US short-seller firm Hindenburg Research in its latest report has alleged that the SEBI Chairperson had stake in obscure offshore entities involved in the Adani money siphoning scandal. This new accusation follows Hindenburg Research’s January 2023 report, which had previously accused the Adani Group of financial irregularities and led to a significant drop in the company’s stock prices.
Financial Express.com has reached out to SEBI and is awaiting their response on the latest report by Hindenburg Research. The Adani Group and Chairman Gautam Adani have repeatedly denied all allegations made by Hindenburg Research in their earlier report.
The Hindenburg report alleges, “The current SEBI Chairperson and her husband, Dhaval Buch, had hidden stakes in the exact same obscure offshore Bermuda and Mauritius funds, found in the same complex nested structure, used by Vinod Adani.”
Who is Dhaval Buch mentioned in Hindenburg report?
- Dhaval Buch’s LinkedIn profile indicates he is a Senior Advisor at Blackstone and Alvarez & Marsal. He has been with Blackstone since July 2019. According to the Hindenburg report, “Blackstone has been one of the largest investors and sponsors of REITs, a nascent asset class in India.”
- Prior to joining Blackstone, Dhaval Buch worked with Bristlecone and Hindustan Unilever.
- Buch’s LinkedIn profile also shows he serves as a non-executive director on the Board of Gildan.
- An IIT-Delhi alumnus, Dhaval Buch holds a Bachelor’s degree in Mechanical Engineering.
- The Hindenburg report mentions – Dhaval Buch, the husband of SEBI Chairperson Madhabi Buch, describes himself as having deep experience in procurement and all aspects of the supply chain. He spent most of his time at consumer company Unilever, rising to become Chief Procurement Officer, according to his Linkedin.
