Congress Demands JPC Probe into Adani Allegations, Cites Hindenburg Report

Aug 22, 2024, 06:17 AM

Hindenburg Research has accused India's securities regulator, SEBI, of limiting its response to allegations against the Adani Group due to conflicts of interest involving its chairwoman, Madhabi Buch. The Congress party has intensified its demands for a Joint Parliamentary Committee (JPC) probe into the allegations, organizing nationwide protests and press conferences. The party is also calling for the resignation of SEBI's chairperson, citing a loss of trust in the regulator. Allegations against the Adani Group include stock manipulation, overvaluation, and money laundering. Congress leaders argue that these issues could severely impact investor confidence in India. The protests, referred to as the Adani mega scam, have highlighted Madhabi Buch's connections and included demonstrations in Bhopal.