The Adani Group has strongly denied allegations made by Hindenburg Research, calling them “malicious, mischievous, and manipulative”. The group accused Hindenburg of using publicly available information to draw pre-determined conclusions for personal gain, and denied any commercial relationship with SEBI chairperson Madhabi Buch and her husband.
The Adani Group stated that Hindenburg’s claims are a recycled narrative of discredited allegations that had been thoroughly investigated and dismissed by the Supreme Court in January 2024. The group emphasized that their overseas holding structure is fully transparent, with all relevant information regularly disclosed in public documents.
Madhabi Buch and her husband also issued a joint statement, asserting their commitment to transparency and accusing Hindenburg of character assassination following an enforcement action by SEBI against the firm. They stated that their life and finances are an open book and offered to provide any additional documentation if requested, dismissing Hindenburg’s allegations as an attempt to malign their reputation.
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