Hindenburg-Adani row: Congress steps up JPC probe demand, to organise nationwide protest today

The Congress party will hold a nationwide agitation on August 22 demanding SEBI Chief Madhabi Puri Buch's resignation and a Joint Parliamentary Committee probe over Hindenburg-Adani row.

In its latest report released earlier this month, the US-based Hindenburg Research alleged on August 10 that SEBI Chairperson Madhabi Puri Buch and her husband Dhaval Buch had stakes in obscure offshore funds used in the alleged Adani money siphoning scandal.

"The Indian National Congress will conduct 20 press conferences across the country to highlight the need for a JPC into the Modani Maha Ghotala that has widespread ramifications for the economy, and for crores of small investors - for whom the integrity of capital market regulators is essential,” Congress leader Jairam Ramesh said in a post on X on Wednesday.

In the national capital, the protest will be held at the Jantar Mantar.

“Every effort was being made to make Adani the richest in the county by using all devious methods, including misusing probe agencies like ED, CBI and the Income Tax department. All rules, including foreign investment and foreign policy were being changed to suit the Adani’s growth and cover up money laundering,” Congress spokesperson Supriya Shrinate said in Delhi on Wednesday.

The Modi government must immediately seek the resignation of the SEBI chairperson and constitute a JPC in this regard, the Congress party demanded.

The allegations triggered a political slugfest with the Congress and other INDIA bloc parties demanding her removal and a Joint Parliamentary Committee (JPC) probe while the BJP accused the opposition of being a part of a conspiracy to create financial instability and chaos in India.

Buch and her husband have dismissed the charges as baseless and alleged that Hindenburg Research was attacking capital markets regulator SEBI's credibility and attempting a character assassination of its chief instead of replying to a show cause notice served to it for "violations in India".

The SEBI said the allegations against the Adani Group had been "duly investigated" and its chairperson disclosed and from time to time "also recused herself in matters involving potential conflicts of interest".

The Adani Group termed the allegations malicious and based on manipulation of select public information. The company said it had no commercial relationship with the SEBI chairperson or her husband.

(With PTI inputs)