Congress for probe by independent agency into alleged Adani stock scam
This story was originally published at 15:56 IST on 12 August 2024
Register to read our real-time news.Informist, Monday, Aug 12, 2024
NEW DELHI – Equipped with fresh ammunition following the latest report by Hindenburg Research, the Congress today slammed the government and demanded that the investigation into the alleged stock manipulation by the Adani Group be transferred to an independent probe agency.
Taking a jibe at the Securities and Exchange Board of India Chief Madhabi Puri Buch's alleged stake in obscure offshore companies, Congress General Secretary Jairam Ramesh asked, "How can a match proceed if the umpire herself is compromised." The Congress demanded that the probe be transferred to either the Central Bureau of Investigation or a Special Investigation Team constituted by the Supreme Court.
In its latest report released on Saturday, Hindenburg Research has alleged that SEBI Chief Buch and her husband Dhaval Buch owned stake in obscure offshore entities that helped the Adani Group siphon money. The two funds refer to Bermuda-based Global Dynamic Opportunities Fund and Mauritius-based IPE Plus Fund 1. These two funds were allegedly used by Gautam Adani's brother Vinod Adani to invest in shares of Adani Group companies in violation of SEBI's public holding norms.
"The illusion that the SEBI chief and her husband had separated their finances has been shattered by the revelation that after joining SEBI, she transacted in the fund from her personal email account on February 25, 2018," Jairam said.
In a statement on the Hindenburg Research report, the Congress said that SEBI has sought to project an image of hyperactivity, stating that it has issued 100 summons, issued 1,100 letters and emails, and examined 300 documents containing 12,000 pages. Jairam alleged that SEBI is diverting attention from core issues involved.
The Congress also alleged that SEBI's delay allowed Prime Minister Narendra Modi to navigate an entire general election without addressing his role in facilitating his close friend's illicit activities. "...SEBI has reportedly issued show-cause notices to several Adani companies concerning these allegations. However, the slow pace of these investigations, especially compared to the swift "justice" that the Prime Minister's investigative agencies usually deliver to opposition leaders, remains inexplicable," Jairam said.
The Congress general secretary also took a jibe at Prime Minister Modi's Amrit Kaal slogan, saying that "no institution is sacrosanct in Amrit Kaal."
"The Supreme Court, empowered by the Constitution, must transfer the investigation to the CBI or a Special Investigation Team given the likelihood of SEBI's compromise. At a minimum, the SEBI Chairperson must resign to restore SEBI's integrity," the Congress said.
The Opposition party also demanded the constitution of a Joint Parliamentary Committee to probe the alleged Adani Group scam. End
Reported by Kuldeep Singh
Edited by Ashish Shirke
For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.
Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.
Informist Media Tel +91 (11) 4220-1000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2024. All rights reserved.
To read more please subscribe
Share this Story:
