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Congress blames non-declaration of FPI holdings data: The Congress has raised questions with the Securities Exchange Board of India regarding compliance with the new norms for foreign portfolio investors. The deadline for FPIs to provide details of beneficial owners of their stake was September 9. But this information has not been disclosed yet.
Jairam Ramesh asked a question to SEBI
Congress general secretary and in-charge of communication department Jairam Ramesh expressed concern over the delay in the process. He asked why it took SEBI 18 months to implement these rules? Referring to the two Mauritius-based FPIs involved in the Adani case, Jairam Ramesh said that they have sought relief from the Securities Appellate Tribunal to avoid complying with the new rules.
He has questioned whether all FPIs have provided details of their ultimate beneficial owners to SEBI. Questions have been raised especially about the investors involved in the Adani case.
Demand for investigation into Adani dispute
Congress has once again demanded an immediate JPC probe, saying that a JPC probe is necessary to investigate the Adani dispute and the corruption, monopoly and various irregularities prevailing in the country's regulatory system. Jairam Ramesh said on X, Modani's magic has changed the fortunes of another private power infra company. Diamond Power Infra Limited was taken to NCLT under bankruptcy in 2018. In 2022, Gautam Adani's bankruptcy creditors bought the company for Rs. 501 crore. The company's market cap is Rs. 1000 crore.
The revenue of this company remained zero in 2022. However, in 2023-24 the revenue increased to Rs. 344 crores. The value of Diamond Power Infra Limited increased to Rs. 7626 crores.