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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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India summons Canadian diplomat after Trudeau government’s move in Nijjar case

Canada’s Deputy High Commissioner to India, Stewart Wheeler has been summoned by the Ministry of External Affairs to offer explanation over Canada’s move.

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India summons Canadian diplomat after Trudeau government’s move in Nijjar case

In a massive escalation of diplomatic row, India has summoned Canadian diplomat Stewart Wheeler after Ottawa charged the Indian High Commissioner and other diplomats as persons of interest in the murder investigation of Khalistani terrorist Hardeep Singh Nijjar.

Canada’s Deputy High Commissioner to India, Stewart Wheeler has been summoned by the Ministry of External Affairs to offer explanation over Canada’s move. The North American country named Indian High Commissioner Sanjay Kumar Verma as a person of interest in its investigation into Hardeep Singh Nijjar’s killing.

Following the claims, the MEA issued a strongly-worded statement, where it accused Prime Minister Justine Trudeau of doing vote bank politics and not doing enough to tackle separatist elements on Canadian soil. The MEA asserted that the Canadian government did not share a shred of evidence of India’s involvement in Nijjar’s killing despite repeated requests.

The statement remarked that since Prime Minister Trudeau made certain allegations in September 2023, the Canadian government has not shared a shred of evidence with the Government of India, despite many requests from our side. It added that this latest step follows interactions that have again witnessed assertions without any facts, and leaves little doubt that on the pretext of an investigation, there is a deliberate strategy of smearing India for political gains.

The Ministry in its statement also clarified that the Indian government strongly rejects these preposterous imputations and ascribes them to the political agenda of the Trudeau Government that is centered around vote bank politics. The government further stated that it took note of the activities of the Canadian High Commission in India, which it said served as the political agenda of the Trudeau government. Furthermore, it mentioned that India now reserves the right to take further steps in response to these recent efforts of the Canadian Government to concoct allegations against Indian diplomats.

India and Canada ties fell off in September last year when Canadian Prime Minister Justin Trudeau alleged Indian government agents involvement in the killing of Khalistani terrorist Hardeep Singh Nijjar on Canadian soil. India had rejected those charges as motivated and absurd.

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Hardeep Singh Nijjar killing: MEA slams Canada’s charge against Indian High Commissioner, diplomats; calls it preposterous

The Ministry of External Affairs said the Canadian government did not share a shred of evidence of India’s involvement in Nijjar’s killing despite repeated requests and accused Trudeau of doing vote bank politics

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Hardeep Singh Nijjar killing: MEA slams Canada’s charge against Indian High Commissioner, diplomats; calls it preposterous

The Ministry of External Affairs on Monday issued a strongly-worded statement over Canada’s charge that the Indian High Commissioner and other diplomats are persons of interest linked to a murder investigation, calling it preposterous imputations. Criticizing the Justin Trudeau government for smearing India as part of its vote bank politics, the MEA said that it now reserved the right to take further steps in response.

India and Canada ties worsened in September last year when Canadian Prime Minister Justin Trudeau alleged Indian government agents involvement in the killing of Khalistani terrorist Hardeep Singh Nijjar on Canadian soil. India had rejected those charges as motivated and absurd. However, the diplomatic row took a fresh turn recently when Canada named Indian High Commissioner Sanjay Kumar Verma as a person of interest in its investigation into Nijjar’s killing.

Issuing a scathing statement today, the Ministry of External Affairs said the Canadian government did not share a shred of evidence of India’s involvement in Nijjar’s killing despite repeated requests and accused Trudeau of doing vote bank politics and not doing enough to tackle separatist elements on Canadian soil.

The statement read that the Indian government received a diplomatic communication from Canada yesterday suggesting that the Indian High Commissioner and other diplomats are persons of interest in a matter related to an investigation in that country. The MEA in its statement clarified that the Indian government strongly rejects these preposterous imputations and ascribes them to the political agenda of the Trudeau Government that is centered around vote bank politics.

The statement claimed that since Prime Minister Trudeau made certain allegations in September 2023, the Canadian government has not shared a shred of evidence with the Government of India, despite many requests from our side. It added that this latest step follows interactions that have again witnessed assertions without any facts, and leaves little doubt that on the pretext of an investigation, there is a deliberate strategy of smearing India for political gains.

The government also pointed to the long evidence of Trudeau’s hostility to India, saying his 2018 visit to India was aimed at currying favour with a vote bank, rebounded to his discomfort.

The statement further stated that Trudeau’s Cabinet has included individuals who have openly associated with an extremist and separatist agenda regarding India. The Canadian Prime Minister’s naked interference in Indian internal politics in December 2020 showed how far he was willing to go in this regard, that his government was dependent on a political party, whose leader openly espouses a separatist ideology vis-a-vis India, only aggravated matters, it continued. The MEA was referring to Canada’s New Democratic Party leader Jagmeet Singh, whose party pulled out of Trudeau’s government.

The government asserted that the Trudeau administration deliberately flagged India as an issue to mitigate the damage, asserting that Canada faced criticism for turning a blind eye to foreign interference in Canadian politics.

The statement said that the recent development targeting Indian diplomats is the next step in that direction. It is no coincidence that it takes place as Prime Minister Trudeau is to depose before a Commission on foreign interference. It also serves the anti-India separatist agenda that the Trudeau Government has constantly pandered to for narrow political gains, it added.

The MEA underlined the Trudeau government’s constant support to violent extremists and terrorists to harass, threaten and intimidate Indian diplomats in Canada, mentioning these were done in the name of freedom of speech.

The statement asserted that the Trudeau government has consciously provided space to violent extremists and terrorists to harass, threaten and intimidate Indian diplomats and community leaders in Canada, including death threats to them and to Indian leaders. All these activities have been justified in the name of freedom of speech, it mentioned.

Furthermore, the statement also claimed that some individuals who have entered Canada illegally have been fast-tracked for citizenship. It said that multiple extradition requests from the Government of India in respect of terrorists and organised crime leaders living in Canada have been disregarded.

The MEA said that High Commissioner Sanjay Kumar Verma is India’s senior most serving diplomat with a distinguished career spanning 36 years. Sanjay Kumar Verma has been Ambassador in Japan and Sudan, while also serving in Italy, Turkiye, Vietnam and China. The Ministry said that the aspersions cast on the High Commissioner by the Government of Canada are ludicrous and deserve to be treated with contempt.

The government stated that it took note of the activities of the Canadian High Commission in India, which it said served as the political agenda of the Trudeau government. It concluded that India now reserves the right to take further steps in response to these recent efforts of the Canadian Government to concoct allegations against Indian diplomats.

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Chennai rains: Tamil Nadu CM MK Stalin announces holiday for schools, colleges, work from home for IT employees

The School Education Department has also issued a circular to all schools in the state, directing them to implement precautionary measures to ensure student safety during the rainy season.

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Chennai rains: Tamil Nadu CM MK Stalin announces holiday for schools, colleges, work from home for IT employees

Tamil Nadu Chief Minister MK Stalin on Monday directed the authorities to declare a holiday for schools and colleges in Chennai, Tiruvallur, Kancheepuram and Chengalpattu districts on Tuesday, in view of the heavy rain forecast. 

MK Stalin also instructed the authorities to issue an advisory to allow employees of the IT companies in the aforesaid districts to work from home from October 15 to 18. The Chief Minister chaired a meeting in the Secretariat to review monsoon preparedness. Deputy Chief Minister Udhayanidhi Stalin, Chief Secretary N. Muruganandam, and the Director General of Police Shankar Jiwal were among the attendees.

Earlier on Sunday, the Tamil Nadu government had alerted District Collectors about the weather prediction till October 17. The state government instructed the authorities to ensure precautionary measures and maintain law and order to avert any untoward incident. 

Furthermore, the government listed out the expected impact in the districts, which included the possibilities of traffic disruption, water-logging in low-lying areas, road blocks due to falling of treees/branches, damages in informal settlements, increased water levels in water bodies, and landslides in hilly areas. 

Meanwhile, the School Education Department has issued a circular to all schools in the state, directing them to implement precautionary measures to ensure student safety during the rainy season. The measures include monitoring electricity cables, clearing drainage systems, pruning trees and ensuring that water does not stagnate on school rooftops. Additionally, schools have been advised to avoid using dilapidated or structurally weak buildings.

The circular stated that headmasters and teachers have been instructed to inform parents not to allow their children near water bodies. It added that students should be encouraged to use raincoats and umbrellas.

It also mentioned that schools are required to provide details of the staff in charge to the revenue department in case the premises need to be used to accommodate rain-affected people.

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