All India Bar Association seeks 360-degree probe into 'international conspiracy' angle behind Hindenburg report

New Delhi [India], August 14 : All India Bar Association has sought a 360-degree probe into the international conspiracy angle behind the Hindenburg report.
While talking to mediapersons, AIBA Chairman and Senior Advocate Dr Adish C. Aggarwala, Chairman of the All India Bar Association (AIBA) urged the Indian government to initiate a 360-degree investigation into the alleged international conspiracy behind the latest Hindenburg report.
Dr. Adish C. Aggarwala, who is also the immediate past President of the Supreme Court Bar Association (SCBA) calls for a comprehensive investigation to address concerns regarding the Hindenburg report's credibility and its potential impact.
Dr. Adish C. Aggarwala, who has been Vice-Chairman of Bar Council of India stated that the Hindenburg report is part of an intentional effort by India's enemies to damage India's growing economy. Dr Aggarwala further stated that India is experiencing economic growth and stability, in contrast to its neighbouring countries, which are grappling with economic difficulties and civil unrest.
Dr Adish C. Aggarwala also stated that the Hindenburg report might be part of a strategy by enemy countries to target both the current Union government and major business enterprises in India.
The Hindenburg report was released with malicious intent to damage the Indian economy and the report was crafted to undermine confidence in India's financial system and harm its economic interests, stated AIBA Chairman.
Gautam Adani, a prominent Indian businessman with interests across multiple sectors, has faced significant losses in the stock market due to the Hindenburg report. This downturn has not only affected his business empire but has also had a broader impact on the Indian economy, said Dr Adish C Aggarwala.
Dr. Adish C. Aggarwala further added that he sees no merit in Hindenburg's latest allegations against SEBI Chairperson Madhabi Puri Buch and her husband, Dhaval Buch. He dismissed these claims as lacking substance.
Senior Advocate Dr Adish Aggarwala also stated that Hindenburg, as an entity, lacks credibility, particularly when its reports are seen as potentially biased or lacking substantiation.
Dr. Adish C. Aggarwala stated that if the Hindenburg reports contained concrete details, they should have been taken to court. He also stated that the Supreme Court had previously found no merit in the Hindenburg report, implying that the allegations lacked substantive evidence.
Hindenburg's reports have created significant controversy in India on two occasions. The first was last year when it made allegations about the Adani Group, leading to a substantial drop in Adani's stock prices. More recently, Hindenburg claimed that the Securities and Exchange Board of India (SEBI) failed to investigate these allegations due to conflicts of interest involving SEBI Chairperson Madhabi Puri Buch and offshore funds related to Adani. This latest claim has also negatively impacted Adani's stock prices.
Both the Adani Group and SEBI Chairperson Madhabi Puri Buch have dismissed the allegations made by Hindenburg. SEBI has advised investors to remain calm and has highlighted a disclaimer in the Hindenburg report indicating that Hindenburg might hold a short position in the securities mentioned, which could influence the report's content.