'Malicious, Mischievous, Manipulative': Adani Group Slams Latest Hindenburg Report On SEBI Links

"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," stated the spokesperson.

"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 statement added further.

Citing whistleblower documents, Hindenburg Research issued a new report in which is alleged Madhabi Buch, the chairperson of Securities and Exchange Board of India (SEBI), and her husband owned stakes in offshore entities linked to the Adani Group's alleged financial misconduct.

"SEBI has shown a surprising lack of interest in Adani's alleged undisclosed web of Mauritius and offshore shell entities," the US-based firm stated.

As per the report, the SEBI chairperson and her husband had undisclosed investments in offshore funds in Bermuda and Mauritius, the same entities used by Gautam Adani's brother, Vinod Adani, in order to manipulate the financial markets.

Hindenburg added that these investments date back to 2015, before Buch's appointment as a SEBI member in 2017 and her elevation to chairperson in March 2022.