Hindenburg’s allegations ranged from a conflict of interest in the investigation into alleged wrongdoing at the $32 billion Adani Group to a regulatory push for firms including Blackstone, where Dhaval Buch works as a senior adviser. You can read the highlights from Hindenburg’s latest report here.
Here is the full, unedited text of the press release issued by Madhabi and Dhaval Buch in response to Hindenburg’s allegations:
“In the context of the accusations made against us in the Hindenburg Report of 10 August 2024, we would like to state that we categorically deny the unfounded accusations and insinuations made in the report. They are completely devoid of any veracity.”
Our life and finances are an open book. Over the years we have already provided SEBI with all the information that has been requested of us. We do not hesitate to disclose all financial documents, including those relating to the period when we were strictly private citizens, to any authority that requests them.
“Furthermore, in the interest of complete transparency, we will issue a detailed statement in due course. It is unfortunate that Hindenburg Research, against whom SEBI has taken enforcement action and issued a show cause notice, has chosen to try to malign its reputation in response to the same.”
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