Hindenburg report: Congress demands RBI, SEBI probe into charges against Adani Group

The Congress on Friday demanded a probe by the RBI and SEBI into the charges levelled by New York based research firm, Hindenburg research against the Adani Group.

Hindenburg Research had in a recently released report accused the Adani Group of “brazen stock manipulation” and “accounting fraud”. 

In a statement issued, head of the Congress media department and senior Congress leader Jairam Ramesh demanded, “The allegations require serious investigation by those who are responsible for the stability and security of the Indian financial system, viz. the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI).”

Attacking the Modi government for turning a blind eye to their “favourite business group”, Ramesh added, “For all its posturing about black money, has the Modi government chosen to turn a blind eye towards illicit activities by its favourite business group? Is there a quid pro quo? Will SEBI investigate these allegations to the fullest and not just in name?

Hinting at the "close relationship" that Adani Group and Modi government share, Ramesh said that as a "responsible" Opposition, Congress was

urging  SEBI and RBI “to play their roles as stewards of the financial system and to investigate these allegations in the wider public interest.” Ramesh said, “Adani Group is no ordinary Conglomerate” since it has been a close ally of the PM Modi since the time, he was the CM of Gujarat.

“The Modi Sarkar can try and impose censorship. But in an era of globalisation of Indian businesses and financial markets can Hindenburg-type reports that focus on corporate misgovernance be simply brushed aside and dismissed as being ‘malicious’,” the statement said.