New Delhi: The All India Bar Association (AIBA) has called for an extensive investigation into what it describes as an “international conspiracy” behind the recent Hindenburg report, which has sparked significant controversy within India’s financial and business sectors.
On August 14, Adish C. Aggarwala, Chairman of the AIBA and a notable legal authority, urged the Indian government to closely examine the origins and broader implications of the Hindenburg report. The report has once again cast a shadow over India’s economic landscape, particularly affecting the Adani Group, a leading conglomerate headed by Gautam Adani.
Aggarwala, who has previously held prestigious positions such as President of the Supreme Court Bar Association (SCBA) and Vice-Chairman of the Bar Council of India, raised concerns about the report’s credibility. He asserted that the report is part of a calculated effort by India’s adversaries to destabilize the nation’s rapidly expanding economy.
“India’s economic stability stands in stark contrast to the turmoil faced by neighboring countries,” Aggarwala remarked, implying that the Hindenburg report may be a tool employed by hostile nations to undermine both the current government and prominent Indian businesses.
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The Hindenburg report’s allegations against the Adani Group have led to a notable decline in the Indian stock market. According to Aggarwala, this downturn not only threatens Adani’s business interests but also poses a broader risk to the Indian economy.
Furthermore, Aggarwala dismissed the recent allegations made by Hindenburg against SEBI Chairperson Madhabi Puri Buch and her husband, Dhaval Buch. He criticized these claims as baseless and lacking credibility, questioning the true intent behind Hindenburg’s report.
“The Supreme Court has previously found no substantive evidence in Hindenburg’s allegations,” Aggarwala pointed out, emphasizing that any legitimate claims should be pursued through the legal system.
Both the Adani Group and SEBI Chairperson Madhabi Puri Buch have strongly refuted the allegations made by Hindenburg. SEBI has also called on investors to remain calm, reiterating that the disclaimer in the report suggests a potential bias stemming from Hindenburg’s financial interests.
