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Tag: Hindenburg

  • More Trouble For Adani: SEBI’s Notice Intensifies Hindenburg Allegations, Shares Plunge | Economy News

    In more trouble for embattled businessman Gautam Adani, Adani Energy Solutions received a show-cause notice from capital market regulator Securities and Exchange board of India (SEBI) this week. The market watchdog has alleged wrongful categorization of certain investors as public shareholders under its minimum shareholding norms.

    SEBI’s show-cause notice to Adani Energy Solutions is aligned with some of the barrage of serious allegations leveled by US-based research firm Hindenburg against the conglomerate, which has repeatedly denied the charges. Adani Energy Solutions, a power transmission company, has confirmed the receipt of the show-cause notice.

    The company is part of a conglomerate often considered excessively diversified by many analysts Additionally, SEBI’s notice comes at a time when SEBI Chairperson Madhabi Puri Buch herself has denied a series of serious charges against her by Hindenburg this year.

    Adani Energy Solutions has also confirmed that SEBI’s notice is related to the regulator’s minimum public shareholding norms.

    Investors bear the brunt of bad news, yet again…

    Adani Energy Solutions (ADANIENSOL) shares continued to fall for the fifth day in a row on Friday in more trouble for investors after the October 22 disclosure mentioning SEBI’s show-case notice.

    On Friday, Adani Energy Solutions shares ended 5.7 per cent lower at Rs 920.2 apiece on BSE, logging a weekly fall of 11.9 per cent. The sustained fall in the Adani group stock, which rendered investors poorer by Rs 14,974 crore in just 5 days, comes despite Adani Energy Solutions reporting a 172 per cent increase in net profit to Rs 773 crore for the July-September period.

    The market capitalization (mcap)—or market value—of Adani Energy Solutions declined by Rs 14,974 crore to Rs 1,10,536 crore, as of October 25, according to provisional exchange data.

    This story has been taken from Zeebiz

  • Don’t create anarchy, instability: BJP to Congress on Hindenburg case

    New Delhi: The BJP on Monday rejected the Congress’ demand for a Joint Parliamentary Committee (JPC) probe into Hindenburg’s allegations and said the Opposition party was conspiring to bring about “economic anarchy and instability” in India. The Congress has been demanding Buch’s resignation and that a JPC investigation be ordered to assess the full extent of what it described as the “Modani Mega Scam”.

    Addressing a press conference at the BJP headquarters, senior party leader Ravi Shankar Prasad reiterated the party line that the shortselling firm’s charge and the Opposition’s criticism of the Sebi chairperson were part of a wider conspiracy. He claimed that billionaire investor George Soros is an investor in Hindenburg and is known for running a propaganda against the Narendra Modiled government.

    “While India is being seen globally as a safe, stable and promising market, the Congress party wants to project that the Indian investment scenario is not safe,” he alleged, and claimed that the Opposition party was making use of the “chits” provided. by foreign entities to damage the economy.”The Congress wants the stock market, which has given good returns to crores of small investors, to crash,” he said. He, however, asserted that investors have come to realize the “conspiracy” and rejected the attempts to jolt the market.

    “After being rebuffed by the people, the Congress, its allies and its closest ally in the toolkit gang have conspired together to usher in economic anarchy and instability in India,” he told reporters.

    The Congress rule between 2004 and 2014 was marked by several alleged scams, Prasad noted, as he questioned why such critical reports were not brought out then.”In its pathological hatred for Prime Minister Narendra Modi, the Congress, led by Rahul Gandhi and his toolkit friends, have developed a hatred for India,” he said.

  • Hindenburg Now Trains Guns On Sebi Chief Madhabi Buch, Says Had Stakes In Offshore Funds Linked To Adani | Economy News

    New Delhi: Hours after teasing a cryptic post on As per the Hindenburg Research documents, market regulator Securities and Exchange Board of India (SEBI) chairperson Madhabi Puri Buch and her husband Dhaval Buch had stakes in in offshore funds linked to the Adani Group.

    NEW FROM US:

    Whistleblower Documents Reveal SEBI’s Chairperson Had Stake In Obscure Offshore Entities Used In Adani Money Siphoning Scandalhttps://t.co/3ULOLxxhkU

    — Hindenburg Research (@HindenburgRes) August 10, 2024

    The Hindenburg latest report, citing Whistleblower Documents, said that it showed “Madhabi Buch, The Current Chairperson of SEBI, And Her Husband Had Stakes In Both Obscure Offshore Funds Used In The Adani Money Siphoning Scandal.”

    “It has been nearly 18 months since our original report on the Adani Group presented overwhelming evidence that the Indian conglomerate was operating “the largest con in corporate history”. Our report exposed a web of offshore, primarily Mauritius-based shell entities used for suspected billions of dollars of undisclosed related party transactions, undisclosed investment and stock manipulation,” Hindenburg report mentions, which was published on its website on Saturday.

    As per the Hindenburg report, Madhabi Buch and her husband first appear to have opened their account with IPE Plus Fund 1 on June 5th, 2015 in Singapore. “We had previously noted Adani’s total confidence in continuing to operate without the risk of serious regulatory intervention, suggesting that this may be explained through Adani’s relationship with SEBI Chairperson, Madhabi Buch.

    What we hadn’t realized: the current SEBI Chairperson and her husband, Dhaval Buch, had hidden stakes in the exact same obscure offshore Bermuda and Mauritius funds, found in the same complex nested structure, used by Vinod Adani,” added the report. A declaration of funds, signed by a principal at IIFL reportedly states that the source of the investment is “salary” and the couple´s net worth is estimated at $10 million, said the report.

    Zee is awaiting comments from SEBI, following which the story will be updated.

  • Hindenburg report: Parliament suddenly got adjourned sine die, now we know why, says Congress

    Congress on Saturday used the Latin phrase “Quis Custodiet Ipsos” or “who will guard the guards themselves” to take a dig at SEBI chief Madhabi Buch, after US short seller Hindenburg leveled allegations against her.

    Hindenburg has alleged that Buch and her husband Dhaval had stakes in obscure offshore funds used in the Adani moneysiphoning case.

    Tagging the Hindenburg post on the allegations on In another post on the microblogging platform, Ramesh said, “Parliament was notified to sit till the evening of August 12th. Suddenly it got adjourned sine die on the afternoon of Aug 9th itself. Now we know why.”— Jairam_Ramesh (@Jairam_Ramesh) In a blogpost, Hindenburg said 18 months since its damning report on industrialist Gautam Adani, “SEBI has shown a surprising lack of interest in Adani’s alleged undisclosed web of Mauritius and offshore shell entities.”

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    Citing “whistleblower documents”, it alleged: “Madhabi Buch, the current chairperson of SEBI, and her husband had stakes in both obscure offshore funds used in the Adani money siphoning scandal.” The SEBI (Securities and Exchange Board of India), which had been investigating the Adani group even before the Hindenburg report, had told a Supreme Courtappointed panel last year that it was probing 13 opaque offshore entities that held between 14 per cent and 20 per cent across five publiclytraded stocks of the conglomerate. It has not stated if the two incomplete probes have since been concluded.