Hindenburg-Adani row: Congress to protest nationwide against SEBI chief Madhabi Puri Buch today
The Congress party is demanding the SEBI chairman's resignation and a joint parliamentary committee probe into the Adani issue.
The Congress is set to stage a nationwide protest on Thursday over the US short seller Hindenburg Research's allegations against SEBI chief Madhabi Puri Buch and her husband Dhaval Buch.
The party is demanding the Securities and Exchange Board of India chairman's resignation and a joint parliamentary committee probe into the Adani Group issue.
The Hindenburg Research, in its latest report earlier this month, has alleged that Madhabi Puri Buch and her husband owned stakes in offshore entities linked to the Adani Group's alleged financial misconduct.
The US investment research firm has 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.”
However, the husband-wife duo has denied the allegations as baseless, asserting that their finances are an open book. The Adani Group has also termed the allegations as malicious and manipulative, based on select public information.
“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,” Rajya Sabha MP Jairam Ramesh said in a post on X (formerly Twitter) on Wednesday.
Party leaders to protest at Jantar Mantar
In Delhi, the Congress party has announced it will hold a protest at Jantar Mantar from 10 am to 1 pm. Party spokesperson Supriya Shrinate alleged that the Hindenburg report had questioned the integrity and impartiality of Madhabi Buch, saying that despite the Supreme Court’s direction to probe the Adani Group’s dealings, the SEBI chief, after 18 months of delay misled the apex court with false information."
She said that only a JPC probe comprising of domain experts can uncover the whole truth about the Adani Group’s ‘shady dealings.’ She added that since the Modi government has remained silent on the Hindenburg report, despite appointing the regulator, only a JPC probe can expose SEBI’s complicity in protecting the interests of the Adani Group.
“Every effort was being made to make Adani the richest in the county by using all devious methods including misusing probe agencies like ED, CBI and the Income Tax department. All rules including foreign investment and foreign policy were being changed to suit the Adani’s growth and cover up money laundering,” said Shrinate.