INSUBCONTINENT EXCLUSIVE:
The conglomerate has always denied that any of its public shareholders are related parties of the family
Lawmakers would have asked the government why the markets regulator is being so slow in completing its scrutiny of the controversial
The Supreme Court in New Delhi asked the Securities and Exchange Board of India to probe the allegations of stock-price manipulation,
undisclosed related-party transactions and violation of minimum public shareholding, that were all vigorously denied by the
part? According to documents provided to Hindenburg by a purported whistleblower, Madhabi Puri Buch and her husband, Dhaval Buch, opened an
account in 2015 with a wealth-management firm in Singapore to invest in a Mauritius-registered offshoot of a Bermuda-based fund.The
Mauritian fund was run by an Adani director, and its ultimate parent was the vehicle through which two Adani associates had secretly amassed
large positions in the conglomerate, according to an investigation by the Financial Times last year
requested the account to be registered solely in his name
In February 2018, however, Madhabi wrote to the wealth manager from her private email, instructing the $872,000 investment to be redeemed
In March 2022, she became the Sebi chair
cent of its assets were consistently in bonds.
The conglomerate has always denied that any of its public shareholders are related parties
Buch had a 100 per cent interest in a Singaporean consulting firm called Agora Partners
She passed the shares to her husband two weeks after her appointment as the Sebi chair, Hindenburg alleged.
Did Agora have publicly traded
upon her Sebi appointment
to get into the technical complexities
of ports, airports, roads and energy.
According to this narrative, the short seller is going after Buch only because she sent a show-cause
notice, on June 27, to Hindenburg, its founder Nathan Anderson, as well as New York-based hedge fund manager Mark Kingdon and his Kingdon
Neither Hindenburg nor Kingdon is a Sebi-regulated entity
There is precious little Buch can do to them by following up on the show-cause notice
investigations were needed
If nothing else, the court could ask for a speedy end to the inquiry
In its own press statement Sunday, the Sebi said that it has concluded 23 out of its 24 investigations into the group, and the last one is
regulator added.
The Congress Party, the main opposition, has already renewed its call for a joint probe by lawmakers into the Adani saga
On Sunday, Congress leader Rahul Gandhi, who has kept up his attack against the prime minister for favoring large monopolies, asked the
government to sack the Sebi chief
He is unlikely to let the fodder from Hindenburg go to waste when parliament reconvenes for its winter session, in late November or early
They do not reflect the views of www.business-standard.com or the Business Standard newspaperFirst Published: Aug 12 2024 | 10:32 AMIST
