Business News: Former Securities and Exchange Board of India (SEBI) chairman Madhabi Puri Buch has got a big relief in the case related to the Hindenburg report. The Lokpal has disposed of all the complaints filed against her, saying that there is no concrete and verifiable evidence in support of these allegations, so there is no basis for investigation.
The Lokpal's order clearly stated, "The allegations made in the complaints are based only on conjectures and assumptions. There is no credible material in support of these, and they do not fall under the category of any crime under the Lokpal Act, 1988. Therefore, these complaints are terminated here." What was the whole matter?
American research firm Hindenburg had released a report in late 2024, claiming that the then SEBI chief Madhabi Puri Buch and her husband have stakes in a foreign fund linked to the Adani Group. The report also alleged that there was collusion between SEBI and the Adani Group.
Buch and the Adani Group denied the allegations
After these allegations surfaced, Madhabi Puri Buch and her husband had clearly stated that all these allegations are baseless and unfounded. They also said that they have not hidden any information and there was no rule violation on their part.
At the same time, the Adani Group also rejected these allegations and said that all this is a well-planned conspiracy, which aims to damage the company's reputation and take advantage financially. According to the Adani Group, the basis of the report is speculation and wrong facts.
What does the Lokpal's decision mean?
This order of the Lokpal is being considered a big victory for Madhabi Puri Buch on the legal and moral level. It has become clear from this that the allegations leveled against her did not even reach the level of legal investigation. At the same time, this case also raises questions about the efforts made to malign the image of people in public office without sufficient evidence, only to serve political or economic interests.
