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Updated: August 11, 2024, 21:09 IS
New Delhi (India), August 11 (ANI): Slamming the opposition for attacking the government over US short seller Hindenburg’s allegations against SEBI chairperson Madhabi Buch and her husband, BJP MP Sudhanshu Trivedi on Sunday said that the opposition was trying to create economic chaos in India by creating confusion.
Trivedi also asked, “Why has Congress always sided with foreign companies for the past 30-40 years?”
“In the last few years, a foreign report has always been released at the beginning of the Parliament session. The BBC documentary was released just before the Parliament session. The Hindenburg report came in January just before the Parliament session. All these scenes are taking place during the Parliament session. The opposition has such foreign connections that they create instability and anarchy in India during every Parliament session. They want to create economic chaos in India by creating confusion. Now they are attacking SEBI. Why has the Congress always sided with foreign companies for the last 30-40 years? Why has it sided with Union Carbide?” asked Sudhanshu.
In the meantime, the Adani Group has also rejected the allegations and said that available information was manipulated.
“The latest allegations by Hindenburg Research involve malicious, insidious and manipulative selection of publicly available information to arrive at predetermined conclusions for ‘personal profiteering with wanton disregard for facts and law,'” an Adani Group spokesman said on Sunday, hours after the U.S.-based short seller fired off new allegations.
“We completely refute these allegations against the Adani Group. These are a repetition of discredited allegations that have been thoroughly investigated, proven to be baseless and rejected by the Supreme Court back in January 2024,” the Adani Group spokesperson told the stock exchanges in a document dated August 11.
Shortly after US-based short-seller Hindenburg Research alleged on August 10 that SEBI Chair Madhabi Buch and her husband had shares in “the two obscure offshore companies used in the Adani fund diversion scandal,” the SEBI Chair and her husband issued a joint statement denying the allegations.
Madhabi Puri Buch and her husband accused Hindenburg Research, against which SEBI has initiated enforcement action, of character assassination.
The joint statement to the media said, “Our lives and finances are an open book. All the required disclosures have been made to SEBI over the years. We have no qualms about disclosing all financial documents, including those from the time when we were purely private individuals, to any authority that requests them. It is unfortunate that Hindenburg Research, against which SEBI has initiated coercive proceedings and issued a notice of reply, has attempted to commit character assassination in response.”
Earlier, US short seller Hindenburg had claimed on Saturday: “We had previously noted Adani’s full confidence in continuing operations without the risk of serious regulatory intervention and suspected that this could be explained by Adani’s relationship with SEBI Chairman Madhabi Buch.”
“What we did not realize was that the current SEBI chair and her husband Dhaval Buch had hidden shares in exactly the same obscure offshore funds in Bermuda and Mauritius, which were in the same complex, nested structure that Vinod Adani used,” the US hedge firm’s report said.
In January 2023, Hindenburg published a report accusing the Adani Group of financial irregularities, which led to a significant decline in the company’s share price. The group had denied these allegations at the time.
In January 2024, the Supreme Court refused to transfer the investigation into allegations of share price manipulation by the Adani Group to an SIT and directed the markets regulator SEBI to complete its investigation into two pending cases within three months.
Earlier this year, the Supreme Court also dismissed a review petition calling for an investigation by the market regulator SEBI into the Adani-Hindenburg case. (ANI)
