August 12th 2024.
New Delhi - A heated dispute has arisen over Hindenburg Research's accusations against SEBI chairperson Madhabi Buch, with the Congress party calling for her resignation and urging the Supreme Court to transfer the Adani investigation to the CBI or a Special Investigation Team due to concerns about SEBI's potential compromise.
The opposition party also emphasized the need for a Joint Parliamentary Committee to be immediately convened in order to fully investigate what they have dubbed the "Modani mega scam," involving the "self-proclaimed non-biological prime minister and a completely biological businessman."
These statements from the Congress party come on the heels of SEBI's declaration that they have thoroughly investigated the allegations against the Adani Group, and that Buch has been transparent and recused herself from any involvement in the matter.
Jairam Ramesh, Congress's general secretary in charge of communications, expressed his thoughts on SEBI's recent actions, stating that their focus on the number of summons, letters, and documents examined distracts from the main issues at hand. He also pointed out that despite his request for a response from SEBI on the matter, he never received one.
Ramesh also highlighted the Supreme Court's previous directive to SEBI to conclude their investigation into the Adani Group within two months, which has now been 18 months since its issuance. He pointed out that SEBI has yet to complete a crucial investigation into whether Adani violated Rule 19A, which pertains to the minimum public shareholding.
The delay in SEBI's findings has raised concerns for the Congress party, as it allowed the Prime Minister to navigate an entire general election without addressing his role in his close friend's alleged fraudulent activities. Ramesh also mentioned that SEBI has reportedly issued show-cause notices to multiple Adani companies regarding these allegations.
Ramesh questioned the timeline of SEBI's investigations, noting that they seem to move much slower when it comes to opposition leaders, compared to the swift actions taken against the Prime Minister's opponents. He also expressed concern about recent revelations that have raised doubts about SEBI's integrity and conduct in investigating the Adani scandal.
The Congress party leader brought attention to the fact that Buch and her husband had invested in the same offshore funds as Vinod Adani, Chang Chung-Ling, and Nasser Ali Shaban Ahli, who are reportedly involved in the scandal. He also pointed out that Anil Ahuja, a friend of the Buchs and an independent director at Adani Enterprises during Buch's previous tenure at SEBI, managed these funds.
Ramesh also mentioned that Buch's personal email account was used to transact in these funds after she joined SEBI, which raises questions about whether she recused herself from the Adani investigation. He raised concerns about the conflicts of interest and the prolonged investigation, which has benefited both Adani and the Prime Minister, while damaging SEBI's reputation.
The Congress party leader called for the Supreme Court to intervene and transfer the investigation to the CBI or SIT, given the potential compromise within SEBI. He also emphasized that at the very least, Buch should resign to restore SEBI's integrity.
Ramesh also highlighted that the Adani scandal goes beyond the 24 matters currently under investigation at SEBI. It involves the source of the alleged Rs 20,000 crore benami funds invested in Adani Group, as well as the over-invoicing of coal and power equipment, and allegations of money laundering. He also mentioned the Adani Group's monopolies in critical infrastructure sectors and their alleged manipulation of Indian foreign policy.
The Congress party's statements come after Hindenburg Research's accusations against Buch and her husband for their alleged involvement in the Adani scandal. The SEBI chairman and her husband have denied these allegations, while the Adani Group has deemed them malicious and stated that they have no business relationship with Buch or her husband.
[This article has been trending online recently and has been generated with AI. Your feed is customized.]
[Generative AI is experimental.]
