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The total Indian market was shocked after the Hindenburg research published their report today against SEBI Chief Madhabi Buch and her husband regarding a scam. The American institution is saying that the chief of SEBI and her husband had stakes in Adani offshore entities used in the Adani money Siphoning scandal.
THE HINDENBURG RESEARCH PUBLISHED THE REPORT:
We all know that 18 months ago the American company Hindenburg Research published a report on Adani about the scam the company was doing. There was a sudden fall in the stock price of Adani enterprise and all the stock related to Adani.
And as the institution says SEBI did not show any interest in the report and instead they supported Adani and tried to hide the truth.
The Hindenburg research says on their website that SEBI did not take the evidence against Adani. Despite over 40 independence media investigations were ignored by SEBI and they did not take any public action against the Adani group.
This is that instead of taking any action against Adani the SEBI sent them a “so cause” notice on 27th June 2024. They also added that SEBI did not allege any factual Errors in their 106-page analysis instead se be cleaned the disclosure around their short position.
The Hindenburg research has also published a lot of documents regarding this issue and the document shows that Madhabi Buch, the current chief of SEBI and her husband had stock in both Obscure offshore funds used in the Adani money Siphoning Scandal.
American institution also says that the SEBI chairperson and her husband, Dhaval Buch, had hidden stakes in the same obscure offshore Bermuda and Mauritius funds, found in the same complex nested structure, used by Vinod Adani, the brother of Gautam Adani.
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The company also published a document where it is showing that a declaration of funds signed by a principal at IIFL states that the source of investment is salary and the couple’s net worth is estimated at $ 10 million.
There are a lot of documents that the institution has published on its official website to prove allegations that they have raised against the SEBI Chief.
If you want to read the report then click on the link.
On the other hand, the SEBI chief says this is a baseless allegation and she added that she will discuss all documents including those when they were private citizens.
The opposition parties like Congress want JPC to prob ‘Adani mega scandal’ and another opposition party thi Amul Congress calls for the resignation of SEBI chief Madhabi Buch.
MADHABI BUCH AND HER DHAVAL BUCH’S STATEMENTS:
Madhabi Buch and her husband Dhaval Buch in a statement that they denied the “baseless allegation and insinuations made in the report”. They also added “The same are devoid of any truth. Our life and finance are an open book”
And on Sunday morning the Adani group also denied the report and they called the report “malicious and manipulative”.
In an exchange filing, the Adani Group said: “The latest allegations by Hindenburg are malicious, mischievous and manipulative selections of publicly available information to arrive at pre-determined conclusions for personal profiteering with wanton disregard for facts and the law. We completely reject these allegations against the Adani Group which are a recycling of discredited claims that have been thoroughly investigated, proven to be baseless and already dismissed by the Hon’ble Supreme Court in January 2024.”
Tomorrow the Indian Stock market will be open on Monday and hopefully, everyone will have a close eye on how the report will impact the stock market.