“The integrity of the SEBI chief, this government and the prime minister has been shattered… The question is, did SEBI not investigate Adani for its involvement? The Supreme Court had asked for an investigation on many occasions, but SEBI had made it clear that they could do nothing more,” he said.
“This recent Hindenburg report has revealed that SEBI chief Madhabi Buch and her husband Dhaval Buch were investing in the same offshore funds based in Bermuda and Mauritius which were linked to Gautam Adani’s brother Vinod Adani. This means that the police responsible for the investigation are involved in this,” the party spokesperson said at a press conference at the AICC headquarters.
He further claimed that the Adani matter, as pointed out in the Hindenburg reports, poses a “conflict of interest” for the government as a result of the prime minister’s close relationship with Gautam Adani and the company’s alleged involvement with the SEBI chief. He further questioned the central government’s ability to investigate the matter accurately and said that the Supreme Court should take suo motu cognisance of the matter.
“India’s stock market regulator has lost all credibility. Tomorrow, when the market crashes, who will be responsible?” he asked.
“Should India’s market regulator be above suspicion? The Supreme Court must take cognizance of the matter on its own initiative,” he said.
Buch and Adani’s responses to the question
Madhabi Buch and the Adani Group have denied all allegations mentioned in Hindenburg’s August 11 report, stating that they are “baseless” and a “red herring”. Buch and her husband have accused the US-based short-seller of trying to malign their reputation in response to a show-cause notice issued by Sebi in connection with the Adani matter. The Buchs criticise Hindenburg’s actions as an attempt to retaliate against the enforcement action taken by the regulator.
Meanwhile, the Adani Group issued a statement calling the report “malicious, malicious and manipulative.”
“The Adani Group has absolutely no business relationship with the individuals or matters mentioned in this deliberate and calculated effort to malign our reputation. We remain firmly committed to transparency and compliance with all legal and regulatory requirements,” the conglomerate said in response to the latest Hindenburg report.
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