Adani Group has come forward to strongly deny the recent allegations made by Hindenburg, describing them as “malicious” and “manipulative”.

What Happened: On Sunday, the conglomerate issued a statement refuting the allegations made by Hindenburg. “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,” the company stated.

The company further dismissed the allegations as a “recycling of discredited claims” that had been thoroughly investigated and proven baseless by the Hon’ble Supreme Court in March 2023.

The Gautami Adani-led conglomerate also clarified its overseas holding structure, stating it to be fully transparent with all relevant details disclosed regularly in public documents. The company also confirmed that it has no commercial relationship with the individuals or matters mentioned in Hindenburg’s report.

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“For a discredited short-seller under the scanner for several violations of Indian securities laws, Hindenburg’s allegations are no more than red herrings thrown by a desperate entity with total contempt for Indian laws,” said a spokesperson for the Adani Group.

This clarification comes in the wake of another bombshell report from the US-based short seller accusing Madhabi Buch, chairperson of the Securities and Exchange Board of India (SEBI), of holding stakes in offshore entities implicated in the Adani money siphoning scandal.

The research firm based its allegations on whistleblower documents, which purportedly show the Buchs' investments in the Global Dynamic Opportunities Fund and the IPE Plus Fund 1. These funds are registered in Bermuda and Mauritius, respectively.

The report suggested that SEBI's lack of action against the Adani Group, despite evidence of fraudulent practices, could be due to Buch's involvement in these funds.

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