NEW DELHI: Hindenburg yet again challenged SEBI chief Madhabi Puri Buch and her husband Dhaval Buch, after the couple dismissed reports of Adani Group's involvement in controversial foreign investments.
Pointing that Madhabi Puri Buch's explanation corroborated the allegation, Hindenburg asked if she would release information on investments inside and outside India. Hindenburg revealed that the SEBI chief and her husband had investments in the Adani Group's subsidiary companies in Bermuda and Mauritius. It is alleged that the couple invested Rs 83 crore in 2015 and this business bonhomie hesitated SEBI to take action on the Hindenburg’s first explosive report that came out 18 months ago.
Meanwhile, Madhabi cried foul and alleged the report to be none other than character assassination aimed at herself and Dhaval Buch. Madhabi had explained that the investment mentioned in the report was made during her tenure in Singapore, made through Anil Ahuja sans any connection with Adani fund.
'SEBI has been tasked with investigating the investment funds involved in the Adani matter, which includes Buch's funds. The investment and funds are from the same sponsor highlighted in our report,'' Hindenberg clarified.
Hindenberg in their report shed light on Buch’s double role in advising consulting companies while being at the helm of SEBI. They questioned the transparency of Buch's consulting companies set up in Singapore.
Hindenberg alleges that one of the companies, Agora Advisory Ltd (India), is still 99 per cent owned by Buch and is generating profits while she is assigned to oversee the investigations into the Adani group.