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Informist, Sunday, Aug 11, 2024

 

MUMBAI – Hindenburg Research LLC's allegations about Securities and Exchange Board of India's Chairperson Madhabi Puri Buch's connection with Adani Group entities "are malicious, mischievous and manipulative selections of publicly available information to arrive at pre-determined conclusions for personal profiteering with wanton disregard for facts and the law", Adani Energy Solutions Ltd and Adani Ports and Special Economic Zone Ltd said in similar stock exchange filings today, quoting a Adani Group spokesperson.

 

US-based Hindenburg Research on Saturday alleged that SEBI Chairperson Madhabi Puri Buch and her husband Dhaval Buch had stake in offshore funds which were also allegedly used by Vinod Adani, the elder brother of Adani Group Chairman Gautam Adani, and the former director of Adani Enterprises and other Adani Group companies, to invest in Indian stocks, including Adani Group companies. This, the research firm said in a report, raised the prospect of conflict of interest in SEBI's investigation of the research firm's allegations against the Adani Group in its report of January 2023.

 

Quoting from what it said were "whistleblower documents", Hindenburg Research said that the Buchs first opened an account with IPE Plus Fund 1 in June 2015 in Singapore. This fund was one of the sub-accounts of Global Dynamic Opportunities Fund, which had investments from a Vinod Adani-controlled company.

 

Hindenburg Research said that the founder and chief investment officer of IPE Plus Fund 1 was Anil Ahuja who "at the same time...was a director of Adani Enterprises... "and prior to that he was a director of Adani Power." In today's stock exchange filing, the Adani Group spokesperson said that Ahuja was a nominee director of investment fund 3i in Adani Power between 2007 and 2008 and, later, a director of Adani Enterprises until 2017.

 

"The Adani Group has absolutely no commercial relationship with the individuals or matters mentioned in this calculated deliberate effort to malign our standing," the spokesperson said. The statement said that Adani Group's "overseas holding structure is fully transparent, with all relevant details disclosed regularly in numerous public documents."

 

On Friday, shares of Adani Energy Solutions ended almost flat at 1,103.80 rupees on the National Stock Exchange and those of Adani Ports closed 1% higher at 1,533.80 rupees.  End

 

Reported by Rajesh Gajra

Edited by Ashish Shirke

 

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