Veteran lawyer Mahesh Jethmalani took to social media on Sunday, tearing apart the recent accusations of Hindenburg Research, the short seller, and calling them a "pathetic damp squib."
He had contended that the Hindenburg's announcement of an imminent major exposé was illustrative of its real purpose: shaking up the stock markets of India. He said the publicity build-up to the so-called revelation did not befit a serious research institution. "In this entire expose, there is nothing new against the Adani group. The attack is against the chairman of SEBI, Madhabi Puri Buch, now," argued Jethmalani.
"The preemptive publicity is unbecoming of a credible 'research analyst'. As for the alleged 'big revelation', there is no new information about the Adani group. The real target now appears to be SEBI Chairperson Madhabi Puri Buch," Jethmalani wrote on X, the social media platform.
SEBI had earlier sent a notice to Hindenburg over its allegations. Instead of responding to the issues raised, Hindenburg fired back at Buch accusing her of conflict of interest. Jethmalani termed these allegations as "prima facie rubbish" and said Buch would respond to them in detail later.
He further contended that Hindenburg, the US-based entity which profiteered at the cost of Indian investors, was now running away from the rightful scrutiny of the SEBI authorities and was indulging in open defamation. This attitude, reminiscent of erstwhile colonial arrogance, was framed as impinging on the economic sovereignty of India.
Jethmalani also stated that a section of left-oriented media, which he referred to as foreign-influenced, was demanding Buch's resignation.
He further asked the government to take appropriate action against such "anti-national" elements who, according to him, were out to destroy the social fabric of India, distort its political firmament, and wreak havoc on its economy.
Earlier in the day, SEBI chairperson Madhabi Puri Buch and her husband Dhaval reacted to the report, claiming it to be a type of "character assassination" in response to SEBI's action concerning Hindenburg.
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