NEW DELHI: Hindenburg Research’s abrupt shutdown has sparked strong criticism from senior advocate and Rajya Sabha member Mahesh Jethmalani, along with other leading legal experts.

Critics have described it as a “run for cover” amid allegations of ties to financier George Soros, further accusing the US-based firm of claiming that the move is part of a broader conspiracy to destabilize global markets, including India’s economy.

Addressing the issue, Jethmalani speculated that the disbandment might have resulted from pressure exerted by investigating authorities in the United States. “Either he has already been approached by investigators in the US, or he fears an impending investigation into his role in the attempt to destabilize India’s economy through the aggressive short-selling of Adani shares,” he remarked.

Jethmalani further claimed that Hindenburg Research was being utilized by what he referred to as the “democratic deep-state under the influence of George Soros.”

“When you attempt to destabilize an economy, it amounts to economic terrorism. George Soros appears to be behind this effort to undermine India’s economy, signaling that global markets can be manipulated to exert influence,” noted advocate Mahesh Jethmalani.

Advocate P.R. Ramesh, a prominent expert in SEBI regulations, highlighted the regulatory implications of the issue. “The show-cause notice issued by SEBI and the ongoing investigations might have contributed to the shutdown of Hindenburg Research. It is vital for authorities to thoroughly examine whether there was a deliberate conspiracy to destabilize Indian markets,” he stated. Ramesh also praised the Supreme Court’s intervention for its critical role in safeguarding market stability. “Fortunately, the Indian Supreme Court took a decisive stand, which helped protect the stability of Indian markets from further harm,” he added.

Renowned criminal lawyer Ashish Dixit echoed similar concerns about the broader ramifications of Hindenburg’s actions. Calling their conduct “intriguing,” Dixit stressed the need for a comprehensive investigation by both domestic and international law enforcement agencies.

Like Jethmalani, Dixit also argued that Hindenburg’s actions seem to be part of a coordinated attempt to destabilize the Indian market and economy. He stressed the importance of authorities thoroughly investigating the roles of individuals and organizations involved in such activities, emphasizing that international collaboration is essential to uncover the full scope of the manipulation.