Active Stocks
Fri Sep 22 2023 15:58:38
  1. Tata Steel share price
  2. 126.7 -0.86%
  1. HDFC Bank share price
  2. 1,529.2 -1.57%
  1. State Bank Of India share price
  2. 598.1 1.67%
  1. Power Grid Corporation Of India share price
  2. 199.1 -1.34%
  1. Tata Motors share price
  2. 621.1 -0.93%
Business News/ News / India/  This is a joke: TMC MP Mahua Moitra accuses SEBI of trying to ‘cover up’ Gautam Adani on Hindenburg

The Securities and Exchange Board of India (SEBI) has requested a six-month extension from the Supreme Court to complete its investigation into possible lapses in securities market laws and regulatory disclosures by the Adani Group.

This move by the market regulator has been criticised by Mahua Moitra. The powerhouse Trinamool Congress MP, known for being articulate in her criticism of the government, has alleged that SEBI is trying to protect its favourite businessman, Gautam Adani, by allowing him time to cover up his actions.

She tweeted that SEBI has been investigating the matter since October 2021 when they replied to her letter of July. While SEBI prima facie sees violations, they are seeking six more months to give Adani the time to cover up his actions.

Also Read: Where are 'saases and bahus'? Mahua Moitra slams ‘BJP nari brigade’ over wrestlers' protest

“This is a joke. @SEBI_India has been investigating since October 2021 when they replied to my letter of July. While they prima facie see violations (no surprise)-they want 6 months to protect their favorite businessman so that he can get maximum time to cover up," she tweeted.

The Supreme Court asked SEBI to investigate the matter within two months and had set up an expert panel to look into the protection of Indian investors following a damaging report by US short seller Hindenburg Research. 

Also Read: Mahua Moitra is willing to go to jail for this tweet: Here’s what she wrote

The report wiped out more than $140 billion of the Adani Group's market value. SEBI said that further investigations were necessary in cases where preliminary findings point to violations of securities laws.

Meanwhile, senior Congress leader Jairam Ramesh has called for a probe by a joint parliamentary committee (JPC), saying the expert committee “cannot (and will not want to) investigate the entire political science and business practices of the Group". He hopes that the request for an extension is not an effort to bury the scam or drag it out in the hope that the furore will die down.

SEBI Chairperson Madhabi Puri Buch, while calling the Adani issue “"elephant in the room", earlier refused to comment on it during her media appearance in late March as the matter was sub-judice.

"Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!" Click here!

Sounak Mukhopadhyay
Sounak Mukhopadhyay, who also goes by the name Sounak Mukherjee, has been producing digital news since 2012. He's worked for the International Business Times, The Inquisitr, and Moneycontrol in the past. He's also contributed to Free Press Journal and TheRichest with feature articles. He covers news for a wide range of subjects including business, finance, economy, politics and social media. Before working with digital news publications, he worked as a freelance content writer.
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Updated: 30 Apr 2023, 05:58 AM IST
Next Story
Recommended For You
Switch to the Mint app for fast and personalized news - Get App