NEW DELHI: The Congress party Friday strongly criticised the Securities and Exchange Board of India for giving a clean chit to the Adani Group in two out of 20 matters being investigated under a Supreme Court-mandated probe. In a post on handle X, Congress general secretary Jairam Ramesh stated that this development does not absolve the Adani Group of alleged wrongdoing and emphasised the need for a thorough investigation into the conglomerate’s dealings.
The allegations against the Adani Group stem from the Hindenburg Report, which accused the conglomerate of financial irregularities and stock manipulation. The Supreme Court had directed the SEBI to conclude its investigation within two months in March 2023. However, the market regulator took two years and seven months to deliver its orders, prompting criticism of delays and inefficiency.
“The commercial partner in Modani Enterprises has now received a ‘clean chit’ from SEBI only in two of the 20 matters being investigated by it under a Supreme Court-mandated probe,” Ramesh said. “We now await SEBI’s findings on the remaining matters, which include allegations of insider trading in Adani Group companies, violations of rules relating to minimum public shareholding, and the 13 ‘suspicious transactions’ that SEBI told the Supreme Court it was investigating.”
Ramesh emphasised that the “Modani scam” extends far beyond SEBI’s investigations, encompassing alleged misuse of agencies like the ED, CBI, and Income Tax Department to force companies to sell off assets to the Adani Group; Biased privatisation of critical infrastructure assets like airports and ports for the benefit of the Adani Group; Misuse of diplomatic resources to funnel contracts to the Adani Group in different countries; Import of over-invoiced coal by Adani associates, contributing to sharp increases in electricity prices; and alleged Rs 2,000 crore bribery scheme to secure high-priced solar power contracts.
The Congress has demanded a Joint Parliamentary Committee probe into the Adani Group’s transactions, citing growing monopolisation, inflation, and foreign policy challenges. Ramesh emphasised that without a JPC, compromised institutions would continue to protect the powerful and the Prime Minister’s friends.
Earlier today, in a separate post, Ramesh had also reiterated his party’s demand for a thorough investigation into the Adani Group’s dealings, despite the Securities and Exchange Board of India giving a clean chit to the conglomerate. In a post on handle X, Ramesh had emphasised that the questions raised in the Congress party’s “Hum Adani Ke Hain Kaun” (HAHK) series remain unanswered.
The HAHK series highlighted alleged irregularities in the Adani Group’s transactions and its ties with the government. Ramesh pointed out that the matter goes far deeper, involving abuse of Indian foreign policy, misuse of investigative agencies, and capture of institutions like SEBI.
“The questions we raised in the 100-question-series Hum Adani Ke Hain Kaun (HAHK) remain unanswered,” Ramesh stated, emphasising the need to investigate the “Modani Scam” in all its dimensions. He also questioned the SEBI’s role in investigating alleged violations of securities and other laws by the Adani Group.
The Adani Group has been facing allegations of bribery and fraud, with the US Attorney’s Office charging Gautam Adani and others with conspiracies to commit securities and wire fraud. Jairam Ramesh has demanded a Joint Parliamentary Committee (JPC) investigation into the Adani Group’s transactions, citing growing monopolisation, inflation, and foreign policy challenges.
Ramesh also expressed concerns about the impact of the Adani Group’s dealings on India’s foreign policy, citing the cancellation of airport and power transmission deals in Kenya after the US bribery indictment. “Our nation’s foreign policy cannot be subordinated to the interests of just one business conglomerate,” Ramesh said.
Agencies