Industrialist Gautam Adani’s “Satyameva Jayate” boast after the Supreme Court order evoked disdain and ridicule from the Congress, the chief Opposition party, which alleged that the Securities & Exchange Board of India (Sebi) was not investigating the whole gamut of “illicit activities” that the business conglomerate was accused of.

While the Congress indicated its dissatisfaction with the Supreme Court by describing its approach to Sebi’s deficient surveillance and responses as “extraordinarily generous”, it asserted that the allegations of misuse of office by Prime Minister Narendra Modi to help the Adani group and several violations by the business entity itself were beyond the remit of the regulatory body. It laughed away the claim of “clean chit” without any investigation into the main charges.

“Truth dies a thousand deaths when we hear ‘Satyameva Jayate’ from those who have gamed, manipulated and subverted the system this past decade. None of the hundred pointed questions asked in our HAHK (Hum Adani ke Hain Kaun) series last year stand answered after today’s judgment. Our fight for Nyay (justice) against crony capitalism and its ill-effects on prices, employment and inequality will continue even more forcefully,” Congress communications chief Jairam Ramesh said.

Gautam Adani had tweeted after the Supreme Court verdict: “The Hon’ble Supreme Court’s judgement shows that: Truth has prevailed. Satyameva Jayate. I am grateful to those who stood by us. Our humble contribution to India’s growth story will continue. Jai Hind.”

Explaining the development, Ramesh said: “The Supreme Court judgment today on certain matters relating to transactions by the Adani group has proven extraordinarily generous to Sebi, not least by extending its original investigation deadline of 14 August, 2023, by another three months to 3 April, 2024. It is noteworthy that Sebi has failed to complete its investigation into the violation of securities laws and stock manipulation by the Adani group and its associates ten months after the Supreme Court’s expert committee asked it to do so. It is unclear what will change in the next three months other than the Model Code of Conduct for the Lok Sabha elections coming into effect.”

Drawing attention to the Congress’s main charge of the government going out of its way to help Adani, Ramesh said: “It is worth noting that regarding the Modani MegaScam, Sebi’s mandate is limited to violations of securities regulations. It will not, for instance, look into how the Modi government manipulated bidding conditions over the objections of the NITI Aayog and Finance Ministry to hand Adani a complete airports monopoly, and has misused the ED and CBI to force critical national assets into the hands of the PM’s cronies.”

Ramesh added: “Or whether the Prime Minister forced the State Bank of India to sign an MoU to lend Adani US$1 billion over a lunch meeting, or how the Modi government has forced important neighbouring countries to hand over critical projects to the PM’s favourite businessman. It will not investigate how the Devendra Fadnavis government moved heaven and earth to hand over the Dharavi Redevelopment Project to Adani at very favourable terms, or how Adani has been allowed to inflate consumers’ electricity bills. To get to the bottom of the Modani MegaScam, nothing less than a JPC will do.”

In a subtle jibe, Ramesh said: “The court is right to observe that news reports are not a substitute for a proper Sebi investigation. However, it is concerning that Sebi has asked for extension after extension while the media has produced exposé after exposé.”

Recalling details, Ramesh said: “31 August, 2023: The OCCRP (Organised Crime and Corruption Reporting Project) reveals the actual ownership of two of the 13 benami shell companies that Sebi has failed to identify despite years of ‘investigation’. Chang Chung-Ling and Nasser Ali Shaban Ahli held 8-14% of benami holdings in Adani Enterprises, Adani Ports and Special Economic Zone, Adani Power and Adani Transmission. This was via shell companies in Mauritius, UAE and British Virgin Islands in blatant violation of Sebi’s minimum shareholding laws. 12 October, 2023: The Financial Times shows how coal trading firms controlled by Chang Chung-Ling and Mohamed Ali Shaban Ahli siphoned out Rs 12,000 crore by over-invoicing coal imported by the Adani group to Mundra Port in Gujarat.”

The Congress leader insisted that the two exposés established a clear link between money flowing out from the pockets of Indian coal utilities and electricity consumers and into the Adani group companies, in violation of Sebi rules relating to minimum ownership as well as stock manipulation.

“Those describing this judgement as a ‘clean chit’ are the same as those who described the Expert Committee report as a ‘clean chit’. The Expert Committee had pointed out that Sebi had in 2018 diluted and subsequently, in 2019, entirely deleted the reporting requirements relating to the ultimate beneficial (i.e. actual) ownership of foreign funds. This had tied its hands to the extent that ‘the securities market regulator suspects wrongdoing, but also finds compliance with various stipulations in attendant regulations… It is this dichotomy that has led to Sebi drawing a blank worldwide,’ the Expert Committee had stated.”