In response to Hindenburg Research’s latest allegations, the Adani Group on Sunday denied the reports of a US short seller firm which alleged SEBI chairperson Madhabi Puri Buch’s involvement in the obscure offshore entities in the siphoning case. 

The group has also rejected these allegations against the company and reiterated that its overseas holding structure is fully transparent, with all relevant details regularly disclosed in public documents. Hence, the Adani Group has condemned the claims as malicious and manipulative. 

Moreover, the Adani Group has called this allegation as recycled claims that were thoroughly investigated, found baseless, and rejected by the Supreme Court in March 2023.

“The latest allegations by Hindenburg are malicious, mischievous and manipulative selections of publicly available information to arrive at pre-determined conclusions for personal profiteering with wanton disregard for facts and the law. We completely reject these allegations against the Adani Group which are a recycling of discredited claims that have been thoroughly investigated, proven to be baseless and already dismissed by the Hon’ble Supreme Court in January 2024,” the Adani Group said in its statement.  

The report highlighted that Anil Ahuja, identified within it, was a nominee director for the 3i Investment Fund at Adani Power from 2007 to 2008 and subsequently served as a director at Adani Enterprises until 2017. However, the Adani Group has stated that it has no commercial ties to the individuals or issues mentioned, calling the report a deliberate attempt to damage their reputation. 
 
“The Adani Group has absolutely no commercial relationship with the individuals or matters mentioned in this calculated, deliberate effort to malign our standing. We remain steadfastly committed to transparency and compliance with all legal and regulatory requirements,” the conglomerate said reacting to the latest Hindenburg report.