The Congress is planning to organise 20 press conferences around the nation on Wednesday to attempt to escalate the situation by emphasising the necessity for a Joint Parliamentary Committee (JPC) investigation into the charges made by Hindenburg Research against Adani Group.
Jairam Ramesh, the general secretary of the Congress and in charge of communications, stated on Tuesday that the “Modani Maha Ghotala” requires a JPC investigation.
“Tomorrow, the Indian National Congress will conduct 20 press conferences across the country to highlight the need for a JPC into the Modani Maha Ghotala that has widespread ramifications for the economy and for crores of small investors – for whom the integrity of capital market regulators is essential,” Ramesh posted on X.
In research released in January of last year, US-based short seller Hindenburg Research accused Adani Group of improperly using tax havens and raised worries about the company’s debt levels. The story caused the Adani Group’s domestically listed stocks to plunge $86 billion and its abroad listed bonds to sell. The Adani Group denied the allegations as untrue and claimed to comply with all legal and disclosure obligations.
In January 2024, the Supreme Court rejected a plea requesting that the CBI investigate the accusations against the Adani company. The court further declared that the Securities and Exchange Board of India (SEBI) is the only body with the authority to investigate cases involving stock price manipulation and market regulation.
However, Hindenburg Research said in its most recent August research that Dhaval Buch and SEBI chief Madhabi Puri Buch have investments in offshore companies connected to the Adani Group’s alleged financial misdeeds.
Eighteen months after releasing its “damning report” on Adani, the US investment research firm claimed that “SEBI has shown a surprising lack of interest in Adani’s alleged undisclosed web of Mauritius and offshore shell entities.”
Since then, Buch and her spouse have said that their finances are transparent and dismissed the accusations as unfounded. Adani Group has likewise described the recent accusations from Hindenburg Research as malicious and selectively manipulative of public information.
Due to conflicts of interest involving SEBI, Congress has intensified its attack on the government and is calling for a JPC investigation.
