{"id":112183,"date":"2024-08-11T06:14:04","date_gmt":"2024-08-11T06:14:04","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/08\/11\/hindenburg-report-gautam-adani-led-co-denies-commercial-relationship-with-sebi-chairperson-madhabi-puri-buch\/"},"modified":"2024-08-11T06:14:04","modified_gmt":"2024-08-11T06:14:04","slug":"hindenburg-report-gautam-adani-led-co-denies-commercial-relationship-with-sebi-chairperson-madhabi-puri-buch","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/08\/11\/hindenburg-report-gautam-adani-led-co-denies-commercial-relationship-with-sebi-chairperson-madhabi-puri-buch\/","title":{"rendered":"Hindenburg report: Gautam Adani-led co denies commercial relationship with SEBI chairperson Madhabi Puri Buch"},"content":{"rendered":"
\"Hindenburg<\/div>\n
The Adani Group on Sunday denied reports of US short seller Hindenburg Research which alleged SEBI<\/a> chairperson Madhabi Puri Buch<\/a>‘s involvement in the obscure offshore entities in siphoning case. <\/p>\n

“Group has absolutely no commercial relationship with individuals or matters mentioned,” Adani said reacting to recent Hindenburg report<\/a>.<\/p>\n

The Adani Group also rejected these allegations against the company and reiterated that its overseas holding structure is fully transparent.<\/p>\n

Earlier, the SEBI chief and her husband Dhaval Buch dismissed Hindenburg’s allegations as baseless and said that the US-based company is attempting character assassination in response to a show-cause notice issued by the regulator in the Adani controversy.<\/p>\n

\u201cIt 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,\u201d the husband-wife duo said in a late night statement.<\/p>\n

What is Hindenburg claiming this time?<\/h2>\n

On Saturday, Hindenburg teased on X saying “Something big soon India” followed by allegations later in the night that Madhabi and her husband had invested in offshore entities supposedly tied to a fund structure overseen by India Infoline. The report by Hindenburg claims that this structure also included investments from Vinod Adani. These investments were reportedly made in 2015, prior to Madhabi’s appointment as a whole-time member of SEBI in 2017, and her promotion to chairperson in March 2022.The Bermuda-based Global Opportunities Fund, allegedly utilized by entities linked to the Adani Group for trading shares of group companies, contained sub-funds. In 2015, Madhabi Buch and her husband invested in one of these sub-funds. <\/p>\n

According to “whistleblower documents” cited by Hindenburg, “Madhabi Buch, the current SEBI chairperson, and her husband held stakes in offshore funds implicated in the Adani money siphoning scandal.”<\/p>\n

Hindenburg also went on to criticise SEBI, saying it had “shown a surprising lack of interest in Adani’s alleged undisclosed web of Mauritius and offshore shell entities.” <\/p>\n

The Buchs, as Hindenburg claims, opened an account with IPE Plus Fund 1 on June 5, 2015, in Singapore. This IPE fund is a minor offshore Mauritius fund established by Vinod Adani through India Infoline (IIFL), a wealth management firm connected to the Wirecard embezzlement scandal.<\/p>\n

Hindenburg claimed, “Vinod used this structure to invest in Indian markets with funds allegedly siphoned from over-invoicing of power equipment to Adani Group.”
<\/em><\/p>\n<\/div>\n


\n
Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Adani Group on Sunday denied reports of US short seller Hindenburg Research which alleged SEBI chairperson Madhabi Puri Buch‘s involvement in the obscure offshore entities in siphoning case. “Group has absolutely no commercial relationship with individuals or matters mentioned,” Adani said reacting to recent Hindenburg report. The Adani Group also rejected these allegations against […]<\/p>\n","protected":false},"author":2,"featured_media":112184,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","fifu_image_url":"https:\/\/img.etimg.com\/photo\/msid-112439430,imgsize-22564.cms","fifu_image_alt":"","footnotes":""},"categories":[602],"tags":[92146,92147,92148,91970,43316,3540,1454,820,4360,20134,56606,91969,21033,18499,2007,61,9136],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/112183"}],"collection":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/comments?post=112183"}],"version-history":[{"count":1,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/112183\/revisions"}],"predecessor-version":[{"id":112185,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/112183\/revisions\/112185"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media\/112184"}],"wp:attachment":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media?parent=112183"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/categories?post=112183"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/tags?post=112183"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}