By K M Roy

After US-based Hindenburg Research highlighted the "conflict of interest" alleging that SEBI was unwilling to take action against the Adani Group as its chairperson Madhabi Buch had stake in the company’s offshore entities, the Adani Group called “malicious, mischievous and manipulative."

 The Adani Group said: “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."

“It is reiterated that our overseas holding structure is fully transparent, with all relevant details disclosed regularly in numerous public documents. Furthermore, Anil Ahuja was a nominee director of 3i investment fund in Adani Power (2007-2008) and, later, a director of Adani Enterprises until 2017,” the statement added.

Calling the allegations as “red herrings thrown by a desperate entity”, the company said: “The Adani Group has absolutely no commercial relationship with the individuals or matters mentioned in this calculated deliberate effort to malign our standing.”

Madhabi Puri Buch and her husband Dhaval Buch, too, said the “baseless allegations and insinuations made in the report”. “The same are devoid of any truth. Our life and finances are an open book,” they said in a joint statement.