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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 praises Dharmendra Pradhan’s resignation, says Nation above post

Amit Shah hailed Dharmendra Pradhan’s resignation as Union Education Minister, saying BJP places the nation and students above any position while highlighting the government’s commitment to examination reforms.

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Amit Shah

Union Home Minister Amit Shah on Saturday praised Dharmendra Pradhan’s decision to step down as Union Education Minister, saying the move reflected the Bharatiya Janata Party’s commitment to placing the nation and students above any political position.

In a post on X, Shah said that for BJP workers, the country, its youth and students are more important than any office. He described Pradhan’s resignation as an example of the party’s guiding principle of prioritising national interest over personal ambition.

Shah highlights government’s focus on exam reforms

Amit Shah said the Narendra Modi-led government respects the sentiments of students and remains committed to strengthening the examination system following concerns over alleged paper leaks.

He said the Centre has introduced strict measures to ensure severe punishment for those involved in examination paper leaks and expressed confidence that these steps would deliver justice to students who cleared the National Eligibility-cum-Entrance Test (NEET).

Praises Pradhan’s work as Education Minister

Recalling Dharmendra Pradhan’s tenure, Shah highlighted several initiatives undertaken during his time in the Education Ministry. He credited Pradhan with helping implement the National Education Policy (NEP), expanding PM SHRI schools, promoting digital education, strengthening skill development and improving coordination between industry and academic institutions.

Shah also said Pradhan worked towards making examinations more inclusive and student-centric, adding that his tenure reflected his commitment to the vision of a developed India.

Resignation follows NEET controversy

Dharmendra Pradhan’s resignation comes amid nationwide protests over alleged irregularities in the NEET examination and growing demands for accountability.

The resignation has triggered political reactions across party lines. While opposition parties have described the development as a result of sustained student protests, BJP leaders have projected it as an example of accountability and commitment to national interest.

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Assam flood death toll rises to 66, over 6.5 lakh people still affected

Assam’s flood situation improved slightly on Saturday, but more than 6.54 lakh people remain affected in six districts. Four fresh deaths have pushed the state’s flood toll to 66.

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Assam floods

The flood situation in Assam showed marginal improvement on Saturday, though the disaster continued to impact more than 6.54 lakh people across six districts. Four more deaths were reported during the day, taking the total number of fatalities in this year’s floods to 66.

According to the Assam State Disaster Management Authority (ASDMA), three of the latest deaths were reported from Sivasagar district, while one person lost their life in Charaideo.

The number of affected people declined from over 7.05 lakh across nine districts on Friday to 6,54,800 across six districts on Saturday, indicating a gradual improvement in the overall situation.

Sivasagar remains the worst-hit district

Among the affected districts, Sivasagar continues to be the worst hit, with nearly 2.9 lakh people impacted by the floods. Charaideo follows with around 1.9 lakh affected residents, while more than 1.3 lakh people remain affected in Jorhat.

The other districts still facing flood-related challenges are Dibrugarh, Golaghat and Nagaon.

Relief operations continue across affected areas

The ASDMA said the state administration is operating 274 relief camps and aid distribution centres across the affected districts. Around 18,902 displaced people are currently taking shelter at these facilities.

The latest daily bulletin also stated that floodwaters have inundated 810 villages across the state, while 34,970.8 hectares of agricultural land have suffered damage.

Rivers flowing above danger level

The floods have also damaged embankments, roads, bridges and other public infrastructure in several areas.

Authorities said the Dikhou River in Sivasagar and the Dhansiri River at Numaligarh are flowing above the danger level, and officials continue to closely monitor the situation.

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UP Government forms new SIT led by 3 IPS officers to probe Ayodhya Ram Temple donation theft

The Uttar Pradesh government has formed a new SIT led by three IPS officers to investigate the alleged Ram Temple donation theft case in Ayodhya following Supreme Court directions.

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Ram Mandir

The Uttar Pradesh government has reconstituted a Special Investigation Team (SIT) headed by IG Kiran S, with DIG Somen Verma and SSP Dr Gaurav Grover as members, to investigate the alleged theft of donations meant for the Ram Temple in Ayodhya. 

The move comes after directions from the Supreme Court, which sought a reconstituted investigation team to ensure an independent and comprehensive probe into the allegations.

The newly formed SIT is expected to continue the investigation and submit a status report before the Supreme Court on July 27.

Senior IPS officers to lead the probe

According to the state government, the investigation will now be supervised by senior IPS officers.  The revamped SIT has been tasked with examining all aspects of the alleged embezzlement of temple donations and carrying the investigation forward.

The Supreme Court had observed that criminal investigations and technical examination of theft-related cases are more effectively handled by experienced police officers, leading to the reconstitution of the SIT under senior IPS leadership.

Probe to continue under court supervision

The case relates to the alleged embezzlement of offerings (chadhava) donated by devotees at the Shri Ram Janmabhoomi Temple in Ayodhya.

The Supreme Court is monitoring the investigation and will review the SIT’s status report at the next hearing.

Authorities are expected to continue examining evidence collected during the earlier stages of the investigation as the newly constituted SIT proceeds with the case.

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