After the latest Hindenburg report alleged that SEBI Chairperson Madhabi Puri Buch had a stake in ‘offshore entities used in Adani money siphoning scandal, the shares of Adani group saw a decline on Monday, i.e., August 12.
Following the latest Hindenburg report which alleged that Securities and Exchange Board of India (SEBI) Chairperson Madhabi Puri Buch had a stake in ‘offshore entities used in Adani money siphoning scandal, Adani group fell 3.09 per cent on Monday, i.e., August 12.
Moreover, shares of the Adani Energy solutions opened 17 per cent lower on the BSE. Shares of Adani Power, Adani Green Energy and Adani Total Gas declined by 4.98 per cent, 6.96 per cent and 5.57 per cent respectively.
In addition, Adani Wilmar saw a decline in its shares by 2.3%. Ambuja cements, owned by the Adani group, declined by upto 0.6%.
The Hindenburg report, on Saturday, i.e., August 10, alleged that "SEBI’s Chairperson Madhabi Puri Buch and her husband, Dhaval Buch, had stake in obscure offshore entities used in Adani money siphoning scandal.”
The Adani group, however, denied the allegations terming the report 'malicious, mischievous and manipulative'.
In an official statement issued by the firm, it stated, "The Adani Group has absolutely no commercial relationship with the individuals or matters mentioned in this calculated deliberate effort to malign our standing. We remain steadfastly committed to transparency and compliance with all legal and regulatory requirements".
In the wake of the issuance of the Hindenburg report leading to controversies, SEBI Chief Madhabi Puri Buch and her husband also released a joint statement claiming that the investment in the fund referred to in the Hindenburg report was made in 2015 when they were both private citizens living in Singapore, two years before the fomer joined SEBI.
“The investment in the fund referred to in the Hindenburg report was made in 2015 when they were both private citizens living in Singapore and almost 2 years before Madhabi joined Sebi, even as a Whole Time Member”, it said.
The joint statement further added, "SEBI has strong institutional mechanisms of disclosure and recusal norms as per the code of conduct applicable to its officers. Accordingly, all disclosures and recusals have been diligently followed, including disclosures of all securities held or subsequently transferred."
Madhabi Puri Buch, joined as a whole time member of the SEBI in 2017 and later took over as its chairperson in 2022.
Meanwhile, the latest Hindenburg allegations have led to a political word war between the opposition and the ruling National Democratic Alliance (NDA), with the former demanding a probe into the alleged irregularities.
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