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Hindenburg-Adani case: The Congress has said that the Prime Minister Narendra Modi-led government must take immediate action to eliminate all conflict of interest in the SEBI probe into the Adani Group and reiterated its demand for a joint parliamentary committee probe into the matter. This comes after Hindenburg Research on Sunday launched a scathing attack against SEBI chairperson Madhabi Buch and her husband.
US short seller firm Hindenburg Research in its latest investigative report has alleged that Sebi Chairperson Madhavi Puri Buch and her husband Dhaval Buch had “stakes in obscure offshore funds” used in the Adani money siphon scam.
In a blogpost, Hindenburg said that 18 months after its damning report on Adani, “SEBI has surprisingly shown little interest in Adani’s alleged undeclared web of Mauritian and offshore shell entities.”
SEBI Chairperson Buch and her husband have termed the allegations against them as baseless and said that their financial position is an open book.
In January 2023, Hindenburg Research published a report accusing the Adani Group of market irregularities and stock market manipulation. The report sparked considerable controversy and scrutiny. In response, the Adani Group and Gautam Adani repeatedly and vehemently denied these allegations.
Hindenburg-Adani case: How did the opposition react?
Jairam Ramesh expressed concern over ‘SEBI’s reluctance to investigate the Adani mega scam’
Congress general secretary (in-charge of communication) Jairam Ramesh said SEBI’s reluctance to investigate the Adani scam has been noticed for a long time, especially by the Supreme Court’s expert committee.
Jairam Ramesh said the committee found that SEBI had weakened the reporting requirements for ultimate beneficial ownership of foreign funds in 2018 and removed them completely in 2019.
Mister. @Jairam_RameshMP, General Secretary (Communication), AICC,
On the latest revelations from Hindenburg Research. pic.twitter.com/FMpFIuvYgu— Congress (@INCIndia) August 10, 2024
Ramesh said Saturday’s disclosure by Hindenburg Research showed that Buch and her husband had invested in the same Bermuda and Mauritius-based offshore funds in which “Vinod Adani and his close associates Chang Chung-ling and Nasser Ali Shahban Ahli invested the money earned from over-invoicing of power equipment.”
“It is shocking that Buch would have a financial stake in these funds. This raises fresh questions about Gautam Adani’s two meetings with Ms Buch in 2022, soon after she became SEBI chairperson. Recall that SEBI was investigating Adani’s transactions at the time,” Ramesh said.
These things cannot be left hanging: Shashi Tharoor
Congress MP from Thiruvananthapuram Shashi Tharoor demanded an investigation into the latest allegation by Hindenburg Research against SEBI chairperson Madhavi Buch and her husband Dhaval Buch.
talking to YearThe MP said, “These are serious matters. I am not aware of the details… Any such allegation must be satisfactorily answered or investigated. These matters cannot be left hanging and the integrity of our system cannot be questioned. It is important that either a satisfactory explanation is given by the accused persons or an investigation is conducted.”
The modus operandi has become more sinister: Priyanka Chaturvedi
On Sunday, Shiv Sena (Uttar Pradesh) Rajya Sabha MP Priyanka Chaturvedi expressed her disappointment with the Securities and Exchange Board of India (SEBI) for not responding to her letter seeking details about the probe into the Hindenburg allegations. Chaturvedi had sought details about the probe into the Adani Group’s financial practices as early as April last year, and said SEBI’s silence on the matter shows its inadequacy.
“Revelations by @HindenburgRes reveal the extent to which papa’s favourite industrialist friend has been supported to the extent that even institutions like SEBI have been weakened by appointing allegedly compromised people. The circle of dealings is getting wider and the modus operandi even more sinister,” the Shiv Sena (UBT) MP said on X (formerly Twitter).
SEBI is also involved in Adani scam: AAP
Accusing the Modi government and the Adani Group, AAP spokesperson Reena Gupta said there was collusion in the ‘money laundering’. “(Delhi CM) Arvind Kejriwal has always been saying that people in high positions are in collusion with each other, that is why there is corruption in the country. This Hindenburg report has revealed that SEBI is also involved in the Adani scam,” she said.
(None of the allegations made by Hindenburg against the Sebi chairman and the Adani Group could be independently confirmed by Mint)
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