Many members of the Opposition INDIA bloc were up in arms against the government over the latest Hindenburg Research report even as the Congress mounted pressure for the resignation of Sebi chief Madhabi Buch. The party targeted the Modi government and the Adani group and asked the Supreme Court to take suo moto cognizance of the development and reiterated the demand for a Joint Parliamentary Committee into the entire issue of the pending Hindenburg allegations against the business conglomerate.
Leader of the Opposition, Rahul Gandhi, said the integrity of Sebi has been gravely compromised by the allegations against its chairperson with the Hindenburg report and asked why the Sebi chief has not yet resigned and urged the apex court to take this up.
“Honest investors across the country have pressing questions for the government. Why hasn’t Sebi chairperson Madhabi Puri Buch resigned yet? If investors lose their hard-earned money, who will be held accountable — PM Modi, the Sebi chairperson, or Gautam Adani? In light of the new and very serious allegations that have surfaced, will the Supreme Court look into this matter suo moto once again? It is now abundantly clear why Prime Minister Modi is so afraid of a JPC probe and what it might reveal,” Gandhi said.
Accusing Buch of having “major conflict of interest” and asserting that “Ceaser’s wife has to be above suspicion”, Congress spokesperson Supriya Shrinate pointed out that Sebi had told the SC that it drew a blank in its probe into Hindenberg’s earlier allegations against the Adani group and asked whether Buch had informed SC or the expert panel about her investments in stakes in offshore entities connected to the Adani group funds.
“The biggest question is why didn’t you (Buch) recuse yourself from the Sebi probe?…After such a serious allegation, can you (Buch) still continue as Sebi chief or shouldn’t you be immediately dismissed?”
Congress communications in-charge Jairam Ramesh demanded that the government must eliminate all conflicts of interest. “This raises fresh questions about Gautam Adani’s two 2022 meetings in quick succession with Buch shortly after she became Sebi chairperson. Recall that Sebi was supposedly investigating Adani transactions at the time. 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 to investigate the full scope of the Adani mega scam”.
