Hindenburg-SEBI Row: Congress Urges Supreme Court To Transfer Adani Probe to CBI or SIT

Amid the escalating row surrounding Hindenburg Research's allegations against Sebi Chairperson Madhabi Buch, the Congress intensified its criticism of the PM Narendra Modi government on Monday. The party called for Buch's resignation and urged the Supreme Court to transfer the Adani probe to the CBI or a Special Investigation Team, citing concerns over a potential compromise by Securities and Exchange Board of India (Sebi).

The opposition party also reiterated its call for the immediate formation of a Joint Parliamentary Committee (JPC) to investigate what it termed the "Modani mega scam," involving the "self-anointed non-biological PM and a perfectly biological businessman."

Our statement of Aug 12, 2024, in response to SEBI's statement of Aug 11, 2024 pic.twitter.com/uDk7JAiURG

— Jairam Ramesh (@Jairam_Ramesh) August 12, 2024

The Congress' assertions followed a statement from Sebi, which announced that the allegations against the Adani Group had been "duly investigated," and that Chairperson Madhabi Buch had disclosed and recused herself as needed while handling related matters.

Congress General Secretary in-charge of Communications Jairam Ramesh criticized the Sebi for its statement on the ongoing investigations into the Adani Group's financial transactions. He claimed that Sebi was attempting to create an impression of excessive activity by reporting the issuance of 100 summons, 1,100 letters and emails, and the examination of 300 documents comprising 12,000 pages.

Here is the statement by Shri @Jairam_Ramesh, MP and General Secretary (Communications), AICC, dated August 12, 2024, in response to SEBI's statement of August 11, 2024. pic.twitter.com/Tsb8qdiVHk

— Congress (@INCIndia) August 12, 2024

"This must have been very exhausting, but it diverts attention from the core issues involved. Actions matter, not activities," Ramesh said in a statement. "On February 14, 2023, I had written to the Sebi chairperson urging Sebi to play its role as the steward of India's financial markets on behalf of the crores of Indians who have faith in the fairness of India's financial markets. I never received a reply," the Congress leader said.

On March 3, 2023, the Supreme Court instructed Sebi to "expeditiously conclude the investigation" into allegations of stock manipulation and accounting fraud involving the Adani Group within two months. However, 18 months later, Sebi has disclosed that a crucial investigation, likely concerning whether Adani violated Rule 19A related to minimum public shareholding, remains incomplete, Ramesh noted.