Hindenburg-Adani case: ‘Rubbish allegations aimed at sensationalism,’ says Mohandas Pai

The latest set of allegations from the Hindenburg Report has elicited responses from various quarters. In this new report, the short-selling firm has accused the chief of the market regulator, Madhabi Puri Buch, of misconduct. The report claims that Buch and her spouse are colluding with Adani and have a personal stake in the company.

Many have shared their opinions on this matter, with some expressing support for SEBI. Mohandas Pai, former CFO of Infosys and a prominent industry voice on various issues, has publicly backed Buch and criticized Hindenburg Research.

He posted on his official X account, stating, "Character assassination by a Vulture Fund." He also suggested that this might be a tactic to attract attention, adding, “Rubbish allegations aimed at sensationalism. There was a SC monitored investigation overseen by an Eminent panel- when the vulture fund was fully exposed it throws mud.”

He further went on to say that, “This is a Hit job to divert attention from the manipulations of the Vulture Fund. The allegations are rubbish and laughable. No real evidence only rhetoric.”

Why Hindenburg is accusing SEBI chief of having vesting interests?

The research group has accused the market regulator for being negligent in its investigation of the company. The markets regulator faces allegations of irregularities and breaches of existing rules and regulations in the country.

"Madhabi Buch and her husband Dhaval Buch first appear to have opened their account with IPE Plus Fund 1 on June 5, 2015, in Singapore. The group attributed this to whistleblower documents. The group further claimed that a declaration of funds signed by a principal at IIFL states that the source of the investment is "salary". In addition, it also added that the couple's net worth is estimated at USD 10 million," the Hindenburg report said.

Buch has released a statement regarding the issue, denying the allegations made against her and her spouse. She described the claims as a character assassination and dismissed them as baseless.

“The same are devoid of any truth. 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,” Buch said in a statement.