Mahesh Jethmalani Criticizes Hindenburg Research for Targeting SEBI Chairperson Madhabi Buch
New Delhi, India – August 11: Mahesh Jethmalani, a senior Supreme Court advocate and BJP Rajya Sabha MP, has criticized US-based short seller Hindenburg Research for targeting India and its top public servant. Jethmalani accused Hindenburg of relying on third-party reports to damage India’s stock market.
Jethmalani stated that Hindenburg’s research is based on other organizations’ reports, which may not be reliable. He added that Hindenburg has attacked SEBI Chairperson Madhabi Puri Buch instead of responding to a show cause notice from SEBI.
Jethmalani advised SEBI to probe the matter deeply and suggested that Buch should file both criminal and civil defamation cases against Hindenburg. He also urged the Indian government to take serious note of those attempting to harm the Indian economy.
Earlier, Jethmalani had called for an investigation into the links between political voices targeting the Adani group and China. The Adani group has rejected Hindenburg’s latest allegations, calling them manipulative and baseless.
SEBI Chairperson Madhabi Buch and her husband have also rejected Hindenburg’s allegations, stating that their finances are transparent and that the accusations are an attempt at character assassination.
In January 2023, Hindenburg had published a report accusing the Adani Group of financial irregularities, which led to a significant drop in the group’s stock prices. The Supreme Court has since given a clean chit to the Adani group and directed SEBI to complete its probe into two pending cases within three months.
Doubts Revealed
Mahesh Jethmalani -: Mahesh Jethmalani is a senior lawyer who works in the Supreme Court of India. He is also a member of the Rajya Sabha, which is one of the two houses of the Indian Parliament.
Hindenburg Research -: Hindenburg Research is a company based in the United States that investigates and reports on financial fraud and other wrongdoings in companies.
SEBI -: SEBI stands for the Securities and Exchange Board of India. It is an organization that regulates the stock market in India to protect investors and ensure fair trading.
Madhabi Buch -: Madhabi Buch is the Chairperson of SEBI, which means she is the head of the organization that oversees the stock market in India.
BJP -: BJP stands for Bharatiya Janata Party, which is one of the major political parties in India.
Rajya Sabha -: Rajya Sabha is the upper house of the Parliament of India. Members of Rajya Sabha are elected by the elected members of State Legislative Assemblies.
defamation -: Defamation means saying or writing something false about someone that can harm their reputation. Filing a defamation case means taking legal action against someone for doing this.
Adani group -: The Adani group is a large business conglomerate in India, involved in various industries like energy, resources, logistics, and more.