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'Hindenburg report not the basis for action against Buch'; Lokpal gives clean chit to former SEBI chief Madhabi Puri
Madhabi Puri: In its report published on August 10, 2024, Hindenburg Research had alleged that Madhabi Puri Buch and her husband held stakes in some foreign funds, which were allegedly linked to the ongoing money laundering investigation against the Adani Group. However, Buch and her husband have rejected these allegations from the beginning. Now the Lokpal, which is investigating the matter, has given them a clean chit.
The anti-corruption ombudsman provided relief to former SEBI chief Madhabi Puri Buch. The Lokpal, in disposing of the allegations made against former SEBI chief Madhabi Puri Buch in terms of the report by Hindenburg Research, called the allegations against him as not proved and frivolous. Also stated that the allegations are made in the absence of material evidence. No investigation is needed in such.
The Lokpal declared on Wednesday that all the complaints made against Madhabi Puri Buch during the year gone by had essentially been grounded in the complaint of a short seller trader. The objective of which had been to uncover or encircle the Adani Group of Companies.
The six-judge bench led by Lokpal Chief Justice AM Khanwilkar stated in the ruling that the allegations levelled in the grievances are based on assumptions and hypotheses. There is no proof of any description in lieu of them. No investigation can be directed in such a circumstance against such allegations. Referring to an earlier ruling in the case, the Lokpal stated that the Hindenburg report can't be the sole grounds for action against Buch.
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