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SEBI responded to Hindenburg allegations, nothing to add, say econ affairs secretary
This story was originally published at 12:51 IST on 12 August 2024
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--Econ secy: SEBI, its chief gave statement, nothing to add from govt
--Econ secy: SEBI has given statement, govt has nothing further to add
--CONTEXT: Comments by Econ Secy Seth on latest Hindenburg report
NEW DELHI - The Securities and Exchange Board of India and its Chairperson Madhabi Puri Buch have already issued their statements regarding the allegations made by Hindenburg Research and the government has nothing further to add to those, Department of Economic Affairs Secretary Ajay Seth said today.
On being asked about government intervention in further investigations, Seth reiterated that SEBI, as a regulator, has given its statement and the government would not like to add anything further to it. Seth is also a part-time member of the SEBI board.
The US short-seller in its latest report on Saturday alleged that Buch held a stake in the same offshore funds used by Vinod Adani, brother of Adani Group Chairman Gautam Adani, to syphon money out of India.
In a joint statement, the Buchs have denied Hindenburg Research's allegations. Buch said that all disclosures were furnished to the SEBI over the years. Buch said, "It is unfortunate that Hindenburg Research, against whom SEBI has taken an Enforcement action and issued a show-cause notice, has chosen to attempt character assassination in response to the same."
The SEBI, on the other hand said that Buch had made disclosures from time to time of her "holdings in securities and their transfers."
Hindenburg Research alleged that Global Dynamic Opportunities Fund and its sub-accounts were among the foreign fund conduits used to invest promoter funds in shares of listed Adani Group entities in order to bypass the minimum public shareholding requirement of 25% for listed companies. It further said that the founder and chief investment officer of IPE Plus Fund 1, Anil Ahuja, was at that time a director of Adani Enterprises.
The Adani Group has said Hindenburg's allegations "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."
At 1125 IST, shares of Adani Energy Solutions were trading 3.2% lower at 1,068.25 rupees on the National Stock Exchange. End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Priyasmita Dutta
Edited by Deepshikha Bhardwaj
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