The Hindenburg storm has hit another major facet of the business paradigm. In their latest revelation, the US-based short-selling group has accused the market regulator SEBI’s chairperson, Madhabi Puri Buch and her spouse, Dhaval Buch, of having stakes in the offshore affairs of Adani Group. The hedge fund group had earlier levelled allegations against the company of impropriety and contravening Indian laws.
Hindenburg’s New Bombshell
Many have reacted to this major development, and some have espoused Buch in the matter.
Lawyer Jai Anant Dehadrai, who was formerly in the news cycle for his much-publicised fallout with TMC MP Mahua Moitra, took to his X account to debunk the claims of impropriety made by Hindenburg Research.
I have read the Hindenburg Report released today.
You should too – to fully understand how foreign-funded propaganda works.
As a Criminal Lawyer two things are crystal clear to me:
First, there is no evidence anywhere in the Report to back the claim that the SEBI Chairperson…
— Jai Anant Dehadrai (@jai_a_dehadrai) August 10, 2024
No Base To Allegations
Dehadrai accused the group of misleading everyone and claimed that there is no evidence to support the accusations. He said, “First, there is no evidence anywhere in the report to back the claim that the SEBI Chairperson took any bribes. Routine investment instruments have been sensationalised in the Report to create an impression of ill-gotten and opaque wealth.”
Hindenburg-SEBI Scandal: Has The Market Regulator’s X Account Been Locked Out For Public?The lawyer accused the group of ‘recycling’ its old theories. He said, “Second, the Report tries to spin the illusion that the mere existence of an offshore entity implies that some criminal activity has taken place.
The lawyer accused the group of ‘recycling’ its old theories. He said, “Second, the Report tries to spin the illusion that the mere existence of an offshore entity implies that some criminal activity has taken place. Without any evidence linking a decision or favour to the alleged beneficiary – the Adani Group – the Report clumsily recycles its own earlier claims which were debunked by the Supreme Court.”
He further added, tagging the Indian Prime Minister in his post, “No criminal court anywhere in the world would take cognisance of this “material” as no criminality is made out. With each passing day, it only becomes clearer to me that there is a desperate cabal operating in India and abroad aiming to destabilise Indian markets and ultimately overthrow Prime Minister @narendramodi”
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Buch Issues Statement
The SEBI head issued a statement in the matter and debunked these allegations against her and her spouse as baseless. She claimed that her and her spouse’s finances are for everyone to see, and it is an ‘Open Book’. She also accused Hindenburg Research of indulging in character assassination.
