New Delhi: The political landscape is heating up following accusations made by American short seller Hindenburg Research against the Adani Group and SEBI Chairperson Madhabi Puri Buch. The report alleges that the SEBI chairperson holds stakes in offshore companies linked to the financial irregularities involving the Adani Group, raising serious concerns about the integrity of the investigation.
The Hindenburg report has triggered a wave of reactions, particularly from the opposition. Congress leader Supriya Shrinate was quick to question the impartiality of the investigation, suggesting that the SEBI chairperson’s alleged involvement may have hindered a thorough probe. “Was the Adani case not being investigated because the person who was supposed to investigate was involved in the alleged scam?” Shrinate asked. “Despite repeated orders from the Supreme Court, SEBI has not carried out a proactive investigation. This is the biggest criminal conspiracy.”
Shrinate further criticized the government, claiming the report has exposed both the SEBI chairperson and Prime Minister Narendra Modi. “This report has exposed the integrity of SEBI chief and Prime Minister Narendra Modi. The Supreme Court repeatedly asked for information on investments. Everyone used to look around again and again,” she added.
In response to the allegations, SEBI Chairperson Madhabi Puri Buch defended the regulatory body’s actions, stating that Hindenburg Research had been issued several show-cause notices, to which the firm did not respond. “Hindenburg was sent several show-cause notices on our behalf. However, he did not answer them,” Buch said. She expressed disappointment over Hindenburg’s decision to attack SEBI’s credibility instead of addressing the concerns raised. “It is very sad that instead of responding to these notices, Hindenburg has chosen to attack SEBI’s credibility and assassinate its character.”
The report by Hindenburg Research also included personal attacks on the SEBI chairperson, further intensifying the controversy. The allegations have sparked a political firestorm, with opposition leaders demanding transparency and accountability in the investigation of the Adani Group.
As the situation unfolds, the focus remains on the integrity of India’s regulatory institutions and the government’s handling of the high-profile case. With political tensions escalating, all eyes are on the Supreme Court’s next move and the potential impact on the Adani Group and SEBI.
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