In an explosive press conference, Maharashtra Congress Committee President Nana Patole accused the Eknath Shinde-led Mahayuti government of mortgaging the state to Gujarat. He also alleged that prime plots were being sold to Adani at throwaway prices, while the entire country was being auctioned off by the ruling BJP government. Patole asserted that the Congress party's priority was to protect the pride and save Maharashtra, as he discussed the recent Hindenburg Research allegations against the Sebi Chairperson Madhabi Puri Buch and their alleged nexus with Adani and Prime Minister Narendra Modi.
In the midst of allegations against Sebi chairperson Madhabi Puri Buch, the opposition has demanded a JPC investigation to bring forth the truth. However, the ruling BJP has rejected this demand, causing a political uproar. A Joint Parliamentary Committee (JPC) comprising of members from both houses of parliament is an ad hoc body that can conduct a thorough inquiry into the matter at hand and hold the government accountable for its actions. Although only three JPCs have been constituted in the past to investigate financial crimes, the demand for a JPC remains a powerful tool for the opposition to exert political pressure on the government.
A lawyer has filed an application in the Supreme Court asking for compliance with the previously set three-month timeline for SEBI to complete investigations into allegations against the Adani Group. The lawyer argues that the use of the word 'preferably' in the previous order does not negate the fixed timeline and stresses the importance of adhering to it. This comes at a time when the UAW is accusing Trump and Musk of violating workers' rights, further highlighting the contentious relationship between the two parties.
In a press conference at the BJP headquarters, senior leader Ravi Shankar Prasad rejected the Opposition's demand for a Joint Parliamentary Committee probe into the allegations against Sebi chairperson Madhabi Puri Buch. Prasad accused the Congress, Hindenburg Research, and the "toolkit gang" of being part of a conspiracy to damage India's stock market and investments. He also alleged that the main investor behind Hindenburg Research was "India hater" George Soros. Prasad's remarks come a day after the BJP accused the Congress of colluding with foreign forces to destabilise the Indian economy.
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.
The BJP has accused the Congress of seeking foreign help to discredit the SEBI chief and destabilize India's financial markets. This comes after US-based Hindenburg Research made allegations against SEBI Chairperson Madhabi Puri Buch. While the BJP calls for Buch's resignation, the party also questions the Congress' motives and accuses them of playing a role in damaging India's credibility.
The chairperson of India's Securities and Exchange Board (SEBI), Madhabi Puri Buch, and her husband have been accused by US short-seller Hindenburg Research of investing in offshore entities connected to a fund managed by India Infoline and in which Vinod Adani, brother of Gautam Adani, also held investments. The Adani Group denied any commercial relationship with Buch or her husband, dismissing the claims as malicious. Buch, who has over three decades of experience in finance, took over as SEBI's first female chief in 2022 and has a history of cracking down on fraudulent trading and passing controversial orders. She is also a graduate of Delhi University and IIM Ahmedabad and has held top positions at ICICI Securities Limited and ICICI Bank.
Hindenburg Research, a US short seller, fired back at the Securities and Exchange Board of India (Sebi) Chairperson Madhabi Puri Buch and her husband Dhaval Buch over their denial of allegations made against them and the Adani Group. The research firm pointed out a conflict of interest as Buch admitted to investing in an offshore fund operated by her husband's childhood friend who was also an Adani Group director. Meanwhile, the opposition has called for Buch's resignation and a Joint Parliamentary Committee (JPC) investigation into the matter.
The Securities and Exchange Board of India (SEBI) has refuted the allegations made by US-based short-seller Hindenburg Research on going slow on its investigations against the Adani Group. The market regulator has completed all but one of the investigations into the group, finding no evidence of wrongdoing. SEBI also defended its chairperson, Madhabi Puri Buch, who was alleged to have undisclosed investments in offshore funds related to the Adani Group. Buch and her husband have strongly denied the allegations, stating that their investments were made before her appointment as the chairperson and without any involvement with Adani Group shares. The investments were made on the advice of a childhood friend of Buch's husband.
The Securities and Exchange Board of India (SEBI) has responded to Hindenburg Research's report alleging that SEBI Chairperson Madhabi Puri Buch and her husband have stakes in offshore entities linked to the Adani Group, raising concerns of potential conflicts of interest. In its statement, SEBI assures investors that it has completed 22 out of 24 investigations into the Adani Group and is close to completing the remaining two. With over 100 summons and communications made, SEBI asserts that it has diligently investigated the matter.