Month: August 2024

Delhi Chief Minister Arvind Kejriwal has filed a petition in the Supreme Court challenging his arrest by the Central Bureau of Investigation in the excise policy case and has also filed a bail plea.

The Delhi High Court had earlier dismissed his petition challenging the arrest and advised him to seek bail from the trial court. While dismissing Kejriwal’s plea challenging his arrest, the HC stated that the prosecution has explained that, respecting his position as Chief Minister of NCT of Delhi, the police treaded with trepidation and caution and proceeded to collect the evidence from other persons suspected to be the accused. Consequently, extensive investigations were carried out across India to ascertain the entire web of conspiracy involving numerous persons.

In his plea to the Delhi HC, CM Kejriwal stated that he is the National Convenor of a National Political Party (Aam Aadmi Party) and the sitting Chief Minister of Delhi, who is being subjected to “gross persecution and harassment for wholly malafide and extraneous considerations.”

The court noted that the Investigating Agency has further explained that it is only after sufficient material was collected against the petitioner over a period of one and a half years, that they sought the sanction for prosecution of the petitioner, which was granted on April 23, 2024. The reasons for not proceeding immediately against the petitioner after registration of the FIR are thus well explained by the CBI and do not reek of malice.

The court further said “it is correct and true” that the petitioner herein is not an ordinary citizen of this country but is a distinguished holder of the Magsaysay Award and a convenor of the Aam Aadmi Party.

“The control and influence that he has over the witnesses, is prima facie borne out by the fact that these witnesses could muster the courage to be witnesses only after the arrest of the petitioner, as highlighted by the Special Prosecutor. Also, it establishes that the loop of evidence against the petitioner got closed after the collection of relevant evidence after his arrest. No malice whatsoever, can be gathered from the acts of the respondent,” the court observed.

While deciding the Kejriwal bail plea, the bench of Delhi High Court Justice Neena Bansal said, in the present case, it is more in the benefit of the petitioner, considering the complexity and the web of the facts and the material on record, to comprehensively determine the role of the petitioner in this alleged conspiracy to determine if he is entitled to bail.

“It may also be noted that when the bail application was filed before this court, the charge sheet had not been filed. However, in the changed circumstances, when the charge sheet has already been filed before the Special Judge, it would be in the best interest of the petitioner, to first approach the Court of Sessions Judge,” Justice Neena Bansal said.

Earlier on August 9, former Delhi Deputy CM and AAP leader Manish Sisodia was released from Tihar Jail after the Supreme Court granted him bail in connection with the Delhi excise policy case after almost 18 months. (ANI)

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The allegations of the US Short seller Hindenburg against SEBI Chairperson Madhabi Buch and her husband have drawn sharp political reactions from the opposition parties with the opposition demanding a Joint Parliamentary Committee (JPC) on the issue.

Congress leader Pawan Khera on Sunday said that nothing will be found through any other measures unless a Joint Parliamentary Committee.

Congress leader Pawan Khera said, “The Government of India had paid no attention towards any special investigation. Hindenburg came out with another report and all the doings of SEBI Chief Madhabi Buch and her husband Dhaval Buch is before everyone now. Their investments in offshore companies are before everyone. These are those companies in which Gautam Adani’s brother Vinod Adani has also made investments. The question is when Madhabi Buch was appointed as the SEBI Chairman, did the Government of India not know about this? If they did not know, then it was a major failure. If they knew about it, then the PM of India himself is a part of this conspiracy…We are not asking anything from SEBI Chief or Gautam Adani, we ask the Prime Minister of the country – did your government, which considers itself very alert, not know about it? Nothing will be found through anything less than Joint Parliamentary Committee (JPC). There should be JPC and only through that all answers will come out.”

Congress MP Shashi Tharoor demanded either a satisfactory explanation from the accused or an investigation against it.

Congress MP Shashi Tharoor told ANI, “These are serious matters. I am not aware of the details…Any such allegations must be answered satisfactorily or investigated. Can’t leave these things hanging up there and casting a cloud on the integrity of our system. It is important that either a satisfactory explanation is given by the people accused or there should be an investigation.”

Meanwhile, hours, after the US-based short seller shot off fresh allegations against Adani Group, the spokesperson of the conglomerate, said, “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.”

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 said.

Hindenburg Research said it has made the new allegations based on documents provided by a whistleblower and investigations carried out by other entities.

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.

The Hindenburg report alleged stock manipulation and fraud by the conglomerate. The case is related to the allegations (part of a report by Hindenburg Research) that Adani had inflated its share prices. After these allegations were published, there was a sharp fall in the shares of various Adani group companies’ stocks.

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. (ANI)

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The Securities and Exchange Board of India (SEBI) has urged investors to remain calm and conduct thorough research before reacting to the Hindenburg Research report.

“Investors should remain calm and exercise due diligence before reacting to such reports. Investors may also like to take note of the disclaimer in the report that states that readers should assume that Hindenburg Research may have short positions in the securities covered in the report,” the SEBI said in a statement.

The late evening release of SEBI refutes the charges made by the US-based short seller and says “the allegations made by Hindenburg Research, against the Adani Group, have been duly investigated by SEBI.”

It further adds that even the apex court in its order has noted that SEBI has completed the investigations in 22 out of 24 cases.

“Hon’ble Supreme Court in its Order of January 3, 2024, noted that SEBI had completed twenty-two out of twenty-four investigations into the Adani group. Subsequently, one more investigation was completed in March 2024, and one remaining investigation is close to completion.”

SEBI statement says the ongoing investigation in the last case is also about to complete.

“…in this matter, more than 100 summons, around 1,100 letters and emails have been issued to seek information. Further, more than 100 communications have been made seeking assistance from domestic/foreign regulators and external agencies. Also, more than 300 documents containing around 12,000 pages have been examined.”

SEBI says as per the rule on the completion of investigations, before initiating enforcement proceedings, show cause notices are issued and an opportunity is given for a hearing to the parties.

“Pursuant to the completion of investigations, SEBI initiates enforcement proceedings which are quasi-judicial in nature. This comprises issuing of show cause notice and giving of opportunity of hearing which culminates in the passing of a speaking order. Such order is then made available in the public domain. Where investigations have been completed, enforcement proceedings initiated are ongoing and appropriate actions are being taken in accordance with the applicable securities laws.”

As a policy measure, SEBI refrains from commenting on any investigation or ongoing enforcement matter.

SEBI says the show cause notice issued to Hindenburg Research on June 27, 2024, was issued following the due process of law for violation of securities laws

“It is noted that Hindenburg Research has itself made the show cause notice issued to it available on its website. The show cause notice contains the reasons for its issuance. The proceedings in this matter are ongoing and the same is being dealt with in accordance with the established procedure and in compliance with the principles of natural justice.”

On charges of SEBI’s (REIT) regulations had benefitted large multinational financial conglomerate SEBI says, REIT regulations were amended from time to time and implemented after a robust consultation process from the stakeholders.

“As with all cases involving introduction of a new regulation or amendment to an existing regulation, a robust consultation process for seeking inputs and feedback of the industry, investors, intermediaries, relevant Advisory Committee and the public at large is in place. Only after consultation, a proposal for introduction of a new regulation or change in the existing regulation is placed for the consideration of and deliberation of the SEBI Board. Regulations are notified after approval of the SEBI Board. As a measure of transparency, the agenda papers for Board meetings and outcomes of Board discussions are also published on SEBI website.”

Hence, claims that such regulations, or circulars issued related to REITs were to favor one large multinational financial conglomerate, are inappropriate.

The market regulator further adds that for the development of the Indian securities market, SEBI has underscored the potential of REITs, SM REITs, InvITs and municipal bonds amongst other assets and they are highlighted in the latest SEBIs Annual Report

Therefore, the claim that promoting REITs and SM REITs among various other asset classes by SEBI was only for benefitting one large multinational financial conglomerate, is inappropriate.

The release also said that SEBI chairperson has recused herself in matters involving conflicts of rule.

“it is emphasized that SEBI has adequate internal mechanisms for addressing issues relating to conflict of interest, which include disclosure framework and provision for recusal. It is noted that relevant disclosures required in terms of holdings of securities and their transfers have been made by the Chairperson from time to time. Chairperson has also recused herself in matters involving potential conflicts of interest.”

The market regulator has over the years built a robust regulatory framework that aligns with best global practices and also ensures protection of investors.

A day after US-based short seller Hindenburg Research alleged that SEBI Chairperson Madhabi Puri Buch and her husband Dhaval Buch had stakes in “both the obscure offshore entities used in the Adani money siphoning scandal,” the SEBI Chairperson and her husband in their personal capacity issued a detailed statement rejecting the allegations.

This followed a brief statement issued by them earlier on Sunday where they had accused Hindenburg of tarnishing their reputation.

Earlier on Saturday, the US-based firm Hindenburg Research alleged that SEBI’s Chairperson Madhabi Buch and her husband had a stake in “both the obscure offshore entities used in the Adani money siphoning scandal.”

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 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. (ANI)

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The Indian Meteorological Department (IMD) has issued heavy rainfall warnings for several regions in Rajasthan, as the state braces for another spell of intense monsoon showers.

A red alert has been issued in Sawai Madhopur, Karoli and Bharatpur. Heavy to very heavy rainfall is predicted alongwith thunderstorms at isolated places in these areas. As per the IMD, waterlogging is also expected in the areas which could affect the daily lives of the people.

Additionally, an orange alert has been predicted in Jaipur City, Alwar, Sikar, Churu, Jhunjhunu, Dhaulpur, Dausa-Srinagar, Bikaner, Tonk and Hanumangarh. Light to medium rainfall can be expected in these areas alongwith heavy rainfall at isolated places. The IMD has warned of the flooding of the drainage places in these areas.

A yellow alert has also been issued in Kota, Boondi, Nagaur, Bhilwada, Bara and Chittorgarh. The areas could expect light to medium rainfall.

The alerts come as the monsoon season continues to bring widespread rainfall across the country, with Rajasthan being one of the latest areas to be affected.

Residents are advised to stay alert and take necessary precautions in light of the heavy rainfall predictions.

The IMD has advised the residents of the city to not seek shelter under trees. Additionally, the residents have also been advised to stay away from the drains and to not go out if necessary.

Karuali recorded 38 cm, and Panchana recorded 28 cm of rainfall till 8:30 a.m. on Sunday.

Earlier on August 1, three people, including a seven-year-old girl, were missing and feared drowned after rainwater entered the basement of a house in Rajasthan’s Jaipur and caused flooding on Thursday, police said. (ANI)

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US-based short seller Hindenburg Research, without any responsibility or accountability, sitting in America, a safe harbor, relying on third-party reports, to target India and its top public servant, says senior Supreme Court advocate and BJP Rajya Sabha MP Mahesh Jethmalani. Talking exclusively with ANI, Jethmalani said a band of conspirators had got together, circulating information to do conspiracy, with deep ramifications to damage the stock market of India.

“Your (Hindenburg’s) research is only based on some other organizations…Whether those are true or not, they’re evidentiary value, anybody can fake anything,” Jethmalani told ANI

Hindenburg, instead of responding to SEBI show cause notice, is now attacking the market regulator, chairperson of SEBI Madhabi Puri Buch, Jethmalani added.

“That means he has no answer. And he has only repeated some old stuff. What he had said in his first report, he has repeated same thing. But there is nothing new. He has only attacked the regulator and said there is a conflict of interest.”

Hindenburg, in his latest report has targeted SEBI chairperson, and alleged that there is a case of conflict of interest.

“But in fact, none seems to be there…She must file both a criminal defamation case and a civil defamation defamation case against him in India.” Advised Jethmalani to SEBI chief.

“SEBI must probe this much more deeply than they’re doing. Retail investors have lost a lot of money and this is a concerted attempt not just to rock the stock market, undermine our budget and cause reputational damage to Adani.”

Earlier in the day, in a post on “X”, BJP Rajya Sabha MP and senior Advocate Mahesh Jethmalani said that the US short seller had chosen to attack the SEBI Chairperson Madhabi Buch instead of responding to a notice from the market regulator.

“Hindenburg’s “Something big” is a pathetic damp squib. The announcement prior to its alleged big revelation itself reveals its motive: to destabilise India’s stock markets. The pre publicity ill behoves a reputed “research analyst “. As regards the “big” something there is nothing new against the Adani group,” says his post on X.

Instead of replying to SEBI’s lawful show cause notice Hindenburg chose to target the the regulator- SEBI -Chairperson Madhabi Puri Buch.

” Instead of responding to the show cause notice, Hindenburg has chosen to attack its chairperson on the ground of conflict of interest (more on the grounds on which the attack is based after Ms Buch issues a detailed statement as announced; suffice it to say that the grounds are prima facie rubbish),” Jethmalani said.

The senior advocate also urged the Indian government to take serious note to those who are looking to devastate the Indian economy.

“The picture thus is one of a US-based profiteer who made millions of dollars at the cost of Indian retail investors now hedging questions legitimately asked by the Indian regulator and brazenly defaming the latter without answering its questions. This reeks of colonial arrogance of days bygone and contempt by a rich country national fortified by safe harbour, of the economic sovereignty of an Emerging nation.”

Jethmalani also targeted left leaning media groups who have no other agenda than to defame the government.

“And as is to be expected a host of left-leaning media outlets – slaves to foreign masters all and wannabe rulers with their help- have called for Ms Buch’s head. It is time, the govt of the day turned its serious attention to these anti nationals who have no other agenda but to disrupt India’s social fabric, distort its polity and now devastate its economy,” Mahesh Jethmalani said in his post on X.

Earlier on July 19, Jethmalani had called on the government to probe the links of political voices, who sought to target the Adani group after the Hindenburg report, with China. He had also flagged an alleged Chinese hand behind the report by the American short seller Hindenburg that targeted the Indian conglomerate.

Jethmalani alleged that the hit job on the Adani group was Chinese vengeance for losing out on infrastructure projects like the Haifa Port.

The Adani group too has also rejected the latest allegations by Hindenburg calling them a manipulation of informations.

“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 August 11, 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.

SEBI Chairperson Madhabi Buch and her husbands too through a press release rejected the allegations of Hindenburg as baseless and malicious and said this is done for their “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.”

On August 10, Hindenburg published a report alleging, “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.

Earlier in January 2023, Hindenburg has published a report accusing the Adani Group of financial irregularities, leading to a significant drop in the groups stock prices. Adani had rubbished these claims as baseless.

The Supreme Court has given a clean chit to the Adani group. In January 2024, the apex court refused to transfer the probe into the allegations made by Hindenburg 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.

In June this year, the Supreme Court has also dismissed a plea seeking to review its earlier verdict in the Adani-Hindenburg case. (ANI)

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After a spell of incessant rainfall in the Delhi-NCR, several areas of the Capital city and Gurugram faced waterlogging on Sunday.

Visuals from the Najafgarh area from West Delhi show severe waterlogging on the road, aggravating the situation for the commuters.

Meanwhile, visuals from the Rohini Sector 23 show that people are playing and working out amid a downpour as rain lashed parts of the national capital.

Earlier in the day, it was reported that heavy rainfall lashed several parts of Ambala city on Sunday, disrupting normal life and causing water logging in the city.

Commuters were seen wading through water-logged roads as heavy rainfall hit several parts of the city.

India Meteorological Department had predicted thunderstorms and lightning with Moderate Rain over parts of Kurukshetra, Ambala, Yamunanagar, and Panchkula.

“Thunderstorm\Lightning with Moderate Rain very likely over parts of Kurukshetra, Ambala, Yamunanagar, Panchkula,” IMD Chandigarh posted on X.

IMD Regional Centre New Delhi also predicted moderate to heavy rainfall accompanied by moderate thunderstorms and lightning across several parts of Haryana

“Moderate to heavy rainfall accompanied by moderate thunderstorms and lightning is very likely to occur at Rajaund, Assandh, Jind, Gohana, Rohtak, Jhajjar, Farukhnagar (Haryana) Kotputli, Alwar, Viratnagar (Rajasthan)” Regional Meteorological Centre, New Delhi posted on X.

According to IMD, Haryana is expected to receive isolated heavy rainfall till the 14th of August.

“Fairly widespread to widespread light/moderate rainfall with isolated heavy rainfall very likely over Himachal Pradesh, Uttarakhand, Rajasthan, East Uttar Pradesh during 10th -16th; Jammu-KashmirLadakh-Gilgit-Baltistan-Muzaffarabad, West Uttar Pradesh on 10th, 11th & during 14th – 16th; Punjab on 10th & 11th; Haryana-Chandigarh during 10th, 11th & 14th August,” IMD said in a press release. (ANI)

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Rain lashed Dharamshala city on Sunday as rivers are already in spate in Himachal Pradesh.

Bharatiya Janata Party (BJP) chief and Union Minister JP Nadda is set to visit the flood-affected regions of Himachal Pradesh today.

His visit will focus on assessing the damage in Samej, a disaster-stricken area in Rampur, and interacting with the local residents impacted by the recent severe weather events.

Nadda’s visit comes amid ongoing relief and rescue operations in the state. Heavy rainfall and a series of cloudbursts have wreaked havoc across Himachal Pradesh, resulting in significant loss of life and property. The state’s disaster management efforts are currently addressing the aftermath of these incidents, with a particular emphasis on the areas most affected.

The Shimla Police has been continuing their search and retrieval operations in various locations, from the Samej village to the Sunni area on the bank of the Satluj river.

As per data from the State Disaster Management Authority (SDMA), 55 people have been missing since August 1, including 33 people from Samej and the Bagipul area of the Shimla and Kullu districts.

Additionally, 128 roads have been closed in the state, along with 44 electricity schemes and 67 water schemes which have been disrupted.

The recent heavy rainfall and flood situation in Himachal Pradesh has led to a devastating loss of Rs 900 crore to the Irrigation and Public Health (IPH), Public Works Department (PWD), and the state’s road infrastructure, a government release said on Friday. (ANI)

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Inspired by the Roman poet Juvenal’s ‘Satires,’ the Congress party used the Latin phrase “Quis Custodiet Ipsos Custodes,” or “Who will guard the guards themselves?” to question SEBI’s “strange reluctance” to “investigate the Adani MegaScam.”

The Congress swipe was made on Saturday following the publication of a new report by US short-seller Hindenburg Research, which levelled allegations against the chairperson of the Securities and Exchange Board of India (SEBI), Madhabi Puri Buch, and her husband.

Congress General Secretary (communications) Jairam Ramesh, on Saturday, took to X to post “Quis Custodiet Ipsos Custodes” in the party’s statement “on the latest Hindenburg revelations.”

The US-based firm on Saturday, August 10 alleged that SEBI Chairperson Madhabi Buch and her husband had a stake in “both the obscure offshore entities used in the Adani money siphoning scandal.”

The Congress has demanded that the government “act immediately to eliminate all conflicts of interest in the SEBI investigation of Adani.” The party argued that “the seeming complicity of the highest officials of the land can only be resolved by setting up a JPC [Joint Parliamentary Committee] to investigate.”

Trinamool Congress leader Mahua Moitra also took to X, posting, “In true Adani style – even SEBI Chairman is investor in his group. Crony Capitalism at its finest. @CBiHeadquarters&@Dir_ED – will you be filing POCA and PMLA cases or not?”

The latest Hindenburg Research report, released on August 10, alleged that SEBI’s Chairperson Madhabi Buch and her husband had a stake in “both the obscure offshore entities used in the Adani money siphoning scandal.”

After putting out a teaser on the morning of August 10, hinting at a significant disclosure involving India, Hindenburg by the end of the day published a report that stated, “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.”

The report by the US hedge firm further stated, “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.”

Hindenburg Research posted a link to the entire report on its X account.

“New from us,” read the tweet, adding “Whistleblower Documents Reveal SEBI’s Chairperson Had Stake In Obscure Offshore Entities Used In Adani Money Siphoning Scandal.”

Hindenburg Research claimed it made the new allegations based on documents provided by a whistleblower and investigations carried out by other entities. The report stated, “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, per whistleblower documents. A declaration of funds, signed by a principal at IIFL states that the source of the investment is “salary” and the couple’s net worth is estimated at USD 10 million.”

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. At the time, the group had rubbished these claims.

The earlier Hindenburg report alleged stock manipulation and fraud by the conglomerate. The case is related to the allegations (part of a report by Hindenburg Research) that Adani had inflated its share prices. After these allegations were published, there was a sharp fall in the shares of various Adani group companies stocks, reportedly to the tune of over USD 100 billion.

The US short seller’s January report was published two days before a USD 2.5 billion follow-up public offering by Adani Enterprises.

The Adani group has repeatedly denied all the accusations made in the Hindenburg Research reports. (ANI)

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Security forces launched a search operation following a brief exchange of fire between terrorists and security forces in Jammu and Kashmir’s Kishtwar on Sunday, police said.

“A brief exchange of firing has taken place between terrorists and security forces in the area of Kishtwar Police station,” Jammu and Kashmir Police said on Sunday.

The search operation is going on, they added.

More details are awaited (ANI)

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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 against the conglomerate.

“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.

Adani Group reiterated that its overseas holding structure is “fully transparent”, with all relevant details disclosed regularly in numerous public documents.

The spokesperson said that Adani Group has “absolutely no commercial relationship with the individuals or matters mentioned in this calculated deliberate effort to malign our standing”.

“We remain steadfastly committed to transparency and compliance with all legal and regulatory requirements,” the brief statement by the Adani Group spokesperson concludes.

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 said.

Hindenburg Research said it has made the new allegations based on documents provided by a whistleblower and investigations carried out by other entities.

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.

The Hindenburg report alleged stock manipulation and fraud by the conglomerate. The case is related to the allegations (part of a report by Hindenburg Research) that Adani had inflated its share prices. After these allegations were published, there was a sharp fall in the shares of various Adani group companies’ stocks.

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. (ANI)

For more details visit us: https://lokmarg.com/