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News Pulse Manzi

Hindenburg doing character assassination in response to Sebi notice, says Madhabi Buch, denies allegation

Sebi chief Madhabi Puri Buch and her husband Dhaval Buch have dismissed allegations from Hindenburg Research as baseless. They accuse the US-based short-seller of attempting character assassination in response to a show-cause notice issued by Sebi concerning the Adani issue. The Buchs criticize Hindenburg's actions as a retaliatory attempt against the enforcement action taken by the regulator.

1 year ago | [YT] | 1

News Pulse Manzi

NEW FROM Hindenburg Research

Whistleblower Documents Reveal SEBI’s Chairperson Had Stake In Obscure Offshore Entities Used In Adani Money Siphoning Scandal.

Background: 18 Months Since Our Adani Report, SEBI Has Shown A Surprising Lack Of Interest In Adani’s Alleged Undisclosed Web Of Mauritius And Offshore Shell Entities

It has been nearly 18 months since our original report on the Adani Group presented overwhelming evidence that the Indian conglomerate was operating “the largest con in corporate history”. Our report exposed a web of offshore, primarily Mauritius-based shell entities used for suspected billions of dollars of undisclosed related party transactions, undisclosed investment and stock manipulation.

Since then, despite the evidence, along with over 40 independent media investigations corroborating and expanding on our original work, Indian securities regulator SEBI has taken no public action against the Adani Group.[1] Media has reported that SEBI is likely to impose mere token, technical violations on the Adani Group despite the breadth and magnitude of the issues.

Instead, on June 27th, 2024, SEBI sent us an apparent ‘show cause’ notice. SEBI did not allege any factual errors in our 106-page analysis, but instead claimed the disclosure around our short position– which we disclosed repeatedly– was deficient, arguing that we should have provided even more robust disclosure. [1,2]

The SEBI notice also claimed our report was “reckless” for quoting a banned broker with specific experience dealing with SEBI who detailed how the regulator was fully aware that firms like Adani used complex offshore entities to flout rules, and that the regulator participated in the schemes.

In our July 2024 response to the ‘show cause’ notice, we wrote that we found it odd how SEBI—a regulator specifically set up to prevent fraudulent practices – showed little interest in meaningfully pursuing the parties that ran a secret offshore shell empire engaging in billions of dollars of undisclosed related party transactions through public companies while propping up its stocks through a network of sham investment entities.

The Indian Supreme Court said that SEBI had drawn a blank in its investigation of these shareholders, as detailed in the court records. In late June 2024, Adani CFO Jugeshinder Singh described some regulator notices aimed towards Adani Group as “trivial”, apparently writing off the prospect of their severity even before the process was concluded.

Background: “IPE Plus Fund” Is A Small Offshore Mauritius Fund Set Up By An Adani Director Through India Infoline (IIFL), A Wealth Management Firm With Ties To The Wirecard Scandal

Vinod Adani – Brother Of Gautam Adani – Used This Structure To Invest In Indian Markets With Funds Allegedly Siphoned From Over Invoicing Of Power Equipment To The Adani Group

As detailed in our original Adani report, documents from the Directorate of Revenue Intelligence (DRI) alleged that Adani “grossly” overvalued the import valuation of key power equipment, using offshore shell entities to siphon and launder money from the Indian public. [1]

A subsequent investigation by non-profit project Adani Watch in December 2023 showed how a web of offshore entities, controlled by Gautam Adani’s brother, Vinod Adani, were recipients of funds from the alleged over-invoicing of power equipment.

In one complex structure, a Vinod Adani controlled company had invested in “Global Dynamic Opportunities Fund” (“GDOF”) in Bermuda, a British overseas territory and tax haven, which then invested in IPE Plus Fund 1, a fund registered in Mauritius, another tax haven.

hindenburgresearch.com/sebi-chairperson/

1 year ago | [YT] | 0

News Pulse Manzi

Well, somebody is very happy now! 😏 Time to throw another ₹5,000 crore wedding reception 😂🔥 #MukeshAmbani #BillionaireLife #BigFatIndianWedding #AmbaniCelebrations

1 year ago | [YT] | 0

News Pulse Manzi

Today I Learned, SEBI chairperson & her husband's net worth is $10 million.

1 year ago | [YT] | 0

News Pulse Manzi

Can you Believe, this picture is not edited. 😭😭

1 year ago | [YT] | 2

News Pulse Manzi

Bangladesh Story ....

This was Already Predicted in 1975 in Sholay Film -
कोई हसीना जब रूठ जाती हैं तो...
एक-दो-तीन हो जाती हैं!

1 year ago | [YT] | 2

News Pulse Manzi

This is the position of Indian Tax Payers 😂😅🤣

1 year ago | [YT] | 1

News Pulse Manzi

BIGGEST BREAKING 🚨 PM Modi roars in Parliament "Neither Modi is going to be afraid, nor will this Govt fall" 🔥🔥

He said "Modi Darne wala Nahiiii"

"We won Odisha, Rajasthan, MP, Chhattisgarh, Andhra, Arunachal in last six months"

"People's verdict is clear - They want opposition to retain their position"

"It is in first time of Congress history that they failed to win 100 seats in 3 consecutive LS elections"

"This is the third worst performance of Congress" - PM Modi

#PMModi, #ModiSpeech, #ParliamentSpeech, #BJP, #Congress, #LokSabha, #IndianPolitics, #ModiGovernment, #OdishaElections, #RajasthanElections, #MPElections, #ChhattisgarhElections, #AndhraElections, #ArunachalElections, #PoliticalNews, #ModiDarneWalaNahi, #CongressPerformance, #IndianParliament

1 year ago (edited) | [YT] | 1

News Pulse Manzi

HUGE BREAKING 🚨 PM Modi objects to Rahul Gandhi's speech in Loksabha on Hinduism.

RAHUL GANDHI - "BJP doesn't represent all Hindus. Those who call themselves Hindu only talk about violence, hatred, untruth"

PM MODI 🔥 🔥 - "Calling the entire Hindu community vioIent is a very serious matter."

PM said this is an attack on entire Hindu community

#PMModi, #RahulGandhi, #LokSabhaSpeech, #HinduismDebate, #BJPvsCongress, #HinduCommunity, #PoliticalControversy, #IndianPolitics, #ModiVsRahul, #ParliamentDebate, #BreakingNewsIndia

1 year ago | [YT] | 4