Hindenburg against Modani: A New Thrilling Episode

[Sukla Sen]

For a very useful brief background: <https://groups.google.com/g/greenyouth/c/63-CMbH90Ck/m/p45RtdKhAwAJ>.
For an updated chronology of the tussle: <https://economictimes.indiatimes.com/news/india/adani-hindenburg-saga-a-chronology-of-how-a-us-short-seller-sent-one-of-indias-biggest-conglomerates-into-turmoil/articleshow/112440951.cms>.

When things looked all comfortably settled and decided, thanks to the SEBI + Indian Supreme Court, in favour of Modani (Modi + Adani) -- as had earlier happened in the case of Rafale (ref.: <https://groups.google.com/g/greenyouth/c/5-fzbo1AY5o/m/Q3ok19vqBQAJ>) or Pegasus (ref.: <https://timesofindia.indiatimes.com/india/supreme-court-picked-panel-finds-no-proof-of-pegasus-on-29-phones-it-got/articleshow/93786248.cms>) or, for that matter, the PM CARES Fund (ref.: <https://www.deccanherald.com/india/supreme-court-judgement-on-pm-cares-fund-a-body-blow-to-transparency-congress-874739.html>), suddenly a second innings has just commenced with again an aggressive delivery from the famed and dreaded international short-seller Hindenburg Research.

Before we delve into that, it'd be instructive to recall that two leading opposition MPs were stripped of their membership of the Lok Sabha in the wake of their vitriolic attacks on the unholy Modani alliance within the parliament and outside. (Ref.: <https://economictimes.indiatimes.com/news/politics-and-nation/lok-sabha-membership-cancelled-after-i-made-speech-on-adani-in-parl-rahul-gandhi/articleshow/103888253.cms> and <https://www.bbc.com/news/world-asia-india-67656686>.) Such is the strength of the nexus.

Here are the latest major developments, in reverse chronological order:
AA. The government chooses to brazen it out just by maintaining dismissive silence:

I. <https://timesofindia.indiatimes.com/india/hindenburg-report-government-unlikely-to-wade-into-row-officials-say-report-malicious/articleshow/112453009.cms>.

II. Hindenburg's response to SEBI Chairperson's clarifications: <https://x.com/HindenburgRes/status/1822691385730040048>.
III. SEBI Chief releases a statement, jointly with her husband, rebutting Hindenburg's latest disclosures:<https://x.com/ANI/status/1822594009623130493>.

IV. Hindenburg's explosive charge, published on August 10, flagging the SEBI Chief's and her husband's investments in the Adani affiliated shady offshore funds and thereby their being accomplices in the crimes committed and consequentially the bogus character of the clean chit issued by the SEBI to the Adani group endorsed by the Indian Supreme Court: <https://hindenburgresearch.com/sebi-chairperson/>. BB. The Congress has called for a nationwide stir on August 22 to highlight the scam and demand a JPC probe: <https://www.pressreader.com/india/hindustan-times-lucknow/20240814/281784224400768>.

Further recommended reads: I. A Short and Very Useful Summary of the Charges: <https://www.livemint.com/market/stock-market-news/top-10-allegations-by-hindenburg-on-madhabi-and-dhaval-buch-sebi-chiefs-response-11723343897768.html>. II. Modi Adani duet: <https://www.ft.com/content/474706d6-1243-4f1e-b365-891d4c5d528b>.

III. AA. <https://www.hindustantimes.com/business/hindenburg-report-mutual-funds-had-already-invested-rs-41-814-crore-in-10-adani-group-companies-101723450157055.html>. BB. <https://money.usnews.com/investing/news/articles/2024-08-12/2-4-billion-wiped-off-adani-shares-after-hindenburg-allegations-against-regulator>.

IV. Senior financial journalist Sucheta Dalal, the author of the following comment, is best known for exposing the Harshad Mehta 1992 scam that had happened under Narasimha Rao.

She is, moreover, constantly, assiduously and conscientiously engaged in trying to clean up the Indian financial system and the money market from a Centre-Right, non-party, position.

If my memory serves me right, she was, in that process, virtually sacked from the Economic Times for earning the ire of the Tata group. Lost a very secure and well-paying job.

That makes her observations, which are as a rule very well informed and enjoy high credibility, all the more valuable and noteworthy.

It's not a run-of-the-mill, any personal agenda-driven, tirade.

Her recommendation of a judicial investigation, however, one cannot agree with.

The Indian judicial system stands compromised and/or too intimidated.

Its investigation process will remain largely opaque. One would just not know what's going on. At the end, would, most likely, produce a stunning outcome as it had in the military-grade spyware Pegasus case.

Its stand on this particular case also doesn't at all give any positive signal.

The JPC proceedings, in stark contrast, are, of course, going to be a grand (democratic) tamasha.

No doubt about it. That's precisely its strength.

It'd keep the issue alive. There would be disclosures from time to time.

Its findings will not be a closure. Would be a trigger for something more effective. <https://www.moneylife.in/article/sebihindenburgadani-how-not-to-handle-a-credibility-crisis/74897.html>

--

Peace Is Doable

[sukl...@gmail.com]

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