New Delhi [India], August 11 (ANI): Congress leader Supriya Shrinate on Sunday claimed that the lack of transparency and accountability has led to a “biggest criminal conspiracy” and has “exposed and destroyed the integrity” of the SEBI Chief.
According to Congress leader Supriya Shrinate, SEBI (Securities and Exchange Board of India) is destroying transparency by – Failing to investigate the Adani issue despite Supreme Court orders, the alleged involvement of the investigator in the scam, leading to a lack of active investigation and not taking adequate action to prevent and punish wrongdoing, thereby compromising regulatory oversight.
On the latest report from Hindenburg Research, Congress leader Supriya Shrinate said, “Was the Adani issue not being investigated because the one who was supposed to investigate was involved in the alleged scam? SEBI did not actively investigate despite repeated orders from the Supreme Court… At the absolute maximum level, it destroys transparency. It is the biggest criminal conspiracy… This report has exposed and destroyed the integrity of the SEBI Chief and Prime Minister Narendra Modi…”
Speaking at a press conference, Shrinate said that the whole issue “has destroyed the integrity of the SEBI chief, the ruling government and Prime Minister Narendra Modi.”
She further questioned the BJP on why they are coming in defence on the matter.
“In all the matters where the names of SEBI, Madhabi Buch, Adani and Black Stone are being disclosed, what is the problem with the BJP? Why are they coming in defence? Why is the BJP talking about Adani’s name and SEBI’s name?” she said.
She alleged that “After the Adani scam came to light, Hindenburg filed a charge, and its investigation was handed over to SEBI. Now the report came that the SEBI chief, Madhabi Buch and her husband Dhaval Buch were investing in the same obscure foreign funds that had a relation with Adani’s brother, Vinod Adani.”
She further alleged that the reason the Adani scam was not being investigated was because the SEBI chief was involved.
“A question now arises that the Adani scam was not being investigated because the SEBI chief is involved in it. SEBI kept saying again and again that they have drawn a blank even after the higher judiciary asked for a report on the matter,” she said.
She also questioned Buch on why she is being quiet on the allegation, the impartial investigation of the Adani matter and alleged if Adani had a role in making her the SEBI chief.
Earlier, after the opposition lashed out at the government on the matter, BJP leader Rajeev Chandrashekhar termed the report a “conspiracy” and intended attack to destabilise India’s financial system and said there is nothing “credible” in the report.
Chandrashekhar further alleged that Congress is seeking foreign help to destabilise India’s financial system and to create chaos in the country by attacking the independent regulator Sebi.
Speaking to ANI, the BJP leader and former Union Minister Rajeev Chandrasekhar said, “There seems to be a pattern where the Congress over the last ten years has adopted a strategy of politics of lies and is now seeking foreign help to destabilise our financial system and to create chaos in the country by attacking the independent regulator SEBI and by casting aspersions on the chairman of SEBI. This is a conspiracy and some forces are working together to destabilise India’s economy and discredit our regulators, stock markets and financial system. It is something that we should never allow, as our country is on the path of expansion and growth. Using these innuendos and lies against an independent regulator is a crime. Nothing in the report is credible. This is a conspiracy and deliberate attack on India’s economy.”
Sebi Chairperson Madhabi Buch and her husband also issued a joint statement rejecting the allegations made by the Hindenburg Research.
In the joint statement released to the media, they said, “In the context of allegations made in the Hindenburg Report dated August 10, 2024, against us, we would like to state that we strongly deny the baseless allegations and insinuations made in the report. The same are devoid of any truth. Our lives and finances are an open book. All disclosures as required have already been furnished to SEBI over the years. We have no hesitation in disclosing any and all financial documents, including those that relate to the period when we were strictly private citizens, to any and every authority that may seek them. Further, in the interest of complete transparency, we would be issuing a detailed statement in due course.”
Meanwhile, hours, after the US-based short seller shot off fresh allegations against Adani Group, the spokesperson of the conglomerate, said, “The latest allegations by Hindenburg Research are malicious, mischievous, and manipulative selections of publicly available information to arrive at pre-determined conclusions for “personal profiteering with wanton disregard for facts and the law.”
Earlier in the day, shortly after US-based short seller Hindenburg Research on August 10 alleged that SEBI Chairperson Madhabi Buch and her husband had stakes in “both the obscure offshore entities used in the Adani money siphoning scandal,” the SEBI Chairperson and her husband issued a joint statement rejecting the allegations.
Madhabi Puri Buch and her husband accused Hindenburg Research, against whom SEBI has taken enforcement action, of character assassination.
In the joint statement released to the media, they said, “Our life and finances are an open book. All disclosures as required have already been furnished to SEBI over the years. We have no hesitation in disclosing any and all financial documents, including those that relate to the period when we were strictly private citizens, to any and every authority that may seek them. It is unfortunate that Hindenburg Research against whom SEBI has taken an Enforcement action and issued a show cause notice has chosen to attempt character assassination in response to the same.”
Earlier on Saturday, US short seller Hindenburg had alleged, “We had previously noted Adani’s total confidence in continuing to operate without the risk of serious regulatory intervention, suggesting that this may be explained through Adani’s relationship with SEBI Chairperson, Madhabi Buch.”
“What we hadn’t realized: the current SEBI Chairperson and her husband, Dhaval Buch, had hidden stakes in the exact same obscure offshore Bermuda and Mauritius funds, found in the same complex nested structure, used by Vinod Adani,” the report by the US hedge firm said.
Hindenburg Research said it has made the new allegations based on documents provided by a whistleblower and investigations carried out by other entities.
In January 2023, Hindenburg published a report accusing the Adani Group of financial irregularities, leading to a significant drop in the company’s stock price. The group at the time had rubbished these claims.
The Hindenburg report alleged stock manipulation and fraud by the conglomerate. The case is related to the allegations (part of a report by Hindenburg Research) that Adani had inflated its share prices. After these allegations were published, there was a sharp fall in the shares of various Adani group companies’ stocks.
In January 2024, the Supreme Court refused to transfer the probe into the allegations of stock price manipulation by the Adani group to an SIT and had directed market regulator SEBI to complete its probe into two pending cases within three months.
Earlier this year the SC also dismissed a plea seeking to review the verdict that had sought investigation by the market watchdog SEBI in the Adani-Hindenburg case. (ANI)
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