Group and response
The alleged fraud pointed out by Hindenburg is directed against a particular Indian group. It is ridiculous to treat the same as a “calculated attack on India” (Page 1, “Hindenburg report driven by an ulterior motive, says Adani Group”, January 30). With stock markets taking a hit since the report became public, one is left wondering whether the regulator, the Securities and Exchange Board of India, has been, and is, diligently carrying out its statutory obligations of ensuring transparency and good corporate governance. The allegations by the U.S.-based agency are serious and the stakes involved are quite high as there are public sector units that are affected. The silence on the part of the government is indeed intriguing. Will the issue find a mention in the Finance Minister’s Budget speech?
S.K. Choudhury,
Bengaluru
The response by the conglomerate is both feeble and unconvincing. The market response points to one thing: all’s not well with the group. The short seller’s report is a a wake-up call for lenders, investors and regulators and the government.
Prabhu Raj R.,
Bengaluru
A rebuttal of the serious allegations apart, the fact is that core regulatory bodies have absolutely no control over the quality of auditing/accounting corporates undergo. Perhaps businesses which have heavy borrowings from banks should be audited under the supervision of the Reserve Bank of India or the Comptroller and Auditor General of India. This will add credence to the financial reports such firms present to the market.
Geetha B.K.,
Mangaluru
Yatra and impact
Congress leader Rahul Gandhi’s completion of his 135-day foot march has silenced those who doubted his dedication and perseverance in achieving a tough task. However, the larger question is still ripe: can the Congress party use the momentum created by the yatra to rejuvenate and transform itself into a formidable force? For that to happen, it calls for a spirited commitment to reunite the party.
Michael Jom,
Thiruvananthapuram
When it is not at all easy to hold one’s own in a perception match with the Bharatiya Janata Party, the Congress’s Bharat Jodo Yatra has been a platform for those who do not fully concur with the ruling party’s style of functioning. It is too early to say how far the yatra will influence electoral outcomes but, as Mr. Gandhi has said, it did try to uphold an alternative vision for India.
Preetha Salil,
Mumbai
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