Hindenburg-Adani row: Congress steps up JPC probe demand, to hold 20 press briefings today
Jairam Ramesh said that press briefings would highlight the need for a JPC into the “Modani Maha Ghotala” with “widespread economic ramifications”.
In a bid to up the ante over Hindenburg Research's allegations against Adani Group, the Congress will hold 20 press conferences around the country on Wednesday to highlight the need for a Joint Parliamentary Committee (JPC) probe into the matter.
On Tuesday, Congress general secretary in-charge communications Jairam Ramesh said a JPC probe is needed in the “Modani Maha Ghotala”.
"Tomorrow, the Indian National Congress will conduct 20 press conferences across the country to highlight the need for a JPC into the Modani Maha Ghotala that has widespread ramifications for the economy, and for crores of small investors - for whom the integrity of capital market regulators is essential," Ramesh wrote on X.
In a report published in January last year, US-based short seller Hindenburg Research had accused Adani Group of improper use of tax havens and flagged concerns about its debt levels. The report had triggered an $86 billion rout in the Adani group's domestically listed stocks and a sell-off in its bonds listed overseas. The Adani Group had dismissed the charges as lies, saying it complies with all laws and disclosure requirements.
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In January 2024, the Supreme Court dismissed a plea asking the CBI to investigate the allegations against the Adani group. The court also said that the Securities and Exchange Board of India (SEBI) has the sole jurisdiction to investigate matters of market regulation and stock price manipulation.
However, in its latest report in August, Hindenburg Research alleged that SEBI chief Madhabi Puri Buch and Dhaval Buch owned stakes in offshore entities linked to the Adani Group's alleged financial misconduct.
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The US investment research firm also said that 18 months since its “damning report” on Adani, "SEBI has shown a surprising lack of interest in Adani's alleged undisclosed web of Mauritius and offshore shell entities.".
Buch and her husband have since denied the allegations as baseless and asserted that their finances are an open book. Adani Group has also termed Hindenburg Research's latest allegations as malicious and manipulative of select public information.
The Congress, however, has stepped up its attack on the government over the issue and has demanded a JPC probe due to conflicts of interest involving SEBI.