Adani Group Denounces Hindenburg’s Allegations as "Malicious and Manipulative"

Adani Ports & SEZ has firmly dismissed the latest allegations leveled by Hindenburg Research, labeling them as “malicious, mischievous, and manipulative” attempts to distort publicly available information for personal gain. In a filing with the Bombay Stock Exchange (BSE), a spokesperson for the Adani Group rejected the claims, asserting that they recycle previously discredited accusations that have been thoroughly investigated and dismissed by the Supreme Court in March 2023.

The controversy arose on August 10 when Hindenburg accused the Securities and Exchange Board of India (SEBI) of hesitating to act on its January 2023 report concerning the Adani Group. The report further alleged that SEBI chairperson Madhabi Puri Buch and her husband, Dhaval Buch, held investments in offshore funds connected to the Gautam Adani-led conglomerate.

Responding to these claims, the Buchs clarified that their investment in the fund was made in 2015, during their time as private citizens in Singapore, and nearly two years before Madhabi Buch joined SEBI as a Whole Time Member.

The Adani Group emphasized that its overseas holding structure is fully transparent, with all relevant details regularly disclosed in public documents. They also noted that Anil Ahuja, mentioned in the Hindenburg report, served as a nominee director of the 3i investment fund in Adani Power from 2007 to 2008, and later as a director of Adani Enterprises until 2017.

The group reiterated that it has no commercial relationship with the individuals or matters referenced in the report, viewing the allegations as a calculated effort to tarnish its reputation. “We remain steadfastly committed to transparency and compliance with all legal and regulatory requirements,” said the spokesperson.

In a strong rebuke, the Adani Group spokesperson concluded, “For a discredited short seller under investigation for several violations of Indian securities laws, Hindenburg’s allegations are nothing more than red herrings thrown by a desperate entity with total contempt for Indian laws.”