Wednesday, 06 November 2024
Wednesday, 06 November 2024
The spotlight has once again turned on the Adani Group and the Securities and Exchange Board of India (Sebi) amid fresh allegations from US short-seller Hindenburg Research. Hindenburg claims that Sebi chief Madhabi Puri Buch and her husband Dhaval Buch were involved with obscure offshore funds connected to the Adani Group money siphoning scandal.
Here’s how key figures have responded to these accusations:
Madhabi Puri Buch
SEBI Chairperson Madhabi Puri Buch firmly denied the allegations, calling them 'baseless' and asserting the transparency of her finances. “The allegations are devoid of any truth. Our life and finances are an open book. All disclosures as required have already been furnished to SEBI over the years,” Buch said. She further emphasised her willingness to disclose any financial documents and also indicated that a detailed statement addressing these issues would be released in due course.
Adani Group
The Adani Group dismissed Hindenburg’s claims as 'malicious and manipulative,' emphasising that there is no commercial relationship with Buch or her husband. “We completely reject these allegations against the Adani Group, which are a recycling of discredited claims that have been thoroughly investigated, proven to be baseless, and already dismissed by the Hon'ble Supreme Court in January 2024,” it said.
In response to the allegations, TMC MP Mahua Moitra has raised several pointed questions for Sebi chief Madhabi Puri Buch. These include inquiries about investments in IPEplus Fund 1 and associations with Agora Partners. "How many direct meetings either as an individual or as a group did you take with people either from the Adani group or from Blackstone or from associations where Adani or Blackstone are participants?" asked Moitra.
Mallikarjun Kharge
Congress President Mallikarjun Kharge criticised Sebi for previously clearing the Adani Group and called for a Joint Parliamentary Committee (JPC) inquiry into the new allegations. “A JPC inquiry is imperative to investigate this massive scandal,” Kharge said, stressing the need to protect small and medium investors who rely on SEBI’s oversight.
In response, BJP leader Rajeev Chandrasekhar accused the Congress and other Opposition parties of conspiring to create financial instability and chaos in India. Chandrasekhar criticised Hindenburg’s report as a tool to undermine SEBI and disrupt market stability. “This attack on Sebi by a foreign bank Hindenburg, is an obvious partnership with the Cong and has a ominous motive and goal," Chandrasekhar said. He described the report as a classic example of 'Congress-style innuendo and lies glued together,' aimed at slowing down bullish market sentiments and inflicting losses on investors.
Sanjay Singh
AAP Rajya Sabha MP Sanjay Singh questioned Sebi’s investigation and the lack of disclosure regarding the Buch’s investments. “SEBI told a Supreme Court panel that the investigation into the Adani group was directionless. Why were these facts hidden from the Supreme Court?” Singh asked, urging the apex court to address the new developments.
Jairam Ramesh
Congress General Secretary raised concerns about SEBI’s transparency, particularly criticising the locked status of its Twitter account. “The SEBI account on Twitter is locked, which is puzzling. This opacity leads to questions about whether the platform has been quietly deleting past advisories,” Ramesh stated, questioning the regulator’s professionalism.
Pawan Khera
Congress' media and publicity department Head Pawan Khera scrutinised the government's appointment process for SEBI Chairperson Madhabi Puri Buch. “A simple due diligence done by the government before appointing Ms. Madhabi Puri Buch would have brought these damning details out,” Khera said. He called for a JPC inquiry to ensure full transparency.
The BJP alleged that the Congress and other opposition parties are part of a conspiracy to create financial instability and chaos in India, as the ruling party rejected Hindenburg's charge against the SEBI chairperson as an attempt to discredit the financial watchdog. BJP leader and former Union minister Rajeev Chandrasekhar said the short-selling firm has clearly attacked market regulator SEBI in an "obvious partnership" with the Congress and has a ominous motive and goal. He said he has read the report which, he claimed, is a classic "Congress style innuendo and lies glued together", aimed at discrediting the regulator and causing chaos and losses in markets for investors to slow down bullish sentiments.
