NEW DELHI: Madhabi Puri Buch, the Chairperson of the Securities and Exchange Board of India (SEBI), and her husband Dhaval Buch have strongly refuted allegations made against them by Hindenburg Research, a U.S.-based short-selling firm, in its recent report.
These allegations, which surfaced shortly after Hindenburg Research claimed the couple had investments in “obscure offshore entities involved in the Adani money siphoning scandal,” have been categorically denied by the Buchs.
In a joint statement, Madhabi Puri Buch and Dhaval Buch addressed the claims made in the Hindenburg Report dated August 10, 2024, stating, “We vehemently deny the baseless accusations and insinuations presented in the report. The allegations are completely unfounded. Our lives and finances are fully transparent, and we have consistently provided all required disclosures to SEBI over the years. We are fully prepared to disclose any and all financial documents, including those from when we were private citizens, to any relevant authority. In the interest of complete transparency, we will be issuing a detailed statement soon.”
The Buchs also expressed their dismay at what they described as an attempt at character assassination by Hindenburg, in response to SEBI’s regulatory actions. They emphasized their commitment to transparency, highlighting that all necessary financial disclosures have been consistently made to SEBI.
“It is regrettable that Hindenburg Research, which is currently under SEBI’s scrutiny and has been served a show cause notice, has chosen to respond with baseless character attacks,” the statement added.
Hindenburg’s latest allegations are based on documents reportedly provided by a whistleblower and investigations by other entities. The report claims that Madhabi Buch and Dhaval Buch had concealed stakes in offshore funds based in Bermuda and Mauritius, which were allegedly part of a complex structure linked to Vinod Adani. It also noted that the couple opened an account with IPE Plus Fund 1 in Singapore on June 5, 2015, declaring a net worth of $10 million.
This development follows Hindenburg’s January 2023 report accusing the Adani Group of financial misconduct, which led to a significant drop in the company’s stock value. The Adani Group had denied those allegations, but the report resulted in a sharp decline in the shares of Adani group companies, with losses reportedly exceeding $100 billion.
