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The Hindu
The Hindu
The Hindu Bureau

SEBI is ‘reluctant’ to probe allegations against the Adani Group, Congress alleges

The Congress alleged that the Securities and Exchange Board of India (SEBI) was “reluctant” to investigate the allegations against the Adani Group, and reiterated its stance that only a probe by a Joint Parliamentary Committee (JPB) to bring out the truth would suffice.

Citing a news report, Congress general secretary (communication) Jairam Ramesh said that the “stench of illegality” around another Adani-linked shell company, Opal Investment, was getting stronger.

Mr. Ramesh claimed that “fresh revelations” show to the firm, which controls ₹8,000 crore worth of equity in Adani Power, was set up as a “single person company” in Dubai in May 2019.

“This raises several serious questions. How does a single-person firm based in Dubai come to control 4.7% of equity worth Rs 8,000 crore in Adani Power, India’s largest private power generation firm? Is Opal not yet another Adani front engaged in illegal round-tripping and blatantly violating Indian securities laws,” Mr. Ramesh asked in a post on X (formerly Twitter).

“And why is it doing so, whose funds are these actually? What are PM Modi’s retirement plans after May 2024,” Mr. Ramesh added.

The Congress’ communication chief said the “glacial and reluctant” SEBI investigation did not seem to be producing any answers, and renewed the Congress’ demand for a JPC probe.

“The only way forward is a JPC that investigates the full story behind the mega Adani Scam,” Mr. Ramesh said on X.

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