New Delhi: The political landscape in India has erupted in response to a new report by American research firm Hindenburg Research, which directly accuses SEBI Chairperson Madhabi Puri Buch of colluding with the Adani Group. The allegations have intensified the ongoing controversy surrounding the Adani Group, leading to sharp reactions from opposition leaders.
On Sunday, August 11, 2024, Congress leader and Leader of Opposition in the Lok Sabha, Rahul Gandhi, released a video message on the social media platform X, where he posed three critical questions regarding the issue. Gandhi, the MP from Rae Bareli, UP, criticized SEBI, the market regulator responsible for protecting the interests of small retail investors, accusing it of compromising its integrity due to the serious allegations against its chief.
In his video message, Rahul Gandhi asked:
- “Why hasn’t SEBI Chairperson Madhabi Puri Buch resigned yet?”
- “If investors lose their hard-earned money, who will be held accountable? PM Modi, SEBI Chairperson, or Gautam Adani?”
- “After these very serious allegations have come to light, will the Supreme Court once again take suo motu cognizance in this matter?”
Gandhi argued that the recent developments clearly explain why Prime Minister Narendra Modi is allegedly reluctant to support a Joint Parliamentary Committee (JPC) investigation into the Adani Group. He likened the situation to an international cricket match where the umpire is compromised, questioning the fairness of the proceedings.
Echoing Gandhi’s concerns, Congress President Mallikarjun Kharge on Monday reiterated the demand for a JPC to probe the alleged scam. Kharge asserted that without a thorough investigation by the JPC, there would remain a lingering suspicion that Prime Minister Modi is shielding his allies by compromising India’s constitutional institutions, which have been built over the last seven decades.
The latest Hindenburg report has reignited the political debate over the Adani Group and its ties to the government, with opposition leaders calling for greater transparency and accountability. As the controversy unfolds, the focus remains on how the government and regulatory bodies will respond to the mounting pressure for an independent investigation.
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