New Delhi: The political landscape in India is witnessing a heated exchange between the ruling Bharatiya Janata Party (BJP) and the Congress, centered around the Hindenburg Research report and its implications for the Adani Group.
The Congress, in a sharp critique, has called for the resignation of SEBI (Securities and Exchange Board of India) chairperson Madhabi Buch, citing concerns over her impartiality in the ongoing investigation.
The opposition party is also urging the Supreme Court to transfer the Adani probe to the Central Bureau of Investigation (CBI) or a Special Investigation Team (SIT), arguing that SEBI’s involvement could be compromised.
Congress’s Allegations and Demands
The Congress has been vocal about its concerns regarding the integrity of the investigation into the Adani Group, which has been under scrutiny following allegations by Hindenburg Research. These allegations have raised questions about the financial practices of the conglomerate. On Monday, the Congress demanded the resignation of SEBI chairperson Madhabi Buch, arguing that her position could influence the outcome of the investigation.
In a statement, Congress general secretary Jairam Ramesh highlighted what he perceives as the shortcomings of SEBI’s approach. He criticized SEBI’s emphasis on the volume of activities, such as issuing 100 summons, 1,100 letters and emails, and examining 300 documents totaling 12,000 pages, as a diversion from the “core issues” at hand. Ramesh emphasized that “actions matter, not activities,” suggesting that the regulatory body’s efforts might be superficial without addressing the root of the problem.
Ramesh also revealed that he had written to the SEBI chairperson on February 14, 2023, urging the regulator to uphold its role as the steward of India’s financial markets. However, he stated that he never received a reply, further fueling his concerns about the transparency and effectiveness of SEBI’s actions.
The Congress has not only called for SEBI’s withdrawal from the investigation but has also reiterated its demand for the formation of a Joint Parliamentary Committee (JPC) to thoroughly investigate what it describes as the “Modani mega scam.” The party has used this term to link Prime Minister Narendra Modi with industrialist Gautam Adani, alleging undue favoritism and crony capitalism.
BJP’s Response: Defending SEBI and Adani
The BJP has responded aggressively to the Congress’s allegations, accusing the opposition of attempting to destabilize India’s economy for political gain. Senior BJP leader and former Law Minister Ravi Shankar Prasad took aim at the Congress, claiming that the party is intent on causing a crash in the stock market and creating economic anarchy. He suggested that the Congress’s actions are part of a broader strategy to undermine India’s financial stability.
