“The Hindenburg didn’t seem very clever.
The blackmail plan failed.
So now, instead of that threat,
But to be engulfed in flames and collapse…”
The Hindenburg turned out not to be so clever.
The blackmail plan failed.
So now, instead of that threat,
But it caught fire and became a disaster…— Vijay Kedia (@VijayKedia1) August 12, 2024
Kedia’s tweet reflects his view that Hindenburg Research’s efforts ultimately failed and the firm’s actions were a failed strategy. Early on Saturday night, Hindenburg published a report on its website alleging that the Books family held shares in offshore funds based in Bermuda and Mauritius that were used by Gautam Adani’s brother Vinod Adani “to hold and trade significant amounts of Adani Group shares.” Citing whistleblower documents, the Hindenburg report alleged that the Books family appears to have opened an account in Singapore on June 5, 2015 in IPE Plus Fund 1. The Mauritius offshore fund was allegedly set up by Adani’s directors through IIFL and registered in the tax haven of Mauritius. SEBI Chairperson Madhavi Puri Buch and her husband Dhaval Buch have denied the allegations made by Hindenburg Research as “baseless” and said the US-based short sellers are resorting to character attacks in response to the explain notice issued by the regulator in the Adani controversy.
“With regard to the allegations made against us in the Hindenburg Report dated August 10, 2024, we wish to state that we strongly deny the unfounded allegations and insinuations made in the report, which are totally devoid of truth. Our lives and finances are open books,” the Books said in a statement.
Additionally, markets regulator Chairperson Madhavi Puri Buch and her husband Dhaval Buch have issued a detailed statement denying all the allegations made by Hindenburg, which can be read here.
