The Congress on Monday (August 12, 2024) slammed the Modi Government over the Hindenburg Research’s allegations against SEBI chairperson Madhabi Buch, demanding a JPC probe into “Modani Megascam involving the self-annointed non-biological PM and a perfectly biological businessman”.
Also read | SEBI, its chief, spouse, others deny Hindenburg report allegations
The Congress general secretary Jairam Ramesh demanded SEBI chairperson Madhabi Buch’s resignation and urged the Supreme Court to transfer the Adani probe to the CBI or a Special Investigation Team given the “likelihood of SEBI’s compromise”.
Issuing a statement on X, formerly Twitter, the Congress senior leader said that on February 14, 2023, he had written to the SEBI chairperson urging SEBI to play its role as the steward of India’s financial markets on behalf of the crores of Indians. He claimed that he never received any response.
The Congress’ assertions came a day after the SEBI said allegations against the Adani Group have been “duly investigated”, and chairperson Madhabi Buch disclosed and recused herself from time to time when dealing with matters.
Mr. Ramesh said that in its statement on the on-going investigations into certain financial transactions of the Adani Group, the Securities and Exchange Board of India (SEBI) has sought to project an image of hyperactivity, stating that it has issued 100 summons, 1,100 letters and emails, and examined 300 documents containing 12,000 pages. “This must have been very exhausting, but it diverts attention from the core issues involved. Actions matter, not activities,” read the statement.
“On March 3, 2023, the Supreme Court directed SEBI to expeditiously conclude the investigation into allegations of stock manipulation and accounting fraud against the Adani Group within two months. Now, 18 months later, SEBI has revealed that a critical investigation, likely regarding whether Adani violated Rule 19A relating to minimum public shareholding, remains incomplete,” read the statement.
Mr. Ramesh alleged that the SEBI’s seeming inability to close two of its 24 investigations delayed the publication of its findings for over a year. “The delay conveniently allowed the PM to navigate the entire general election without addressing his role in facilitating his close friend’s illicit activities.”
Also read | Explained | Decoding the OCCRP’s Adani report
“Despite the Adani Group’s claims of receiving a clean chit, SEBI has reportedly issued show-cause notices to several Adani companies concerning these allegations. However, slow pace of these investigations, especially compared to the swift justice that the Prime Minister’s investigative agencies usually deliver to Opposition leaders remain inexplicable. Moreover, recent revelations raise disturbing questions about SEBI’s integrity and conduct in investigating the Adani Megascam,” Mr. Ramesh alleged.
Congress threatens nationwide stir if JPC demand not met
Meanwhile, the Congress on Monday (August 12, 2024) threatened to launch a nationwide protest if its demand for a JPC (Joint Parliamentary Committee) probe into the matter is not accepted.
AICC general secretary (Organisation), K.C. Venugopal, described the allegations as “very serious” and accused the Prime Minister of supporting Adani on the matter. “The Prime Minister’s silence on the matter amounts to a destruction of credibility,” Mr. Venugopal told reporters at the airport in Thiruvananthapuram.
He accused the Union Government of trying to divert people’s attention from the matter by using the Enforcement Directorate against Rahul Gandhi, the Leader of the Opposition in the Lok Sabha.
“Don’t try to threaten Rahul Gandhi with an ED notice. We will strongly oppose such diversionary tactics,” the Alappuzha MP said.
Earlier, Leader of Opposition in the Lok Sabha Rahul Gandhi on Sunday (August 11, 2024) demanded a Joint Parliamentary Committee (JPC) inquiry into the charges against the Securities and Exchange Board of India (SEBI) chief Madhabi Puri Buch in the latest Hindenburg report.
The BJP dismissed the claims asserting that many global forces, with the help of the Congress “dynasty”, were attempting to hinder India’s progress.
(With inputs from PTI)
Published - August 12, 2024 12:01 pm IST
