Left parties and Congress demand probe by Joint Parliamentary Committee
NEW DELHI, August 11, 2024
United States’ short-seller Hindenburg Research alleged that it suspects S.E.B.I.’s unwillingness to act against Adani Group may be because of its head Madhabi Puri Buch had stakes in offshore funds linked to the conglomerate – an allegation slammed by the S.E.B.I. head as “baseless” while Adani Group said it never had any commercial relations with Buch.
Hindenburg alleged that Buch and her husband had undisclosed investments in obscure offshore funds in Bermuda and Mauritius, the same entities allegedly used by Vinod Adani – the elder brother of group’s chairman Gautam Adani – to round-trip funds and inflate stock prices.
S.E.B.I. in October 2020 began a probe into the share-holding structure of Adani Group companies after Red flags were raised over high concentration of foreign holdings in the conglomerate’s listed companies. An investigation was launched to determine if the foreign investors are genuine public shareholders or acting as fronts for the promoters.
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