On the Hindenburg vs Adani saga and reacting to the explosive allegations made by the short seller against SEBI’s chairperson, Congress demanded the central government to eliminate all conflicts of interest in the regulator’s investigation of the Adani Group.
By quoting the experts committee, Member of Rajya Sabha, Jairam Ramesh said, “This has tied its hands to the extent that the securities market regulator suspects wrongdoing, but also finds compliance with various stipulations in attendant regulations… It is this dichotomy that has led to SEBI drawing a blank worldwide’.”
Jairam Ramesh also called for a JPC investigation. “The government must act immediately to eliminate all conflicts of interest in the SEBI investigation of Adani. The fact is that the seeming complicity of the highest officials of the land can only be resolved by setting up a JPC (joint parliamentary committee) to investigate the full scope of the Adani mega scam,” the former Union minister mentioned in his statement.
In a blog post likely to shake up the Indian political landscape, an American short-seller has alleged that Madhabi Buch, the current chairperson of SEBI, and her husband held interests in obscure offshore funds involved in the Adani money siphoning scandal.
Citing an IIFL document, Hindenburg claimed that the couple’s net worth is estimated at $10 million, with the hidden investment purportedly coming from their salary.
In January of last year, Hindenburg Research accused the Adani Group of orchestrating “the largest con in corporate history” by using a network of offshore companies to artificially inflate its revenue and manipulate stock prices, despite accumulating significant debt. The conglomerate denied all allegations. Nevertheless, the company experienced a substantial loss of wealth as its share prices plunged, with nearly $150 billion in market value evaporating. Over the past few months, they have managed to recover a significant portion of their lost wealth.
With inputs from PTI.