On Monday (August 12, 2024), Congress slammed the Modi Government regarding the Hindenburg Research’s allegations against SEBI chairperson Madhabi Buch, demanding a JPC probe into “Modani Megascam involving the self-annointed non-biological PM and a perfectly biological businessman”.
In a statement on X, formerly Twitter, Congress general secretary Jairam Ramesh claimed that in his capacity as Congress’ leader in the Parliament’s Rajya Sabha from February 14, 2023 he had written to the SEBI chairperson calling upon SEBI to function as India’s financial market steward for crores of Indians. He alleged that there had never been any response.
“On March 3, 2023, Supreme Court ordered SEBI to complete its enquiry into accusation of stock manipulation and accounting fraud by Adani Group within two months. However, until now, that is after another one and a half years according to SEBI officials this investigation is still not complete; on any inquiry which would determine if Adani breached Rule 19A concerning minimum public shareholding,” said the statement.
For Mr. Ramesh however he accused two out of twenty-four investigations not having wrapped up made it take over twelve months before their findings could be published. “This conveniently took place at an opportune moment when the PM could successfully sail through all elections without ever being questionable about his responsibility in regard to aiding his best friend in crime.”
“However despite stating that Adani Group has been given clearance by regulators — reports are emerging that show cause notices have been sent out to several of these companies linked with Adani,” said Mr Ramesh. “The pace of investigations on these issues however remains slow even relative to how quickly Prime Minister’s investigating agencies move against opposition leaders. Moreover recently surfaced evidence calls into question adhesion and conduct of SEBI while investigating Adani Megascam,” added Mr. Ramesh.
Rahul Gandhi, the Leader of Opposition in the Lok Sabha demanded a Joint Parliamentary Committee (JPC) inquiry into the charges against the Securities and Exchange Board of India (SEBI) chief Madhabi Puri Buch as put forth by the latest Hindenburg Report on Sunday (August 11, 2024).
The BJP however denied this saying that many global forces, working through Congress “dynasty” were trying to hold back India’s development.
Our statement of Aug 12, 2024, in response to SEBI’s statement of Aug 11, 2024 pic.twitter.com/uDk7JAiURG
— Jairam Ramesh (@Jairam_Ramesh) August 12, 2024
