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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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Amit Shah counters delimitation concerns, says southern states to gain Lok Sabha seats

Amit Shah assures Parliament that southern states will gain Lok Sabha seats after delimitation, countering opposition criticism during the women’s reservation debate.

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Amit Shah

Union Home Minister Amit Shah on Thursday addressed concerns over the proposed delimitation exercise, asserting in the Lok Sabha that southern states will not lose representation but instead see an increase in their number of seats.

His remarks came during a heated debate linked to the implementation of women’s reservation, where opposition parties have raised fears that population-based delimitation could reduce the political weight of southern states.

Shah rejected these claims, calling them misleading, and said the proposed framework ensures fairness while expanding the overall strength of the Lok Sabha.

Seat count to rise with expansion of Lok Sabha

The government has indicated that the total number of Lok Sabha seats could increase significantly as part of the delimitation process. In this expanded House, the combined representation of southern states is expected to rise from 129 seats at present to around 195 seats.

Shah emphasised that no state will lose seats in absolute terms, and the exercise is designed to reflect population changes while maintaining balance across regions.

State-wise projections shared in Parliament

During his address, Shah also provided indicative figures for individual southern states, suggesting notable increases in representation. According to the projections:

  • Tamil Nadu could see its seats rise substantially
  • Kerala, Telangana, and Andhra Pradesh are also expected to gain additional seats
  • Karnataka’s representation may increase as well

These figures were presented to counter the argument that delimitation would disproportionately favour northern states.

Political debate intensifies over linkage with women’s quota

The delimitation exercise has been closely linked to the rollout of women’s reservation, which proposes one-third seats for women in Parliament and state assemblies.

Opposition leaders have questioned this linkage, arguing that tying reservation to delimitation could delay its implementation and raise federal concerns. Some leaders have also warned that the move could impact national unity if apprehensions among states are not addressed.

The government, however, maintains that the reforms are necessary to ensure equitable representation and to align the electoral system with demographic realities.

Centre dismisses ‘false narrative’ on southern states

Shah reiterated that concerns about southern states losing influence are unfounded. He said the delimitation process will increase representation across regions and described the criticism as a “false narrative” aimed at creating confusion.

The issue is expected to remain a key flashpoint as Parliament continues discussions on the women’s reservation framework and related legislative changes.

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PM Modi assures no discrimination in women’s quota, delimitation debate intensifies in Parliament

PM Narendra Modi has assured that women’s reservation will be implemented without discrimination, amid a heated debate over delimitation in Parliament.

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PM modi

Prime Minister Narendra Modi has assured that there will be no discrimination in the implementation of women’s reservation, as Parliament witnessed a sharp debate over the proposed linkage between the quota and delimitation exercise.

During the ongoing special session, the government reiterated its commitment to ensuring fair representation while addressing concerns raised by opposition parties regarding the timing and structure of the legislation.

The proposed framework aims to reserve 33 percent of seats for women in the Lok Sabha and state assemblies. However, its implementation is tied to a fresh delimitation exercise, which is expected after the next census.

Opposition questions timing and intent

Opposition leaders have raised concerns that linking the women’s quota to delimitation could delay its implementation. They argue that the process of redrawing constituencies may push the actual rollout further into the future.

The issue has triggered a broader political confrontation, with multiple parties questioning whether the move could alter representation across states.

Some critics have also alleged that the delimitation exercise could disproportionately benefit certain regions based on population, a charge the government has rejected.

Government reiterates commitment to fair implementation

Responding to these concerns, the Centre has maintained that the reforms are necessary to ensure accurate and updated representation based on population data.

Leaders from the ruling side have repeatedly emphasized that the process will be carried out transparently and without bias. The assurance that there will be “no discrimination” is aimed at addressing fears among states and opposition parties.

The debate marks a key moment in Parliament, with both sides engaging in intense exchanges over one of the most significant electoral reforms in recent years.

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Give all tickets to Muslim women, Amit Shah says, attacking Akhilesh Yadav on sub-quota demand

A sharp exchange between Amit Shah and Akhilesh Yadav in Parliament over sub-quota for Muslim women highlights key divisions on women’s reservation implementation.

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A heated exchange broke out in Parliament during discussions on the women’s reservation framework, with Union Home Minister Amit Shah and Samajwadi Party chief Akhilesh Yadav locking horns over the demand for a sub-quota for Muslim women.

The debate unfolded as the government pushed forward key legislative measures to implement 33% reservation for women in the Lok Sabha and state assemblies.

Akhilesh Yadav argued that the proposed reservation must ensure representation for women from marginalised communities, including Other Backward Classes (OBCs) and Muslim women. He said that without such provisions, large sections could remain excluded from political participation.

He also questioned the timing of the bill, alleging that the Centre was avoiding a caste census. According to him, a census would lead to renewed demands for caste-based reservations, which the government is reluctant to address.

Government rejects religion-based quota

Responding to the demand, Amit Shah made it clear that reservation based on religion is not permitted under the Constitution.

He stated that any proposal to provide quota to Muslims on religious grounds would be unconstitutional, firmly rejecting the idea of a separate sub-quota for Muslim women within the broader reservation framework.

The government has maintained that the existing framework already includes provisions for Scheduled Castes (SC) and Scheduled Tribes (ST) women within the overall reservation structure.

Wider political divide over implementation

The issue of sub-categorisation within the women’s quota has emerged as a major flashpoint, even as most opposition parties broadly support the idea of women’s reservation.

Samajwadi Party leaders reiterated that their support for the bill depends on inclusion of OBC and minority women, while the government continues to defend its constitutional position.

The debate is part of a broader discussion during the special Parliament session, where multiple bills linked to delimitation and implementation of the women’s quota are being taken up.

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