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Congress on the Hindenburg Report: The Hindenburg explosion has triggered a round of allegations and counter-allegations between the Congress and the BJP on the issue of SEBI chairperson Madhabi Buch who came to the Parliament and the Adani Group. By asking tough questions one after the other, the Congress has made the ruling party look domineering.
Congress made such allegations
Alleging on the issue, the Congress on Monday said, “SEBI (Securities and Exchange Board of India) is defending the action taken on the Adani Group and giving a clean chit to Chairperson Madhabi Puri, we reject it.” The Congress demanded that the Supreme Court should hand over the investigation to the CBI or a special investigation team as there is a “possibility that SEBI may compromise on this issue”. Congress MP Jairam Ramesh demanded the resignation of Madhabi Buch and said, “At least the chairpersons of SEBI should also resign to restore the integrity of SEBI.”
Game of numbers: Congress
Taking on the allegations, Congress cited figures and said, 'In the investigation against Adani Group, SEBI issued 100 summons, wrote 1100 letters and emails and filled 12000 pages of investigation, but all this was just to show that 'we have done a lot of work on this issue'. By presenting such figures, an attempt has been made to divert attention from the main issue. Just pretending to work will not do anything, it is also important to do some productive work. Which did not happen in this case.'
The illusion was broken
The Congress MP said, 'Madhabi Puri and her husband tried to create an 'illusion' that they have segregated their finances but now the truth is out and the illusion created by them has been shattered, as Madhabi Puri, after joining SEBI, found transactions in the funds from her personal email account on February 25, 2018.'
Ask questions by providing more details
Congress said, 'It is shocking that the SEBI Chairperson and her husband invested in the same offshore funds based in Bermuda and Mauritius in which Vinod Adani and his close associates Chang Chung-ling and Nasser Ali Shaban Ahli also invested. Both these funds are currently under investigation by SEBI. Congress raised the following questions on this issue:
1) Have SEBI chairmen recused themselves from investigations against the funds?
2) The investigation was delayed. Is it because the delay benefits both Adani and the Prime Minister?
3) What do you say about the damage done to SEBI's reputation due to this whole matter? If the umpire explodes, then the result of the match will be fair, right?
Blame the Prime Minister openly
Making an open allegation on behalf of the Congress, Jairam Ramesh said that on March 3, 2023, the Supreme Court had directed SEBI to expeditiously complete the investigation into the allegations of stock manipulation and accounting fraud against the Adani Group within two months, but SEBI conducted an incomplete investigation. SEBI delayed announcing the findings of the investigation by more than a year. Such 'convenient delay' saved Prime Minister Narendra Modi from giving clarification on the 'illegal activities of his close friend' and overturned his election strategy.
Now it remains to be seen how the BJP will respond to such serious allegations leveled by the Congress.
