NEW DELHI: The Sebi chairperson Madhabi Buch and her husband Dhaval Buch, on Sunday, issued a statement addressing the allegations made by US-based Hindenburg’s research.
The couple clarified that their investment in the fund cited by Hindenburg was made in 2015, while they were private citizens living in Singapore, prior to Madhabi’s appointment as full time member of Sebi.
Madhabi and Dhaval also explained that the investment decision was influenced by their connection to Anil Ahuja, the chief investment officer, who is a childhood friend of Dhaval and has a distinguished career in investment with firms like Citibank, JP Morgan, and 3i Group plc.
The statement confirmed that, according to Ahuja, the fund did not invest in any Adani group bonds, equities, or derivatives.
The couple also addressed the fact that Hindenburg has been served a show cause notice in India for various violations. They expressed disappointment that Hindenburg chose to attack the credibility of Sebi and attempt character assassination of its chairperson rather than responding to the notice.
“Hindenburg has been served a show cause notice for a variety of violations in India. It is unfortunate that instead of replying to the show cause notice, they have chosen to attack the credibility of the Sebi and attempt character assassination of the Sebi chairperson,” reads the statement.
The latest Hindenburg report alleges that Sebi chairperson Madhabi Buch and her husband held stakes in offshore entities implicated in the alleged Adani money siphoning scandal.
The Adani Group has also trashed the allegations, dismissing them as baseless. The group labelled Hindenburg as a “discredited short-seller” facing scrutiny for multiple violations of Indian securities laws, and dismissed the allegations as “red herrings” from an entity showing contempt for Indian regulations.
The couple clarified that their investment in the fund cited by Hindenburg was made in 2015, while they were private citizens living in Singapore, prior to Madhabi’s appointment as full time member of Sebi.
Madhabi and Dhaval also explained that the investment decision was influenced by their connection to Anil Ahuja, the chief investment officer, who is a childhood friend of Dhaval and has a distinguished career in investment with firms like Citibank, JP Morgan, and 3i Group plc.
The statement confirmed that, according to Ahuja, the fund did not invest in any Adani group bonds, equities, or derivatives.
The couple also addressed the fact that Hindenburg has been served a show cause notice in India for various violations. They expressed disappointment that Hindenburg chose to attack the credibility of Sebi and attempt character assassination of its chairperson rather than responding to the notice.
“Hindenburg has been served a show cause notice for a variety of violations in India. It is unfortunate that instead of replying to the show cause notice, they have chosen to attack the credibility of the Sebi and attempt character assassination of the Sebi chairperson,” reads the statement.
The latest Hindenburg report alleges that Sebi chairperson Madhabi Buch and her husband held stakes in offshore entities implicated in the alleged Adani money siphoning scandal.
The Adani Group has also trashed the allegations, dismissing them as baseless. The group labelled Hindenburg as a “discredited short-seller” facing scrutiny for multiple violations of Indian securities laws, and dismissed the allegations as “red herrings” from an entity showing contempt for Indian regulations.
Source Agencies
