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Opposition hits out at Centre over Hindenburg report on Adani Group

US-based Hindenburg Research’s new report which claimed that the SEBI chief Madhabi Buch herself was involved in the case as she had stakes in the company.

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The Opposition parties on Sunday hit out at Prime Minister Narendra Modi-led Central government over US-based Hindenburg Research’s new report which claimed that the SEBI chief Madhabi Buch herself was involved in the case as she had stakes in the company.

In a post on X, Congress general secretary Jairam Ramesh said that SEBI’s strange reluctance to investigate the “Adani MegaScam” had been noted for a long time. He also demanded a probe by a Joint Parliamentary Committee.

SEBI’s strange reluctance to investigate the Adani MegaScam has been long noted, not least by the Supreme Court’s Expert Committee, he said. Adding that Committee had pointed out in its report that SEBI had in 2018 diluted and, in 2019, entirely deleted the reporting requirements relating to the ultimate beneficial (i.e. actual) ownership of foreign funds.

In his statement, he added that this had tied its hands to the extent that ‘the securities market regulator suspects wrongdoing, but also finds compliance with various stipulations in attendant regulations. He further said citing experts that it is this dichotomy that has led to SEBI drawing a blank worldwide.

Hindenburg Research’s latest allegation raises fresh questions about Gautam Adani’s two 2022 meetings in quick succession with Buch shortly after she was appointed as SEBI chairperson, the Congress leader said in a statement.

Earlier, in another post, Ramesh used the Latin phrase ‘Quis Custodiet Ipsos Custodes’ (Who will guard the guards themselves) to take a swipe at Madhabi Buch.

Meanwhile, Congress MP Manish Tewari said that a JPC must be constituted to go into the entire Hindenburg saga.

Speaking on the matter, he said that there has been certain revelations by the Hindenburg Research which have been put out in the public space.

The Congress leader said that they require closer scrutiny, underlining that, there seems to be some semblance of an alleged conflict of interest and so therefore under those circumstances there has been a demand in the public space for a while that the entire Hindenburg saga needs to be investigated properly by a joint parliamentary committee is constituted to go into all these issues at length.

The Trinamool Congress MP Mahua Moitra also took a dig over the allegations, saying that in true Adani style, even the SEBI chairman is an investor in his group.“Crony Capitalism at its finest,” she said in a post on X.

Moitra also demanded that the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) investigate alleged money laundering.

The AAP leader and Rajya Sabha MP Sanjay Singh, taking to X,  wrote, “The Hindenburg revelations were hinted at 3 days before Modi ended the Parliament session. Modi Government is steeped in corruption from head to toe. To save his friend Adani, Modi Ji got the investigation done by the same SEBI Chairman who had committed the scam in connivance with Adani. SC should reconsider its decision.”

The Samajwadi Party leader Ghanshyam Tiwari also lashed out at the Central government and said that the tenure of PM Modi will be known for ‘Adani-waad’.

He said the whole world witnessed a different session with different ideologies but the term of PM Modi will be known as ‘Adani-waad’. In this Adani-waad, he said, they captured the whole economic system of India in such a way that Gautam Ad could benefit, it looks like this is the only motive of Prime Minister Modi.

The US short-seller Hindenburg Research released its reports on August 10 alleging market watchdog SEBI chairperson Madhabi Buch and her husband Dhaval Buch were involved in Adani Group’s offshore funds. The report further suggested that these obscure financial systems were allegedly used in the money-siphoning scandal.

However, at the centre of the storm, the SEBI chairperson and her husband issued a joint statement denying all charges. They said that it was an attempt of “character assassination.

According to the Hindenbur report, Madhabi Buch and her husband Dhaval Buch first appear to have opened their account with IPE Plus Fund 1 on June 5th, 2015 in Singapore, per whistleblower documents.

A declaration of funds, signed by a principal at IIFL states that the source of the investment is “salary” and the couple´s net worth is estimated at $10 million. 

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Atishi to succeed Arvind Kejriwal as Delhi CM

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Much ridiculed for his decision to resign from the post of Delhi Chief Minister, AAP convener Arvind Kejriwal passed on the baton to minister Atishi on Tuesday to serve as chief minister for the rest of the term AAP is in power.

Atishi’s name was proposed by Kejriwal at a party MLAs meeting and was unanimously accepted by all MLAs. She will take over after Kejriwal resigns after meeting Delhi LG VK Saxena.

The Kalkaji MLA asumed ministerial duties after the arrest of former Deputy CM Manish Sisodia and took over the PWD and Education ministries. She was also the leader who put forward AAP views after the arrest of Sisodia and Kejriwal.

Upon getting bail in the liquor policy case, Kejriwal, who had spent some six months in prison, said on Sunday while he got justice from the courts, he would occupy the CM’s chair only after getting justice the people’s court (elections). He said he will quit in two days.

The list of potential successors had been short with Atishi headlining it. After she was announced as Kejriwal’s successor, Atishi thanked him for trusting her and endowing her with the responsibility. She called upon the voters of Delhi to cast their ballot in favour of “your son, your brother” Kejriwal because he is honest.

Elections to the Delhi Legislative Assembly are due in February 2025 but the AAP convener has been pushing for it to be held along with elections in other states, Maharashtra to be specific, in November.

Atishi has been the stand-in for AAP and would also be the stand-in CM. The history of stand-in chief ministers has not been entirely uneventful in India. The recent case being that of Champai Soren in Jharkhand and the other being Jitanram Manjhi in Bihar. While Manjhi launched his own party after having to demit office, Champai Soren switched over to the BJP.

Given Atishi’s academic and family pedigree, AAP would be hoping she won’t turn out to be a power addict.

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Shinde Sena MLA offers Rs 11 lakh reward for chopping off Rahul Gandhi’s tongue, sparks row  

Such violent statements against the Leader of Opposition will not be tolerated at all in a democracy, she said while addressing a press conference.

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Sanjay Gaikwad, an MLA of Maharashtra Chief Minister Eknath Shinde-led Shiv Sena, sparked a row on Monday after he announced a reward of Rs 11 lakh to anyone who will “chops off the tongue” of Leader of Opposition in Lok Sabha Rahul Gandhi over his statement on reservation in the US.

Gaikwad’s statement comes days after the Rae Bareli MP, in the United States, said that the Congress party would think of scrapping reservations.

Speaking to reporters, the Shinde Sena MLA said, “Rahul Gandhi made a statement regarding giving an end to reservation in the country at a time when the demands for reservation are rising.”

“Rahul Gandhi wants to end reservation for backward tribals and others and hence he is using the language of ending it,” Gaikwad said.

“In the recent Lok Sabha elections, Gandhi spread a false narrative to get votes. Today he is speaking the language of ending reservation from the country and has shown the real face of the Congress. This is my challenge whoever chops off Rahul Gandhi’s tongue will be given a reward of Rs 11 lakh on my behalf,” he added.

The Shiv Sena MLA called Gandhi’s remarks the biggest treachery of the people and said communities like Marathas, Dhangars and OBCs are fighting for reservation but before that, Gandhi is talking about ending its benefits.

He continued saying that Congress leader Gandhi used to show the Constitution book and spread a fake narrative that the BJP would change it.

“But it is the Congress that plans to take the country back by 400 years. On one hand, demands of reservation are rising in Maharashtra, and there Rahul Gandhi made a statement to end reservation in the country,” Gaikwad added.

Meanwhile, Congress spokesperson Supriya Shrinate slammed Shiv Sena and its ally in Maharashtra, BJP, after Gaikwad’s disgusting remarks against Gandhi.

Addressing a press conference, Shrinate asked who is behind such violent statements that BJP leaders and their allies are using against the Opposition leader. “Whose protection do they enjoy?” Shrinate said.

Such violent statements against the Leader of the Opposition will not be tolerated at all in a democracy, she said.

“If Prime Minister Narendra Modi and Union Home Minister Amit Shah do not take action against these people then it is clear that this is being done at their behest,” the Congress spokesperson said.

The BJP, however, has distanced itself from Gaikwad’s remarks. Maharashtra BJP president Chandrashekar Bawankule said he does not support or endorse the Shiv Sena MLA’s statements.

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Karnataka: 6 boys held for riding two-wheelers with Palestinian flag

They also shouted slogans on ‘free Palestine’, according to police.

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Six minors were apprehended after a video of them allegedly riding two-wheelers holding the Palestinian flag surfaced on social media platforms, Karnataka Police said on Monday.

According to police, the incident took place on Sunday around 1 pm on Dantaramakki road in Chikkamagaluru town in Karnataka.

The official said that three of the 6 boys were on a two-wheeler and one of the pillion rider, a 17-year-old boy was allegedly holding and waving a Palestinian flag while three of their friends followed them on another bike.

They also shouted slogans on ‘free Palestine’, according to police.

A senior police officer said that police apprehended all the six boys involved in the incident. They are all minors, he added.

The police have registered a case under appropriate sections of Bharatiya Nyaya Sanhita, including sections for disturbing communal harmony, a police officer said. Adding that both the vehicles have been seized along with the flag, according to news agency PTI.

The police found during the interrogation that the boys had watched some videos of a procession in Uttar Pradesh in which people were seen carrying Palestinian flags and so they wanted to make a similar reel on Instagram.

Speaking on the matter earlier today, former BJP national General Secretary and MLC CT Ravi alleged that without permission a rally was held yesterday in more than 20 two-wheelers and one four-wheeler holding a Palestine flag.

Ravi said: “I have got information that some influential people had tried to influence in favour of the people involved, more than 200 people came in front of the police station, so an explanation was sought and they were let go. I urged the police for a detailed probe and to destroy the network behind them, the incident should not be taken lightly.”

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