Bar Council of India Removes 107 Fake Advocates from Delhi Roll to Uphold Legal Integrity

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Bar Council of India Removes 107 Fake Advocates from  Delhi Roll to Uphold Legal Integrity The Bar Council of India (BCI) has taken decisive action in a sweeping initiative aimed at maintaining the integrity of the legal profession by removing 107 fake advocates  from the Roll of Advocates in Delhi  between 2019 and October 2024. This step comes as part of the BCI's rigorous verification process to ensure that only qualified, genuinely practising advocates remain in the profession, ultimately upholding public trust in the legal system. Strengthened Verification Framework Under Rule 32 This effort falls under Rule 32 of the Bar Council of India Certificate and Place of Practice (Verification) Rules, 2015 . The BCI  amended Rule 32 on June 23, 2023 , which empowered the BCI to verify, identify, and systematically remove unqualified and fake advocates from the Roll. The rule amendment has made the process of weeding out non-compliant individuals significantly more efficient. Accordi
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Hindenburg Alleges SEBI Chairperson and Husband Had Hidden Stakes in Offshore Funds Linked to Adani Scandal

Hindenburg Alleges SEBI Chairperson and Husband Had Hidden Stakes in Offshore Funds Linked to Adani Scandal

On August 10, 2024, Hindenburg Research, a US-based hedge fund, dropped a bombshell with its latest report, accusing SEBI Chairperson Madhabi Buch and her husband, Dhaval Buch, of having hidden stakes in offshore entities linked to the Adani money siphoning scandal. This revelation comes amidst ongoing scrutiny of the Adani Group's financial practices and raises serious questions about regulatory oversight in India.


Allegations by Hindenburg Research


Hindenburg Research's report alleges that Madhabi Buch and Dhaval Buch had investments in obscure offshore funds based in Bermuda and Mauritius. These funds, according to the report, are intricately linked to Vinod Adani, who is allegedly involved in the Adani Group's financial irregularities. The report cites whistleblower documents and claims that the Buchs' investments were made through IPE Plus Fund 1, an entity with connections to the Adani scandal.


The report underscores the potential conflict of interest, suggesting that the close ties between Adani and SEBI might explain why Adani Group appeared to operate without significant regulatory intervention. This claim intensifies scrutiny on the role of SEBI in overseeing the Adani Group's financial dealings.


SEBI Chairperson’s Response


In response to these allegations, Madhabi Buch and Dhaval Buch have strongly denied any wrongdoing. They have labeled the claims as baseless and part of a larger attempt at character assassination. The couple asserts that all necessary disclosures regarding their financial holdings have been made to SEBI over the years and that they are prepared to provide any additional documentation if required.


The Buchs' joint statement criticized Hindenburg Research, noting that the firm has faced enforcement actions from SEBI in the past. They argue that the allegations are an attempt to undermine their credibility and distract from the broader issues at hand.


Background and Context


This controversy follows Hindenburg Research’s January 2023 report, which accused the Adani Group of stock manipulation and financial fraud. The report led to a dramatic decline in Adani Group’s stock prices, amounting to a reported loss of over USD 100 billion. The timing of the Hindenburg report, just days before a significant public offering by Adani Enterprises, further fueled speculation and scrutiny.


The Adani Group has consistently denied all allegations made by Hindenburg Research, maintaining that the accusations are unfounded and part of a broader smear campaign.


Implications and Next Steps


The ongoing allegations and responses have significant implications for financial transparency and regulatory practices in India. The revelations could lead to increased scrutiny of SEBI's role and its interactions with major corporate entities like the Adani Group. As both Hindenburg Research and the Buchs prepare to make further statements, the situation remains fluid, with potential impacts on regulatory practices and corporate governance in India.


This situation highlights the importance of maintaining rigorous oversight and transparency in financial and regulatory matters, ensuring that all entities are held accountable and that conflicts of interest are addressed appropriately.

Location: Pune, Maharashtra, India

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