Amid the ongoing Adani-Hindenburg Research row, the Congress on Thursday said a thorough probe into the issue is necessary, asserting that any committee other than a Joint Parliamentary Committee (JPC) will be nothing but an “exercise in legitimisation and exoneration”.
Congress General Secretary Communications Jairam Ramesh said the Centre’s proposal before the Supreme Court for setting up of a committee cannot ensure “transparency”.
Ramesh said in statement that a Supreme Court bench led by Chief Justice of India DY Chandrachud, and comprising Justice PS Narasimha and JB Pardiwala on February 13, while hearing petitions on the Adani-Hindenburg matter, discussed the creation of a committee of experts to examine the regulatory regime following the litany of allegations made by the US-based short-seller firm Hindenburg Research.
He said, “Where the allegations are of close, intertwined proximity between the ruling dispensation, the government of India and the Adani Group, the setting up of a committee with terms of reference proposed by the Government of India can hardly carry any insignia or reassurance of independence or transparency.”
He further alleged that the proposed committee is a part of a “carefully orchestrated exercise” to prevent any “real investigation” into the Adani Group.
“It is an exercise initiated by the two principal actors—the government and the Adani Group— to cover up, avoid, evade and bury all genuine scrutiny. It is becoming clear that the proposed Committee is part of a carefully orchestrated exercise by these vested interests to prevent any real investigation into the Adani Group’s relationship with the ruling regime,” the Congress leader alleged.
“If the prime minister and his government are to be held accountable, any committee other than a JPC will be nothing but an exercise in legitimisation and exoneration,” he claimed.
Ramesh said given the nature of the allegations, it is imperative that the “link” between Adani and the ruling regime is examined in the full light of day by elected officials accountable to the public.
“An evaluation of the regulatory and statutory regime by experts is in no manner equivalent to an investigation by a Joint Parliamentary Committee (JPC). Such a committee, however competently staffed, cannot be a substitute for a thorough investigation into the political-corporate nexus that has come to light in the last two weeks. It simply does not have the authority, resources, or jurisdiction to examine the issues that the Opposition has raised,” he said asserting that a JPC probe on Adani issue is necessary.
Last month, the firm alleged that the Adani Group companies had engaged in decades of “brazen” stock manipulation and accounting fraud, adding that its companies had “substantial debt”.
The Adani group has denied all charges and called the report baseless, and said Hindenburg’s conduct amounted to a “calculated attack on India.
