"Instead Of Responding To SEBI, Hindenburg Attacked SEBI Chair; Allegations Are Rubbish," Says SC Advocate Mahesh Jethmalani

New Delhi: Targeting Hindenburg Research over its fresh allegations, BJP Rajya Sabha MP and senior Advocate Mahesh Jethmalani said that the US short seller had chosen to attack the SEBI Chairperson Madhabi Buch instead of responding to a notice from the market regulator.

"Hindenburg's "Something big" is a pathetic damp squib. The announcement prior to its alleged big revelation itself reveals its motive: to destabilise India's stock markets. The pre publicity ill behoves a reputed "research analyst ". As regards the "big" something there is nothing new against the Adani group," his post on X read.

The target is now the regulator- SEBI -Chairperson Madhabi Puri Buch. SEBI had issued a notice to Hindenburg seeking information regarding the circumstances of the Adani short sale as it was entitled to.

Instead of responding to the show cause notice, Hindenburg has chosen to attack its chairperson on the ground of conflict of interest (more on the grounds on which the attack is based after Ms Buch issues a detailed statement as announced; suffice it to say that the grounds are prima facie rubbish)," Jethmalani said. The senior advocate also urged the government to turn serious attention to those who were looking to devastate the economy.

 "The picture thus is one of a US-based profiteer who made millions of dollars at the cost of Indian retail investors now hedging questions legitimately asked by the Indian regulator and brazenly defaming the latter without answering its questions. This reeks of colonial arrogance of days bygone and contempt by a rich country national fortified by safe harbour, of the economic sovereignty of an Emerging nation. And as is to be expected a host of left-leaning media outlets - slaves to foreign masters all and wannabe rulers with their help- have called for Ms Buch's head. It is time, the govt of the day turned its serious attention to these anti nationals who have no other agenda but to disrupt India's social fabric, distort its polity and now devastate its economy," Mahesh Jethmalani said in his post on X.

 Earlier on July 19, Jethmalani had called on the government to probe the links of political voices, who sought to target the Adani group after the Hindenburg report, with China. He had also flagged an alleged Chinese hand behind the report by the American short seller Hindenburg that targeted the Indian conglomerate.

Jethmalani alleged that the hit job on the Adani group was Chinese vengeance for losing out on infrastructure projects like the Haifa Port. Meanwhile, the Adani group has also rejected the latest allegations by Hindenburg calling them a manipulation of available information.

 "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 August 11, hours after the US-based short seller shot off fresh allegations.