The Hindenburg and Adani case has once again reached the Supreme Court. Last Saturday, a report was released by an American short seller firm on market regulator SEBI chairperson Madhabi Puri Buch and it was claimed that she was linked to the Adani Group. Now a petition has been filed in the Supreme Court by Vishal Tiwari in the matter of Hindenburg’s new report. It is noteworthy that Vishal is one of the petitioners who filed the petition in 2023 last year, who had demanded a SIT/CBI investigation regarding stock market manipulation by Adani Group.
What was said in the new petition?
In the Hindenburg case, petitioner lawyer Vishal Tiwari has filed an application in the Supreme Court saying that due to the Hindenburg case, it has become mandatory for SEBI to quickly conclude the pending investigation and announce the conclusion of this entire investigation. The petition said that even though the SEBI Chief has termed the allegations made by the American short seller as baseless, this entire matter has created a situation of confusion and apprehension in the minds of the public and investors.
Petitions were filed last year also
It is noteworthy that Hindenburg had published a research report on January 24, 2023 last year, accusing the Adani Group led by billionaire Gautam Adani of debt and manipulation in the shares of his companies, after which the Adani Group was hit hard. There was loss. This matter had reached the Supreme Court and several petitions were filed demanding investigation. Taking these into cognizance, SC had ordered SEBI to investigate the matter. According to the report, 23 out of 24 investigations in this case have been completed. Meanwhile, a show cause notice was also issued to Hindenburg by SEBI.
What’s in Hindenburg’s new report?
After the notice was sent by market regulator SEBI, Hindenburg had released another report last Saturday, in which many serious allegations were made against SEBI chief Madhabi Puri Buch. The report, citing whistleblower documents, claimed that Madhabi Puri Buch and her husband Dhaval Buch opened their accounts 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 the Adani Group through India Infoline and is registered in the tax haven Mauritius.
SEBI Chief said there was an attempt at character assassination
However, 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 the next day on Sunday morning that on August 10, The allegations made in the Hindenburg Report are baseless and contain no truth of any kind. Our life and finances are like an open book. Whatever disclosures we needed to make, all that information has been given to SEBI over the years.
SEBI Chief had said, ‘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.’