‘Conspiracy against India…Congress is standing with this’: Shiv Sena leader Sanjay Nirupam on Hindenburg report

Mumbai (Maharashtra) [India], August 12 (ANI): Following the allegations made by the US-based short seller ‘Hindenburg Research’ against SEBI Chairperson Madhabi Buch, Shiv Sena leader Sanjay Nirupam on Monday claimed that this is a “conspiracy” to attack the Indian stock market, with the Congress party allegedly supporting this agenda.

“Hindenburg is a financial institution based in America that engages in short-selling across various stock markets. This is a conspiracy to attack the Indian stock market and attempts are being made to disrupt and weaken India’s economy. Those who stand with Hindenburg aim to destroy the Indian economy. Whether it is the Congress or the rest of the Opposition… this is a conspiracy against India, and the Congress is aligned with this conspiracy,” Nirupam told ANI.

Earlier, on August 10, shortly after Hindenburg Research alleged that Securities and Exchange Board of India (SEBI) Chairperson Madhabi Buch and her husband had stakes in “the obscure offshore entities involved in the Adani money siphoning scandal,” the SEBI Chairperson and her husband issued a joint statement rejecting these 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 stated, “Our lives 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 related to the period when we were private citizens, to any authority that may seek them. It is unfortunate that Hindenburg Research, against whom SEBI has taken enforcement action and issued a show-cause notice, has chosen to engage in character assassination in response.”

On Saturday, Hindenburg alleged, “We had previously noted Adani’s confidence in continuing to operate without the risk of serious regulatory intervention, possibly explained by Adani’s relationship with SEBI Chairperson, Madhabi Buch.”

“What we hadn’t realized is that the current SEBI Chairperson and her husband, Dhaval Buch, held hidden stakes in the same obscure offshore Bermuda and Mauritius funds, part of the complex nested structure used by Vinod Adani,” the report stated.

Hindenburg Research claimed that these new allegations were based on documents provided by a whistleblower and investigations conducted by other entities.

In January 2023, Hindenburg published a report accusing the Adani Group of financial irregularities, which led to a significant drop in the company’s stock prices.

The group had dismissed these claims at the time.

The Hindenburg report alleged stock manipulation and fraud by the conglomerate, particularly concerning inflated share prices. Following these allegations, there was a sharp decline in the stock prices of various Adani group companies.

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 directed SEBI to complete its investigation into two pending cases within three months.

Earlier this year, the Supreme Court also dismissed a plea seeking to review the verdict that called for an investigation by SEBI into the Adani-Hindenburg case.