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Hindenburg report: Congress slams PM Modi-led BJP Govt for defending Adani, SEBI, says Blackstone, Agora played important role

She further highlighted that despite the Supreme Court’s repeated requests for investment information, SEBI showed reluctance to provide the necessary details.

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The Congress on Sunday slammed Prime Minister Narendra Modi-led BJP government for defending Adani Group and SEBI after US-based short-seller Hindenburg Reserch’s latest report. Apart from this, the two companies Blackstone and Agora played an important role in the AdaniMega scam, the grand old party said.

Addressing a press conference, Congress spokesperson Supriya Shrinate questioned why the Adani mega scam was not being investigated. Shrinate raised concerns that the person responsible for the investigation might be involved in the scam. She further highlighted that despite the Supreme Court’s repeated requests for investment information, SEBI showed reluctance to provide the necessary details.

The report points out significant conflicts of interest involving Boch’s offshore investments, her consulting firm Agora, and Blackstone, Shrinate highlighted. These conflicts are so glaring that they cannot be ignored. The central question now is whether Madhabi Buch will continue as SEBI Chief, she said. The report undermines the credibility of the regulator and severely damages the integrity of India’s Prime Minister, she added.

Citing a report, the Congress leader said, “From April 2017 to March 2022, when Madhabi was an all-time member and chairperson at SEBI, she held a 100% stake in an offshore Singaporean consulting firm called Agora Partners.”

In March 2022, upon becoming SEBI Chairperson, she transferred her shares to her husband Dhaval Buch, the Congress leader claimed. “Agora Partners company was registered in Singapore in the year 2013. SEBI Chairperson Madhabi Buch currently holds a 99% stake in the company. Madhabi’s husband Dhawal Buch is its director. In 2022, Agora had earned a revenue of $2,61,000, which is about 4.5 times the salary of SEBI chief Buch”, she added.

The latest report spotlight falls on Blackstone, SEBI’s push for Real Estate Investment Trusts (REITs), and the public endorsement of REITs by Madhabi, she said. An accusation from Hindenburg suggests that during Madhabi’s tenure as SEBI chief, her husband became a senior advisor at Blackstone, she added.

Blackstone, a substantial player in India’s REIT sector, stands at the center of concerns raised by Hindenburg regarding regulatory changes benefiting REITs – particularly Blackstone, given Madhabi’s husband’s role at the company, Shrinate said.

Furthermore, she said that the discussion on these allegations comes alongside Blackstone’s significant sale of 33 crore units in Nexus Select Trust for Rs 4,550 crore, sparking questions about the timing and implications of the transaction.

The Congress spokesperson narrated a story to take a jibe at the BJP government. She said the situation has drawn parallels to a village robbery, where suspicions arose regarding the village head’s involvement with the robbers. Similarly, the Adani mega scam has garnered attention, with allegations of offshore funding and stock manipulation, she slammed.

Notably, Hindenburg’s recent report emphasises Madhabi and Dhaval’s investments in Bermuda/Mauritius funds associated with the Adani Group, prompting concerns about conflicts of interest and accountability within SEBI and the broader financial landscape.

Amid these revelations, probing questions have arisen regarding the credibility of SEBI Chief Buch, as well as the involvement of the PM Modi-led Central government. The allegations have also led to inquiries into Madhabi’s financial engagements during her SEBI tenure, including her investments and potential conflicts of interest, she alleged.

The allegations are raising widespread concerns about the transparency and integrity of SEBI’s operations and have prompted calls for immediate action, she said. Notably, the lines of questioning have been directed at Madhabi Buch, seeking clarification on her past financial involvements, disclosures, and interactions with companies associated with Adani and Blackstone, she added. These developments underscore the need for thorough investigations and potential repercussions for those implicated, the Congress said.

   

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Rahul Gandhi, Rajnath Singh clash in Lok Sabha over ex-Army chief’s unpublished book on Ladakh

Lok Sabha proceedings were disrupted after Rahul Gandhi cited an unpublished book by former Army chief General MM Naravane on the Ladakh stand-off, drawing objections from Rajnath Singh and other BJP leaders.

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Rahul Gandhi

A sharp confrontation unfolded in the Lok Sabha on Monday after Leader of Opposition Rahul Gandhi referred to an unpublished book by former Army chief General MM Naravane while speaking on the 2020 India-China Ladakh stand-off, prompting strong objections from treasury benches.

Rahul Gandhi began his address by holding a printout of a magazine article that carried an essay on General Naravane’s yet-to-be-published memoir, Four Stars of Destiny. The reference immediately drew an intervention from Defence Minister Rajnath Singh, who objected to the citation, saying quoting an unpublished book violated parliamentary rules.

Objections from treasury benches

Rajnath Singh demanded that the Leader of Opposition place the book before the House, arguing that since the memoir had not been formally published, its contents could not be cited during proceedings. The objection was echoed by Home Minister Amit Shah, who questioned how references could be made to material that was not publicly available.

Parliamentary Affairs Minister Kiren Rijiju went a step further, suggesting that the House should deliberate on action against members who do not comply with the Speaker’s rulings.

As Rahul Gandhi persisted, repeatedly referring to “Chinese tanks” while discussing the eastern Ladakh situation, the opposition from BJP members intensified, leading to sustained disruptions.

Opposition support and continued disruptions

Samajwadi Party chief Akhilesh Yadav backed Rahul Gandhi, stating that issues concerning China were sensitive and that the Leader of Opposition should be allowed to present his views in the House.

Responding to the objections, Rahul Gandhi questioned the resistance to his remarks, asking what in the book was causing such concern. He maintained that both the article and the contents he was quoting were “100 per cent authentic.”

The Congress leader also said he had not intended to raise the issue but felt compelled to do so after BJP MP Tejasvi Surya questioned the patriotism of the Congress and its leadership.

Government, Congress trade charges

Government sources accused Rahul Gandhi of setting a dangerous precedent by citing material from an unpublished book, alleging that such references could be misused to make unverified claims on the floor of Parliament.

Congress MP Priyanka Gandhi defended her brother, saying he was not attempting to defame the Army and was merely reading an excerpt attributed to the former Army chief. She accused the ruling party of resisting discussion whenever uncomfortable issues surfaced.

House adjourned amid chaos

The repeated interruptions forced Lok Sabha Speaker Om Birla to adjourn the House till 3 pm. When proceedings resumed, similar scenes played out as Rahul Gandhi again attempted to speak on the subject, leading to further disruptions and another adjournment.

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P Chidambaram avoids commenting on Trump’s dead economy remark echoed by Rahul Gandhi

Chidambaram stays silent on Trump’s ‘dead economy’ remark echoed by Rahul Gandhi as Congress critiques Union Budget 2026.

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P Chidambaram

Finance Minister Nirmala Sitharaman on Sunday presented her ninth consecutive union budget, stopping just short of Morarji Desai’s record of ten.

Congress MP P Chidambaram, however, avoided commenting on the ‘India is a dead economy’ statement made by former US President Donald Trump last July, which was later echoed by Rahul Gandhi.

Speaking to reporters after reviewing the budget, Chidambaram said he could not respond as he lacked the full context of Trump’s original remarks.

The comment by Trump followed India’s continued purchase of Russian crude oil, which the US had criticized as indirectly funding military action in Ukraine. Trump imposed a 25 per cent penalty tariff on Indian imports and added: “I don’t care what India does with Russia. They can take their dead economies down together, for all I care.”

Rahul Gandhi later supported the statement, saying, “He is right, everybody knows this except the Prime Minister and Finance Minister. I am glad President Trump stated a fact…”

The remark sparked a political debate, with BJP leaders criticizing Gandhi, while some Congress members, including Rajya Sabha MP Rajiv Shukla, called the statement “completely wrong.”

Ahead of the budget, Gandhi had highlighted the impact of US tariffs on small textile businesses, noting on X: “50 per cent US tariffs are badly hurting textile exporters. Job losses, shutdowns… are reality of our ‘dead economy’.”

The debate gained traction following the budget announcement, which did not offer immediate relief to middle-class taxpayers and saw markets react sharply, with the Sensex closing 1,500 points lower on Sunday.

Chidambaram, as usual, led Congress’ critique of the budget, pointing to a decrease in capital expenditure as a percentage of GDP from 3.2 per cent in FY25 to 3.1 per cent, despite the proposal of Rs 12.2 lakh crore for capex. He added, “Revenue receipts short by Rs 78,086 crore… total expenditure short by Rs 1,00,503 crore… revenue expenditure short by Rs 75,168 crore… capex was cut by Rs 1,44,376 crore… not a word was said to explain this…”

Rahul Gandhi echoed the criticism, highlighting issues such as unemployment, farmers’ distress, declining household savings, and low investment. “A budget that refuses course correction and is blind to India’s real crises,” he said on X.

Responding to the criticism, Finance Minister Sitharaman said, “With due respects, I don’t know what course correction he is referring to. The economy and its fundamentals are strong.”

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Earthquake of 4.6 magnitude hits Andaman and Nicobar Islands

A 4.6 magnitude earthquake struck the Nicobar Islands at 10 km depth, highlighting the region’s seismic activity and potential risks from shallow tremors.

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An earthquake measuring 4.6 on the Richter scale struck the Andaman and Nicobar Islands early Monday at around 3:30 am, the National Center of Seismology (NCS) reported.

According to the NCS, the tremor occurred at a shallow depth of 10 km. The earthquake’s epicenter was located at a latitude of 9.03° North and a longitude of 92.78° East, placing it in the Nicobar Islands region.

In a post on X, the NCS confirmed the details: “EQ of M: 4.6, On: 02/02/2026 03:31:12 IST, Lat: 9.03 N, Long: 92.78 E, Depth: 10 Km, Location: Nicobar Islands.”

The Andaman and Nicobar Islands fall under Seismic Zone V, according to India’s seismic zoning map (1893-1984), making them one of the most earthquake-prone regions in the world. Historically, the islands have experienced several major earthquakes, including the devastating tremor on December 26, 2004, which caused significant land displacement and triggered tsunami waves, resulting in heavy loss of life and property.

Experts note that shallow earthquakes, like the one recorded on Monday, can be more hazardous than deeper ones. Seismic waves from shallow quakes travel a shorter distance to the surface, causing stronger ground shaking and posing higher risks to structures and human safety.

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