Hindenburg Research Strikes Again- Timeline of All the Events- SEBI Chairperson Madhabi Puri Buch Denies Allegations!
Hindenburg Research, the short-selling firm, has swirled the environment of curiosity all over the internet by posting a message on X(formally Twitter) platform stating, “Something big soon India.” Everyone is so curious to know what is cooking as this type of message came after one year of allegations on the Adani Group, involving insider trading and stock market violations.
However, this news caused a loss of $100 billion to the Adani Group! Will it be another Indian company? This exploration will tell who is targeted this time! Here is the timeline of events on which Hindenburg made allegations. Read the following subsequent following paragraphs.
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Timeline of Events of Hindenburg Research
- January 24, 2023: Hindenburg Research accuses Adani Group of financial irregularities, which Adani denies.
- February 1, 2023: SEBI opens investigation into $86 billion sell-off of Adani Group equities.
- February 2023: Public Interest Litigation (PIL) filed in Supreme Court seeking probe into claims.
- March 2, 2023: Supreme Court asks SEBI to investigate claims of stock price manipulation.
- May 2023: Expert committee submits report to Supreme Court.
- May 17, 2023: The Supreme Court gives SEBI time until August 14, 2023, to present the report.
- November 24, 2023: Supreme Court reserves verdict on multiple appeals pertaining to the Hindenburg-Adani case.
- January 3, 2024: Supreme Court orders SEBI to finish inquiry into two outstanding cases within three months.
- August 10, 2024: Hindenburg Research raises fresh allegations against SEBI Chairperson Madhabi Puri Buch and her husband.
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Hindenburg Research’s Allegations
Hindenburg Research allegedly stated that SEBI Chairperson Madhabi Puri Buch had a stake in Adani’s uncertain offshore entities. As per the allegations put on Adani, a US-based short-seller reported that in January 2023, SEBI was unwilling to act because of its investments in Adani Group’s offshore funds.
SEBI Chairperson Madhabi Puri Buch and her husband denied all the allegations that were made terming them “baseless” and an attempted “character assassination.” Read more: Hindus in Bangladesh Fear for Their Lives as Temples and Homes Burn
SEBI’s Response to Hindenburg Research’s Allegations
Shockingly, Madhabi Puri Buch and her husband Dhaval Buch officially announced that they are ready to disclose all the financial documents in order to prove all the allegations of Hindenburg wrong. Not only this but also they added that this is just an attempt of Hindenburg research to distract the SEBI’s Enforcement action and show cause notice issued to them.
Madhabi Puri Buch and her husband Dhaval Buch issued a statement denying the allegations and offering to disclose all financial documents. They stated that Hindenburg Research’s allegations were an attempt to distract from SEBI’s Enforcement action and show cause notice issued to them.
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