American short seller firm Hindenburg had released a report last year making serious allegations against Indian billionaire Gautam Adani, while this year also they have targeted market regulator SEBI by including Adani. In its new report, Hindenburg has claimed links between Adani Group and SEBI Chief Madhabi Puri Buch, alleging that documents obtained from the whistleblower show that the SEBI Chairman was involved in offshore entities that were used in the Adani money siphoning scandal. There was a stake.
However, now a clarification has been given by the SEBI Chairperson in this matter, in which she has said that all these are baseless and this is just an attempt to defame her.
‘There is no truth in Hindenburg’s allegations…’
The report released by Hindenburg on Saturday claimed that whistleblower documents reveal that Madhabi Buch and her husband Dhaval Buch opened their account with IPE Plus Fund 1 in Singapore on June 5, 2015. The total investment of the couple in this is estimated at 10 million dollars. Hindenburg alleged that the offshore Mauritius fund was set up by a director of Adani Group through India Infoline and is registered in tax haven Mauritius.
Rejecting all these allegations made by the American short seller, SEBI chairperson Madhabi Puri Buch and her husband Dhaval Buch said in a statement issued early on Sunday morning that the allegations made in the Hindenburg report on August 10 They are baseless and contain no truth of any kind. Our life and finances are like an open book. Whatever information we needed to make, all that information has been given to SEBI over the years.
‘This effort is in response to SEBI’s action’
Madhabi Puri Buch further said that we have no hesitation in disclosing any financial documents, including those which relate to the period when we were completely ordinary citizens. Any officer can ask for these. SEBI Chief further said in his statement that it is unfortunate that Hindenburg Research, against which SEBI has taken enforcement action and issued a show cause notice, has now tried to assassinate our character in response to the same. He said that we will issue a detailed statement in due course with full transparency.
NEW FROM US:
Whistleblower Documents Reveal SEBI’s Chairperson Had Stake In Obscure Offshore Entities Used In Adani Money Siphoning Scandal
— Hindenburg Research (@HindenburgRes) August 10, 2024
What is special in Hindenburg’s report?
It is noteworthy that in a blog post, 18 months after Hindenburg did his research report on Adani Group Chairman Gautam Adani, he has made not one but many serious allegations against the SEBI Chief and her husband. In this, the Hindenburg Research report claims that SEBI chairperson Madhabi Puri Buch and her husband Dhaval Buch took stake in the funds of Bermuda and Mauritius, which are tax haven countries and these two funds were used by Gautam Adani’s elder brother Vinod Adani. Also did it.
Allegation of huge earning through consulting firm
The Hindenburg report clearly states that we suspect that SEBI did not take strict action against the offshore shareholders associated with Adani Group because there could be collusion among them. It said that Madhabi Puri Buch was a 99% stake holder in Agora Advisory, a consulting firm, but two weeks before her appointment as SEBI chairperson on March 16, 2022, she transferred her shares in the company to her husband Dhawal Buch. )’s names were transferred. Her husband Dhaval Buch is the director of this company. If we look at the company’s annual report, it earned Rs 1.98 crore from consulting in FY2022, which is 4.4 times more than the salary of Madhabi Puri Buch, a whole time member of SEBI.