Hindenburg vs Adani Group: A timeline of events

The Hindenburg report row which started in 2023 with the Adani group has culminated into new allegations against India's market regulatory body SEBI

Hindenburg Research, a US-based short seller, released a report on Saturday, alleging SEBI chief Madhubi Buch and her husband's involvement in offshore firms linked to the Adani group.

The Hindenburg reports from 2023 to 2024 have cast suspicion over the functioning of the SEBI and the Adani group (MINT_PRINT)

The report titled -'Whistleblower Documents Reveal SEBI’s Chairperson Had Stake In Obscure Offshore Entities Used In Adani Money Siphoning Scandal- was released on August 10.

According to Congress leader Jairam Ramesh, the report has also claimed suspicious meetings between Gautam Adani and the SEBI chief in 2022.

The Opposition has demanded a probe by a joint parliamentary committee.

The report also claims that the investments were intentionally hidden, as ownership rights were transferred to Dhaval Buch, the SEBI chief's husband when she was appointed to her position.

While this is the latest update in a saga of Hindenburg Research seeking to expose alleged financial fraud by the Adani group, the story does not begin here.

• On January 25, 2023, Hindenburg Research released a report titled - ‘Adani Group: How The World’s 3rd Richest Man Is Pulling The Largest Con In Corporate History’, which pulled back the curtains on alleged financial fraud and stock manipulation by the conglomerate. The report came a few days before Adani Enterprises company was supposed to make a Rs. 20,000 crore follow-on public offer (FPO).
• The Hindenburg report had also included allegations that SEBI had launched investigations into transactions by the Adani Group, which had gone nowhere after one and a half years, due to political pressure.
• The Adani group responded to the claims, stating they were “baseless” allegations meant to bring down their share price.
• On February 24, it was reported that shares of Adani Enterprises fell by 59 per cent, in response to the report being released. The report led to major losses for the company.
• In February 2023, the Supreme Court heard a PIL asking for a committee to be set up to investigate these claims.
• The Supreme Court asked SEBI on March 2, 2023, to probe the allegations made in the report and determine whether stock price manipulation and other financial irregularities had taken place.
• The Supreme Court also set up a panel for the protection of Indian investors after the Adani group lost more than 100 million dollars off of their market valuation.
• On May 17, 2023, the court extended the time for SEBI to produce the results of their investigation by August 14.
• The Supreme Court on November 24, 2023, reserved its verdict after hearing a batch of pleas on the Hindenburg allegations against Adani.
• On January 3, 2024, the Supreme Court dismissed a plea asking for an independent probe by the CBI into the allegations against the Adani group and reaffirmed that it was the sole jurisdiction of the SEBI to look into matters of market regulation and stock price manipulation.
• In the same hearing, the Supreme Court also asked SEBI to complete its probe in 3 months.
• On January 3, 2024, Gautam Adani posted on X saying, “The Hon'ble Supreme Court's judgement shows that: Truth has prevailed. Satyameva Jayate. I am grateful to those who stood by us. Our humble contribution to India's growth story will continue. Jai Hind.”
• In June 2024, SEBI said that Hindenburg Research had shared its findings on the Adani group with a New York-based hedge fund manager and allowed him to trade with this information.
• Hindenburg Research denied SEBI's claims and said that this was an attempt to silence them for exposing corruption against those with political pull in India.
• On August 10, 2024, Hindenburg Research posted on X saying, “Something big soon India”.
• The same day, they released a report that claimed that the SEBI chief Madhubi Buch and her husband Dhaval Buch had investments since 2015 in offshore firms owned by Vinod Ambani, Gautam Ambani's brother. The report also alleged that these offshore firms were being used for stock price manipulation and that the SEBI chief's involvement showed a lack of transparency in the market regulator when it came to investigating the Adani group.
• On August 11, 2024, SEBI chief Madhubi Buch and her husband released a joint statement, calling the report baseless and saying that their financial records were an open book.
• The Adani Group also released an official statement on August 11, 2024, stating "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."