SEBI Chairperson Madhabi Puri Buch and Husband Deny Hindenburg Allegations
New Delhi [India], August 11: SEBI Chairperson Madhabi Puri Buch and her husband Dhaval Buch have strongly denied allegations made by US-based short seller Hindenburg Research. The allegations claimed that the couple had stakes in offshore entities involved in the Adani money siphoning scandal.
In a joint statement, Madhabi and Dhaval Buch stated, “We strongly deny the baseless allegations and insinuations made in the report. Our life and finances are an open book. All disclosures as required have already been furnished to SEBI over the years. We have no hesitation in disclosing any and all financial documents to any and every authority that may seek them.”
The couple accused Hindenburg Research of character assassination, noting that SEBI has taken enforcement action against the firm. They promised to issue a detailed statement soon.
Hindenburg Research had alleged that the Buchs had hidden stakes in offshore funds used by Vinod Adani. The firm claimed to have based its allegations on documents from a whistleblower and other investigations.
In January 2023, Hindenburg had published a report accusing the Adani Group of financial irregularities, leading to a significant drop in the company’s stock price. The Adani Group has repeatedly denied these accusations.
Doubts Revealed
SEBI -: SEBI stands for the Securities and Exchange Board of India. It is a government agency that regulates the stock market and protects investors in India.
Chairperson -: A Chairperson is the leader or head of an organization or committee. In this case, Madhabi Puri Buch is the head of SEBI.
Hindenburg Research -: Hindenburg Research is a company that investigates and reports on financial fraud and other wrongdoings by businesses. They often publish reports that can affect the stock prices of the companies they investigate.
Allegations -: Allegations are claims or accusations that someone has done something wrong, but these claims have not yet been proven.
Offshore entities -: Offshore entities are companies or accounts that are set up in foreign countries, often to take advantage of different tax laws or to keep financial activities private.
Adani money siphoning scandal -: This refers to accusations that the Adani Group, a large Indian multinational company, illegally moved money out of the country to avoid taxes or hide profits.
Character assassination -: Character assassination means making false or unfair statements about someone to damage their reputation.
Whistleblower -: A whistleblower is a person who exposes secretive information or activities that are illegal or unethical within an organization.
Adani Group -: The Adani Group is a large Indian company involved in various industries like energy, resources, logistics, and agriculture.
