The opposition has strongly criticised the recent Hindenburg Research report, which makes serious allegations against Madhabi Puri Buch, the chairperson of the Securities and Exchange Board of India (SEBI), and her husband. The Congress party and other opposition leaders have demanded an immediate probe into these allegations.
Congress demands joint investigation by Parliamentary Committee
Congress general secretary Jairam Ramesh, speaking on behalf of the party, highlighted SEBI’s “strange reluctance” to investigate what he termed the “Adani Mega Scam”. In a statement issued on X (formerly Twitter), he said, “SEBI’s strange reluctance to investigate the Adani Mega Scam has been noted for a long time, not least by the Supreme Court’s Expert Committee. That Committee had noted in its report that SEBI had in 2018 diluted and, in 2019, completely removed the reporting requirements relating to the ultimate (i.e., real) beneficial ownership of foreign funds,” Ramesh said in the statement.
Ramesh further questioned two meetings in 2022 between Gautam Adani and Buch, which took place soon after she assumed her role as SEBI chairperson. He called for a Joint Parliamentary Committee (JPC) to probe the matter thoroughly.
Here is our statement on the latest Hindenberg revelations
Who will protect them?
Custodies image.twitter.com/D1wGN2uJop-Jairam Ramesh (@Jairam_Ramesh) August 10, 2024
The Congress party has further alleged that Prime Minister Narendra Modi is conspiring to protect Gautam Adani, whom they refer to as their “best friend”. In a statement, the party claimed that the investigation into the Adani mega scam was compromised because the SEBI chief herself is implicated. The statement claimed that only a JPC could properly investigate this “mega scam” but accused the Modi government of obstructing such an investigation.
Congress Media and Publicity Department chief Pawan Khera on Sunday said the shocking revelations in the Hindenburg Report not only expose the “cosy relationship” between the SEBI chief and the Adani group but also show how appointments are made in the watchdog institutions in this government.
“Had the government conducted simple due diligence before appointing Ms Madhabi Puri Buch as the SEBI chairperson, these damning details would have come to light,” he said in a post on X. It would be naive to believe that members of the government were not aware of these overseas investments of Madhabi Puri Buch and Dhaval Buch, Khera said. “The onus lies on the Prime Minister of India. Only a JPC can get all the answers,” he said.
Mahua Moitra accuses SEBI chairman of conflict of interest
Trinamool Congress MP Mahua Moitra also weighed in on the controversy, accusing Buch of having vested interests in Adani’s business. In a post on X, Moitra claimed that “in true Adani style, even the SEBI chairman is an investor in his group.” She described this as “crony capitalism at its finest” and urged the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) to investigate possible money laundering activities.
In true Adani style, even the SEBI chairman is an investor in his group. Crony capitalism at its finest. @CBi Headquarters & @Dir_ED – Will you file claims under POCA and PMLA or not? — Mahua Moitra (@MahuaMoitra) August 10, 2024
AAP’s Manish Sisodia questions integrity of central agencies
AAP leader Manish Sisodia, recently released on bail after nearly 17 months in jail, slammed the central government and its investigative agencies over the fresh allegations. In a post on X, Sisodia questioned whether the ED and CBI would have the “courage” to investigate these allegations, or were they just used to target opposition leaders and businessmen who do not play by norms. “Will the ED and CBI ever show the courage to investigate this? Or are the ED and CBI just there to nab opposition leaders and businessmen who do not pay donations in false cases and send them to jail?” he said.
The new Hindenburg report and the strong opposition reactions have intensified the ongoing debate over the Adani Group’s business and the role of regulators in India.
With contributions from PTI
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