New Delhi: The most recent Hindenburg charges against the SEBI, according to former Infosys CEO Mohandas Pai, are baseless and a “character assassination by a Vulture Fund.”
Pai, a prominent industry voice on various issues, stated in a post on the social networking site X that the most recent allegation might be a publicity stunt.
“Rubbish allegations aimed at sensationalism. There was a SC-monitored investigation overseen by an eminent panel and when the Vulture Fund was fully exposed, it throws mud,” he posted.
According to him, “This is a Hit job to divert attention from the manipulations of the Vulture Fund. The allegations are rubbish and laughable. No real evidence, only rhetoric.”
Pai further said that some rubbish is thrown out, and “the (George) Soros gang jumps on it.”
SEBI Chief’s strong denial
Meanwhile, SEBI Chairperson Madhabi Puri Buch and her husband Dhaval Buch have strongly denied the allegation levelled by Hindenburg Research against them.
In a joint statement, they called the report a “character assassination attempt” because an enforcement action and show-cause notice was issued to Hindenburg last month.
“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, including those that relate to the period when we were strictly private citizens, to any and every authority that may seek them,” read the joint statement.
The market regulator has also accused Hindenburg of making “unfair” profits through collusion, using non-public and misleading information to induce panic selling.
According to Hindenburg Research, the couple had investments in offshore companies associated with the Adani Group.
The Adani Group response
Consequently, in a stock exchange filing, the Adani Group completely rejected these allegations, “which are a recycling of discredited claims that have been thoroughly investigated, proven to be baseless and already dismissed by the Honourable Supreme Court in January 2024.”
“For a discredited short-seller under the scanner for several violations of Indian securities laws, Hindenburg’s allegations are no more than red herrings thrown by a desperate entity with total contempt for Indian laws,” said the Adani Group.
Congress and BJP react
Meanwhile, Congress, in response to Hindenburg Research’s accusations against SEBI chairperson Madhabi Buch, called for prompt government action to resolve conflicts of interest in the agency’s examination of the Adani Group. They also demanded an investigation by a joint parliamentary committee.
In response, former Union Minister Rajeev Chandrasekhar on Sunday said that nothing in the new Hindenberg report is credible and the Congress party, over the last 10 years, has adopted a strategy of politics of lies and is now seeking foreign help to destabilise the country’s financial system.
He said the report is meant to create chaos in the country by attacking the independent regulator SEBI and casting aspersions on its Chairperson.
“Let us be clear – this attack on @SEBI_India by a foreign bank, Hindenburg, is an obvious partnership with the Congress and has an ominous motive and goal,” Chandrasekhar posted on X social media platform.
–IANS and Media Reports
