Opposition flays Modi govt, demands investigation following Hindenburg Research revelations
New Delhi: Indian opposition leaders have sharply criticized the Modi government and demanded an immediate investigation following startling revelations from the US-based short-seller firm, Hindenburg Research.
According to Kashmir Media Service, Hindenburg Research’s latest report reveals that offshore funds of Gautam Adani’s group, a billionaire friend of Modi, include a stake held by Securities and Exchange Board of India (SEBI) market regulator Madhabi Puri Buch. The report has prompted strong criticism from opposition parties, who are calling for an investigation into the matter.
Hindenburg Research says that the billionaire Indian family with close ties to Modi secretly invested millions in the Indian stock market and purchased shares. The report also states that SEBI Chairperson Madhabi Puri Buch and her husband are stakeholders in offshore companies linked to the alleged financial mismanagement of the Adani Group.
Reacting to the Hindenburg report, the oppostion urged the Modi government to act immediately to eliminate all conflicts of interest in the regulator’s investigation of the Adani Group and reiterated its demand for a Joint Parliamentary Committee (JPC) probe into the matter.
Congress chief Mallikarjun Kharge said a JPC inquiry is imperative to probe this massive scandal. He said that until a JPC inquiry probes the issue, concerns persist that Prime Minister Narendra Modi will continue to shield his ally, compromising India’s constitutional institutions.
Congress leader Rahul Gandhi questioned why Prime Minister Narendra Modi is fearful of a joint parliamentary committee investigation into the Adani Group. Gandhi expressed deep concern, questioning why, after such serious allegations, the SEBI Chairperson has not yet resigned. He also asked who would be held accountable if investors’ hard-earned money were lost, and whether the Supreme Court would remain silent on such significant disclosures.
Bahujan Samaj Party President Mayawati has also demanded an inquiry, stating that the Hindenburg report damages India’s reputation and that the Modi government should immediately order a high-level investigation.
The Aam Aadmi Party (AAP) demanded that the SC take note of the allegations. Addressing a press conference, AAP Rajya Sabha MP Sanjay Singh said the SEBI had told a SC panel that the investigation into the Adani group was directionless. “SEBI chief and her husband’s money was invested in shell companies. Why were these facts hidden from the Supreme Court? The apex Court should take note of the new developments and how facts were hidden,” he said.
A petition has been filed with the SC demanding an investigation into the allegations made by Hindenburg Research against Adani Group companies.
It is worth noting that in January of the previous year, Hindenburg had accused the Adani Group of the largest corporate fraud in history, resulting in a $86 billion drop in the group’s market value.
