Udaipur, December 25, 2024 – The anti-corruption body of India, the Lokpal has summoned Securities and Exchange Board of India (SEBI) chairperson Madhabi Puri Buch and three complainants for an oral hearing on January 28, 2025, at 11:30 am regarding corruption allegations in the Hindenburg report. The three complainants include Trinamool Congress Party (TMC) Member of Parliament (MP) Mahua Moitra and two others.

The notice was issued by the full Bench of the Lokpal, chaired by Justice Ajay Manikrao Khanwilkar, last week.

The Hindenburg report on the Adani Group has included allegations of conflict of interest and misconduct involving Buch and her husband Dhaval Buch.

On November 8, the Lokpal had refused to order an investigation but sought an “explanation” from Buch on the grievances lodged by the three complainants. It had said that Moitra's complaint, alleging impropriety and conflict of interest by Buch, "falls short" of persuading it to order any probe. Buch was given four weeks to provide her reply.

In the latest order, the Lokpal said that the responsible public servant (RPS, i.e., Buch) had provided some initial objections along with clarifications regarding the allegations in an affidavit submitted on December 7.

However, in a December 19 order Justice Khanwilkar and five other members deemed it appropriate to offer both RPS and the complainants an opportunity for an oral hearing to clarify the complaints or the statements in the affidavit. Both parties may also maintain confidentiality regarding Buch’s affidavit, if they wish.

In its order, the Lokpal also directed the registry that copies of the affidavits and documents submitted by Buch and the complainants be exchanged between them. It added the condition that the complainants must maintain confidentiality regarding the process and the content of the affidavits.

"It will be open to the respondent public servant (RPS) as well as the complainant to authorise an advocate to espouse their cause if they so desire at the time of the oral hearing," the order said.

Both parties may submit additional material or legal opinions to the Lokpal by January 18.

A report by the U.S.-based short-seller Hindenburg Research had alleged that Buch and her spouse have stakes in obscure offshore funds which were utilised in the alleged Adani Group money laundering incident.

Both Buch and the Adani Group have refuted the claim.