BJP MP accuses Opposition of attempting to create economic chaos amid Adani-Hindenburg-SEBI controversy

Sudhanshu Trivedi/ PTI photo

BJP MP Sudhanshu Trivedi has accused the Opposition of attempting to create economic chaos in India by sowing confusion amid the ongoing controversy involving the Adani Group, SEBI Chairperson Madhabi Buch, and her husband. Trivedi claimed that the Opposition had a history of collaborating with foreign groups to disrupt the country amid the Adani-Hindenburg-SEBI row, reported ANI.

"For the past few years, whenever the Parliament session commences, a foreign report gets released. BBC documentary was released just before the Parliament session. The Hindenburg report came in January just before the Parliament session. All these sequences happen during the Parliament session. The opposition has such connections with the abroad to create instability and anarchy during every Parliament session of India. They want to create economic chaos in India through confusion. Now they are attacking SEBI. Why does Congress always stand with foreign companies for the past 30-40 years? Why did it stand with Union Carbide," said Trivedi on the Adani-Hindenburg-SEBI row.

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Adani-Hindenburg-SEBI row: Adani Group refutes Hindenburg's claims

According to the report, the Adani Group has vigorously refuted Hindenburg Research's charges, describing them as "malicious, mischievous, and manipulative" uses of publicly available material to reach predetermined conclusions for personal gain. The group highlighted that these allegations had already been thoroughly reviewed and dismissed by the Supreme Court in January 2024.

"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 per the ANI report.

Adani-Hindenburg-SEBI row: Madhabi Buch, spouse refute claims too

The news agency report stated that previously Hindenburg Research claimed that SEBI Chairperson Madhabi Buch and her spouse owned shares in offshore companies engaged in the Adani case. Madhabi Buch and her husband released a joint statement refuting the claims and accusing Hindenburg of character assassination in retaliation to SEBI's enforcement action against the firm.

"Our lives and finances are open books. All necessary disclosures have been made to SEBI over the years. The statement added, "We are fully prepared to disclose any financial documents to any authority that may request them." The Buchs were disappointed that Hindenburg chose to attack their reputation rather than confront the regulatory proceedings taken against them, the ANI report stated.

The current Adani-Hindenburg-SEBI row followed Hindenburg's previous report in January 2023, which accused the Adani Group of financial wrongdoing, resulting in a large reduction in the company's stock price. The Adani Group has continuously disputed the allegations. In January 2024, the Supreme Court ordered SEBI to complete its investigation into the case within three months, rejecting a request to transfer it to a Special Investigation Team (SIT).