Congress Intensifies Calls for JPC Probe into Hindenburg-Adani Controversy
- Posted on August 21, 2024
- News
- By Arijit Dutta
- 36 Views
Congress launches nationwide press conference campaign to demand a JPC probe into the Hindenburg-Adani controversy, dubbing it the "Modani Maha Ghotala." The party cites alleged conflicts of interest involving SEBI leadership and the need to ensure capital market integrity as key reasons for the parliamentary inquiry.
In a bid to ramp up pressure on the government over the Hindenburg Research allegations against the Adani Group, the Congress party has announced plans to hold 20 press conferences across the country on Wednesday. The focus of these briefings will be to highlight the need for a Joint Parliamentary Committee (JPC) probe into the matter, which the party has dubbed the "Modani Maha Ghotala."
Congress general secretary in-charge communications Jairam Ramesh stated that the press conferences will emphasize the "widespread economic ramifications" of the Hindenburg-Adani row and the importance of ensuring the integrity of capital market regulators.
Ramesh's comments come in the wake of the latest Hindenburg Research report, which alleged conflicts of interest involving SEBI chairperson Madhabi Puri Buch and her husband Dhaval Buch in relation to the Adani Group's alleged financial misconduct.
The US-based short seller had previously published a report in January 2023 that accused the Adani Group of improper use of tax havens and raised concerns about its debt levels. This triggered an $86 billion rout in the group's domestically listed stocks and a sell-off in its overseas bonds.
While the Supreme Court had dismissed a plea for a CBI investigation into the Hindenburg allegations in January 2024, the Congress party remains steadfast in its demand for a JPC probe. The party argues that the alleged conflicts of interest involving SEBI's leadership warrant a comprehensive parliamentary inquiry.
The Adani Group has dismissed Hindenburg's latest allegations as "malicious and manipulative," while Buch and her husband have denied the claims as baseless.
As the political battle over the Hindenburg-Adani controversy continues to unfold, the Congress's nationwide press conferences aim to garner public attention and build momentum for a JPC investigation into what the party sees as the "Modani Maha Ghotala."
In a bid to ramp up pressure on the government over the Hindenburg Research allegations against the Adani Group, the Congress party has announced plans to hold 20 press conferences across the country on Wednesday. The focus of these briefings will be to highlight the need for a Joint Parliamentary Committee (JPC) probe into the matter, which the party has dubbed the "Modani Maha Ghotala."
Congress general secretary in-charge communications Jairam Ramesh stated that the press conferences will emphasize the "widespread economic ramifications" of the Hindenburg-Adani row and the importance of ensuring the integrity of capital market regulators.
Ramesh's comments come in the wake of the latest Hindenburg Research report, which alleged conflicts of interest involving SEBI chairperson Madhabi Puri Buch and her husband Dhaval Buch in relation to the Adani Group's alleged financial misconduct.
The US-based short seller had previously published a report in January 2023 that accused the Adani Group of improper use of tax havens and raised concerns about its debt levels. This triggered an $86 billion rout in the group's domestically listed stocks and a sell-off in its overseas bonds.
While the Supreme Court had dismissed a plea for a CBI investigation into the Hindenburg allegations in January 2024, the Congress party remains steadfast in its demand for a JPC probe. The party argues that the alleged conflicts of interest involving SEBI's leadership warrant a comprehensive parliamentary inquiry.
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The Adani Group has dismissed Hindenburg's latest allegations as "malicious and manipulative," while Buch and her husband have denied the claims as baseless.
As the political battle over the Hindenburg-Adani controversy continues to unfold, the Congress's nationwide press conferences aim to garner public attention and build momentum for a JPC investigation into what the party sees as the "Modani Maha Ghotala."
