customer issues'.
Sebi Chairperson Madhabi Puri Buch and her husband, Dhaval Buch, had strongly denied Hindenburg Research’s allegations that she held stakes in offshore entities tied to Adani group companies.
Hindenburg row: KC Venugopal also said that apart from Madhabi Puri Buch’s resignation, the Congress will maintain the demand for a JPC probe in the Adani scam.
Out of the 10 Adani group companies, Adani Ports and SEZ has the highest mutual fund exposure at Rs 13,024 crore, followed by Ambuja Cements at Rs 8,999 crore, ACC at Rs 7,668 crore and Adani Enterprises at Rs 7,291 crore.
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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.
SEBI said that it has consistently highlighted the role of REITs, SM REITs, InvITs, and Municipal Bonds, etc to advance the Indian securities market.
SEBI clarified that it has diligently investigated allegations against the Adani Group, with 23 out of 24 investigations completed and substantial documentation and international cooperation involved.
In response to the allegations by Hindenburg Research, the Buchs noted that Anil Ahuja, Dhaval Buch’s longtime friend and the Chief Investment Officer of the fund at that time, confirmed that the fund had never invested in any bonds, equities, or derivatives associated with the Adani group.
Notably, the allegations made by Hindenburg Research, against the Adani Group, have been duly investigated by SEBI, the market regulator said in a statement
Hindenburg's report points out that while the Singapore entity - Agora Partners - remains opaque, there is more transparency regarding the Indian consulting firm, Agora Advisory.
The report by Hindenburg Research highlighted that Blackstone, a major player in India's REIT sector, saw regulatory changes during Madhabi Buch's tenure that allegedly favoured the firm.
Madhabi Buch and Dhaval Buch issued a firm rebuttal to the Hindenburg report, saying the held no investments in Adani entities. Blackstone was added to Madhabi’s recusal list with Sebi on Dhaval’s appointment as an adviser to the investment fund, they said, adding that two consulting firms set up by Madhabi became dormant on her appointment at Sebi.
Chandrasekhar dismissed the Hindenburg report as lacking substance, labeling it a "classic Congress-style" attack, filled with "innuendo and lies" glued together with a few grains of truth.
"Now we know why our letters went unanswered and unacknowledged," Shiv Sena (UBT) leader Priyanka Chaturvedi said in her reaction.
Hindenburg Research has accused SEBI Chairperson Madhabi Puri Buch of serious misconduct, including ties to offshore funds linked to Vinod Adani, financial opacity in her consulting business, and more.