Adani Group rejects Hindenburg allegations, calls them 'malicious, mischievous, and manipulative'

The Adani Group vehemently denied any commercial relationship with Buch or her husband, Dhaval Buch. The conglomerate labelled Hindenburg's claims as a recycled narrative of discredited allegations that had been thoroughly investigated and dismissed by the Supreme Court in January 2024.

The Adani Group on Sunday (August 11) strongly rebutted recent allegations made by American short-seller Hindenburg Research, which claimed financial links between the conglomerate and Securities and Exchange Board of India (SEBI) chairperson Madhabi Buch and her husband. The Adani Group described these allegations as "malicious, mischievous, and manipulative," accusing Hindenburg of using publicly available information to draw pre-determined conclusions for "personal profiteering."

In a statement, the Adani Group vehemently denied any commercial relationship with Buch or her husband, Dhaval Buch. The conglomerate labelled Hindenburg's claims as a recycled narrative of discredited allegations that had been thoroughly investigated and dismissed by the Supreme Court in January 2024. The statement stressed that the group's overseas holding structure is fully transparent, with all relevant information regularly disclosed in public documents.

"The latest allegations by Hindenburg are malicious and manipulative selections of publicly available information to arrive at pre-determined conclusions for personal gain, disregarding facts and the law," the statement read. The Adani Group further accused Hindenburg of deliberate attempts to "malign our standing," and criticized the firm as a "discredited short-seller" facing scrutiny for violations of Indian securities laws.

In response to Hindenburg's allegations, Madhabi Buch and her husband issued a joint statement asserting their commitment to transparency. They accused Hindenburg of character assassination following an enforcement action by SEBI against the firm.

"Our life and finances are an open book. We have consistently furnished all required disclosures to SEBI over the years and are prepared to provide any additional documentation if requested," the statement said.