NEW DELHI, Aug 12: The opposition on Monday stepped up its attack on the government over Hindenburg’s allegations against SEBI chairperson Madhabi Buch with the Congress warning of a nationwide stir if a JPC probe is not initiated, even as the BJP dismissed the demand as a “sham” aimed at undermining the Indian economy.
The Indian stock market held up despite Rahul Gandhi lending his voice to the “trash” Hindenburg report, the ruling party said and alleged billionaire investor George Soros was behind the moves to destabilise the economy and the Modi government.
After launching a broadside against the chief of market regulator SEBI, alleging that she and her husband had stakes in obscure offshore funds used in the “Adani money siphoning scandal”, US short-seller Hindenburg Research said Buch has now publicly confirmed her investment in an obscure Bermuda/Mauritius fund structure.
As the row deepened, the Congress pressed its demand for the SEBI chief’s resignation and urged the Supreme Court to transfer the Adani probe to the CBI or a Special Investigation Team given the “likelihood of SEBI’s compromise”.
The opposition party also reiterated that the path forward is to immediately convene a Joint Parliamentary Committee (JPC) to investigate the full extent of what it described as the “Modani mega scam” involving the “self-anointed non-biological PM and a perfectly biological businessman”.
Congress general secretary in-charge communications Jairam Ramesh claimed that no institution is sacrosanct in ‘Amrit Kaal’.
Did the SEBI chairperson recuse herself from the Adani investigations, he asked. “Do these conflicts of interest explain the prolonged investigation, a delay that has benefited both Adani and the Prime Minister while damaging SEBI’s reputation? How can a match proceed if the umpire herself is compromised?” Ramesh said.
The Supreme Court must transfer the investigation to the CBI or SIT given the “likelihood of SEBI’s compromise”, he said in a statement.
At a minimum, the SEBI chairperson must resign to restore SEBI’s integrity, Ramesh stressed.
AICC General Secretary (Organisation) K C Venugopal accused the prime minister of supporting the Adani Group and its chairman Gautam Adani on the matter.
“This is the most serious issue in the country”, he said and warned that if the demand for a Joint Parliamentary Committee (JPC) probe is not accepted, they would move towards a nationwide protest.
The BJP rejected the Congress’ demand for a JPC probe, saying it is a sham and made with an eye on weakening the Indian economy and destroying investment in the country.
BJP leader and former Union minister Ravi Shankar Prasad reiterated the party’s line that the short-selling firm’s allegations and the opposition’s criticism of the market regulator are part of a wider conspiracy.
While India is being globally seen as a safe, stable and promising market, the Congress party wants to project that the Indian investment scenario is not safe, he alleged, suggesting that the opposition party was seizing on the “chits” provided by foreign entities to damage the economy.
Billionaire investor George Soros is an investor in Hinderburg and he is known for running propaganda against the government led by Prime Minister Modi, Prasad said.
The Congress wants the stock market, which has given good returns to crores of small investors, to crash, he alleged.
“The Indian stock market held up despite Third Time Fail Rahul Gandhi lending his voice to the trash Hindenburg report. This is not the first time. Earlier, he targeted HAL and LIC, among others, but both scrips have done well. George Soros must realise that he can’t take a mule to Derby and hope to win (sic),” BJP IT department head Amit Malviya said on X.
Meanwhile, the Finance Ministry said it has nothing more to add to the statements given by the Securities and Exchange Board of India and its chairperson regarding Hindenburg’s latest report. (PTI)
