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Tax expert Ajay Rotti dismisses Hindenburg report against Sebi chief Madhabi Puri Buch as lacking substance
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Report’s allegations of offshore investments linked to Adani Group found to be baseless
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Rotti says report is an attempt to sensationalize and manipulate markets
A recent report by US short-seller Hindenburg Research against Sebi chairperson Madhabi Puri Buch has been dismissed by tax expert Ajay Rotti as “sensationalism”. Rotti, founder and CEO of Tax Compaas, said that the report’s allegations of offshore investments linked to Adani Group are baseless and lack substance.
The report had alleged that Buch had stakes in offshore funds linked to Adani Group, but Rotti pointed out that the fund in question made zero investments in Adani Group. He also noted that the fund was managed by investment managers and Buch had no influence over investment decisions.
Rotti accused Hindenburg of attempting to manipulate markets and create uncertainty among investors. He said that the report is an attempt to divert attention from Hindenburg’s own scrutiny and short trade. The Adani Group has also refuted Hindenburg’s allegations, labeling them as “malicious” and “manipulative”.
What was touted to be the smoking gun…. the “offshore investment” in a fund has turned out to be a small agarbatti smoke.
IIFL confirms that the fund into which Mr and Ms Buch invested made zero investments into Adani Group in its entire tenure. Their investment was 1.5% of… pic.twitter.com/aLo9RZiID1
— Ajay Rotti (@ajayrotti) August 11, 2024
