"They want to create economic chaos in India through confusion": BJP MP targets Opposition over Adani-Hindenburg-SEBI row

New Delhi [India], August 11 : Targeting the Opposition over its attack on the government on the allegations of the US Short seller Hindenburg against SEBI Chairperson Madhabi Buch and her husband, BJP MP Sudhanshu Trivedi said on Sunday that the opposition wants to create economic chaos in India through confusion.
Trivedi also questioned, "Why does Congress always stand with foreign companies for the past 30-40 years?"
"For the past few years, whenever the Parliament session commences, a foreign report gets released. BBC documentary was released just before the Parliament session. The Hindenburg report came in January just before the Parliament session. All these sequences happen during the Parliament session. The opposition has such connections with the abroad to create instability and anarchy during every Parliament session of India. They want to create economic chaos in India through confusion. Now they are attacking SEBI. Why does Congress always stand with foreign companies for the past 30-40 years? Why did it stand with Union Carbide?" Sudhanshu said.
Meanwhile, the Adani group has also rejected the allegations calling them a manipulation of available information.
"The latest allegations by Hindenburg Research 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," an Adani Group spokesperson said on Sunday hours after the US-based short seller shot off fresh allegations.
"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," the Adani Group spokesperson informed stock exchanges in a filing dated August 11.
Earlier in the day, shortly after US-based short seller Hindenburg Research on August 10 alleged that SEBI Chairperson Madhabi Buch and her husband had stakes in "both the obscure offshore entities used in the Adani money siphoning scandal," the SEBI Chairperson and her husband issued a joint statement rejecting the allegations.
Madhabi Puri Buch and her husband accused Hindenburg Research, against whom SEBI has taken enforcement action, of character assassination.
In the joint statement released to the media they said, "Our life and finances are an open book. All disclosures as required have already been furnished to SEBI over the years. We have no hesitation in disclosing any and all financial documents, including those that relate to the period when we were strictly private citizens, to any and every authority that may seek them. It is unfortunate that Hindenburg Research against whom SEBI has taken an Enforcement action and issued a show cause notice has chosen to attempt character assassination in response to the same."
Earlier on Saturday, US short seller Hindenburg had alleged, "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," the report by the US hedge firm alleged.
In January 2023, Hindenburg published a report accusing the Adani Group of financial irregularities, leading to a significant drop in the company's stock price. The group at the time had rubbished these claims.
In January 2024, the Supreme Court refused to transfer the probe into the allegations of stock price manipulation by the Adani group to an SIT and had directed market regulator SEBI to complete its probe into two pending cases within three months.
Earlier this year the SC also dismissed a plea seeking to review the verdict that had sought investigation by the market watchdog SEBI in the Adani-Hindenburg case.