In a post on his X account, the short-seller said the response from the head of the markets regulator “raises numerous new critical questions” and “includes several important admissions.”
On Sunday, the Buchs addressed the allegations made by Hindenburg Research, dismissing them as “baseless,” Sebi chief Madhabi and her husband Dhaval said the US-based short-seller is resorting to character assassination in response to a show-cause notice issued by the regulator in connection with Hindenburg’s earlier report on Adani.
“It is unfortunate that Hindenburg Research, against whom SEBI has taken an enforcement action and issued a just cause notice “She has chosen to try to defame him in response to the same,” the husband and wife duo said.
The short-seller’s response to the Buchs’ statement alleges that Buch’s response now “publicly confirms her investment in a shadowy Bermuda/Mauritius fund structure, along with money allegedly siphoned off by Vinod Adani. She also confirmed that the fund was run by a childhood friend of her husband, who was a director of Adani at the time.”
“SEBI was tasked with investigating investment funds related to the Adani case, which would include funds that Ms. Buch PERSONALLY INVESTED in and funds from the same sponsor that were specifically highlighted in our original report. This is obviously a huge conflict of interest,” the short-seller said.
Hindenburg’s response further asks whether the Sebi chief would “commit to conducting a full, transparent and public investigation” into the issues raised.
“Buch’s statement promised a ‘commitment to complete transparency.’ In light of this, will she publicly release the full list of consulting clients and details of engagements, both through the Singapore offshore consulting firm, the Indian consulting firm, and any other entities in which she or her husband may have an interest?” the short-seller’s post on X read.
Additionally, Hindenburg provided a screenshot to support its claim that one of the two advisory firms mentioned in its report was still generating revenue, contrary to claims that the firms were dormant.
Earlier on Saturday evening, Hindenburg published a report on its website claiming that the Buchs had stakes in offshore funds based in Bermuda and Mauritius used by Gautam Adani’s brother, Vinod Adani, “to accumulate and trade large positions in Adani Group shares.”
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