The Supreme Court-appointed expert committee was tasked with looking into the allegations brought against the Adani group. The Congress has accused interior minister Amit Shah of giving the false impression that the panel will go into all of the allegations.
In an interview with a television network on Friday, Shah had said that anybody with proof of wrongdoing involving the Adani group was welcome to present it to the expert committee designated by the supreme court and established on March 2.
Why is the home minister, your close political partner, misinforming the Indian people, the Prime Minister was questioned by Congress communications leader Jairam Ramesh. Are you both setting the stage for a cover-up by misrepresenting the expert committee’s narrow mandate?
“The expert committee’s mandate excludes the main accusation against you (Prime Minister): that you have sought to enrich your close friend and financier Gautam Adani at all costs; that you have pressured regulators and investigative agencies to turn a blind eye to blatant wrongdoing by your cronies, be it money-laundering via shell companies or dubious associations with Chinese nationals accused, among other things, of illicit trading with the China- and Pakistan-
And that you have forced the federal government, state governments, and foreign governments to direct business to the Adani group by giving it monopolies in ports, airports, the defence industry, and other crucial areas at the cost of consumers and tax payers.
The expert committee’s mission is:
■ To provide a comprehensive analysis of the issue, taking into account the pertinent causative elements that have recently contributed to volatility in the securities market;
■ To recommend methods to increase investor awareness;
■ To look into any regulatory shortcomings that may have occurred in handling the suspected violation of securities laws by the Adani group or other businesses;
■ To recommend actions to I enhance the legislative and/ or regulatory framework; (ii) assure compliance with the current framework for the protection of investors.
Ramesh said that the expert group lacked statutory authority over any probes made by the market regulator Sebi or any other inquiry body.
“It lacks the authority to execute summonses, to compel the production of evidence, or to cross-examine witnesses; and utterances before it do not have the same force in terms of evidential value as a court of law,” Ramesh said.
The Supreme Court has asked the Sebi chairperson to “at the very least” “ensure that all necessary information is provided to the committee” and to “request cooperation from all Union government agencies, including those connected with financial regulation, fiscal agencies, and law enforcement agencies.”
Ramesh referred to the record of the Modi administration, saying: “We would like to remind you that (then) Chief Justice C.V. Ramana stated on August 24, 2022, that your government refused to cooperate with the committee looking into the unauthorised use of Pegasus malware in India, setting a troubling precedent.
Considering this background, is it not clear that a joint parliamentary committee (JPC) with the necessary authority is the only option to thoroughly probe the Adani scam? Is it not evident that any committee other than a JPC would be reduced to a legitimation and exoneration exercise, regardless of its merits?
Ramesh expressed his wish that “even with its narrow mission, we pray that the expert committee’s report, which is due in two months under a “sealed cover,” does not suffer the same fate as earlier similar findings.
“The Pegasus report was filed in July 2022, but it has not yet been made public. What is the assurance that the Adani fraud report won’t suffer the same fate, he questioned?
Does this not once again need a JPC to make sure all pertinent factors are considered?
