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SEBI chief Madhabi Buch and her husband Dhaval Buch have described Hindenburg’s allegations as an attempt to tarnish their image.
The allegations of American short seller Hindenburg have been termed baseless by market regulator SEBI and Adani Group. SEBI said on Sunday that it has investigated all the allegations against the Adani Group. Chairperson Madhabi Buch has made all disclosures from time to time. She has recused herself from matters related to possible conflict of interest.
According to SEBI, as per the order of the Supreme Court, 22 out of 24 investigations against the Adani Group have been completed by January 3, 2024. Another investigation was completed by March 24. One is pending. SEBI chief Madhabi Buch and her husband Dhawal Buch also described Hindenburg’s allegations as an attempt to tarnish the image.
Regarding the Hindenburg report, BJP MP Sudhanshu Trivedi said that it has been seen in the last few years that whenever the Parliament session is going on, such allegations come at the same time. The documentary on the PM, the Hindenburg report are examples. It is clear that the opposition has connections with foreign countries.
Hindenburg raised new questions about the Buch couple on Sunday evening
Meanwhile, Hindenburg again raised questions on the Buch couple on Sunday evening. It was told on social media with documents that Madhabi was involved in foreign funds while working in SEBI. Hindenburg’s new questions…
- Madhabi’s reply confirms that she had investments in a Bermuda/Mauritius fund whose money was used by Vinod Adani. This fund was run by her husband’s childhood friend, who was a director of Adani at the time.
- SEBI was tasked with investigating Adani-linked investment funds, which also included funds where Madhavi had personally invested. This is a clear case of a major conflict of interest.
- Buch has claimed that she left both the consulting companies as soon as she was appointed to SEBI in 2017. But the shareholding of March 2024 shows that Madhabi has a 99% stake in Agora Advisory (India). This company is still earning.
- Madhabi held 100% stake in Agora Partners Singapore till March 16, 2022, i.e. till the time she was a full-time member of SEBI. She transferred her shares to her husband’s name two weeks after becoming SEBI chairperson.
- Agora Advisory has earned a revenue of Rs 2.3 crore in FYs (22,23,24) during which she is the chairperson of SEBI.
- It is also important to note that Buch, while being a full-time member of SEBI, conducted business using her husband’s name from her personal e-mail ID.
Adani Group said- we do not have business relations with those people whose names were mentioned by Hindenburg
On the Hindenburg report, the Adani Group has said that the group has no business relations with the SEBI chief. The group has no dealings with the people whose names have been taken along with the SEBI chief. The questions raised on foreign holdings are baseless. The structure of the group’s foreign holdings is completely transparent. It was not used for money manipulation.
The group said- Hindenburg misused publicly available information for its own benefit. The allegations leveled against the Adani Group have already been proven baseless. After a thorough investigation, the Supreme Court dismissed Hindenburg’s allegations in January 2024.
Invested in Singapore fund in 2015, joined SEBI in 2017
- Dhaval worked for Unilever in London and Singapore from 2010 to 2019. Madhabi worked for a private equity fund in Singapore from 2011 to 2017, then as an independent consultant. The investment Hindenburg refers to was made by the couple in 2015.
- Madhabi joined SEBI in 2017. Dhawal made this investment on the advice of his childhood friend Anil Ahuja, who was its CEO. Ahuja left the fund in 2018. Till then, the fund had not invested in bonds or equities of any company of the Adani Group.
- Dhaval joined Blackstone Fund in 2019. He was not in the real estate wing of the fund. Madhabi had not become the chairman of SEBI till then. When Dhaval acquired the joint stake in the Singapore-based fund, he informed the government along with SEBI. This information is also with the Singapore government and the country’s income tax department.
- Hindenburg has described the information already in the public domain as a revelation. But till date it has not responded to SEBI’s notice. Hindenburg has violated several Indian laws.
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