The BJP held a press conference at their headquarters to address the Congress's demand for a Joint Parliamentary Committee probe into the allegations made by Hindenburg Research against SEBI Chairperson Madhabi Puri Buch and Adani Group. Senior party leader Ravi Shankar Prasad slammed the Congress for seeking foreign help and trying to create chaos in the country. Meanwhile, the Ministry of Finance has stated that it has nothing further to add after SEBI and Buch have issued their statements. However, BJP leaders admit that it would be better if Buch steps down immediately in light of the serious allegations.
Adani-Hindenburg Saga and BJP's Response
The recent Adani-Hindenburg saga has ignited political turmoil in India, with the opposition Congress party demanding a Joint Parliamentary Committee (JPC) probe into the allegations against SEBI Chairperson Madhabi Puri Buch and the Adani Group. The ruling Bharatiya Janata Party (BJP) has vehemently opposed the demand, labeling it as an attempt to seek foreign help and create chaos.
Background
On January 24, 2023, short-seller Hindenburg Research released a report alleging stock manipulation and accounting fraud by the Adani Group, a conglomerate led by billionaire industrialist Gautam Adani. The report triggered a massive sell-off in Adani Group shares, leading to a loss of billions of dollars in market capitalization.
The allegations were met with denials from the Adani Group, which accused Hindenburg of seeking to tarnish its reputation. SEBI, the Securities and Exchange Board of India, launched an investigation into the matter.
Congress's Demand for JPC Probe
The Congress party has demanded a JPC probe, claiming that the allegations against Buch and the Adani Group are serious and warrant an independent investigation. The party has alleged that Buch has personal connections with Adani and may have compromised her objectivity in overseeing SEBI's investigation.
BJP's Opposition
The BJP has strongly opposed the demand for a JPC probe, calling it a "political stunt." Senior party leader Ravi Shankar Prasad accused the Congress of trying to "play politics" and "tarnish the image of India." Prasad claimed that the allegations against Buch were baseless and that SEBI had already initiated an investigation.
Ministry of Finance's Response
The Ministry of Finance has stated that it has nothing further to add after SEBI and Buch have issued their statements. The ministry has expressed confidence in SEBI's ability to conduct a fair and impartial investigation.
BJP Leaders' Admission
Despite the party's official stance, some BJP leaders have privately admitted that it would be better if Buch stepped down immediately. They argue that the allegations against her have cast a shadow over SEBI's credibility and that it is important to maintain public trust in the regulatory body.
Top 5 FAQs and Answers
1. What is the Adani-Hindenburg saga?
The Adani-Hindenburg saga refers to the allegations of stock manipulation and accounting fraud made by short-seller Hindenburg Research against the Adani Group.
2. What is the Congress party's demand?
The Congress party is demanding a Joint Parliamentary Committee (JPC) probe into the allegations against SEBI Chairperson Madhabi Puri Buch and the Adani Group.
3. What is the BJP's stance?
The BJP is strongly opposed to the demand for a JPC probe, claiming that the allegations are baseless and that an investigation is already underway.
4. What is the Ministry of Finance's response?
The Ministry of Finance has stated that it has nothing further to add after SEBI and Buch have issued their statements.
5. What are the allegations against Madhabi Puri Buch?
The allegations against Madhabi Puri Buch include personal connections with Gautam Adani and potential compromise of SEBI's objectivity in overseeing the investigation into the Adani Group.
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