“A baseless attack; Congress and its allies conspired to cause economic anarchy”: BJP on Hindenburg report

BJP MP Ravi Shankar Prasad criticized the opposition’s attack on the US retailer’s Hindenburg report and its allegations against the chairman of market regulator SEBI, Madhabi Buch, and said that the Congress party and its allies conspired together to bring economic anarchy and instability to India.

BJP allegations to Opposition: “They are trying Destroy image of PM Modi

“After being opposed by the people of India, the Congress party, its allies and the gang of tools have conspired to bring economic anarchy and instability to India. The report Hindenburg is published on Sunday, so the equity market is destabilized on Monday. India is also a safe, stable and promising market for stocks. It is the statutory responsibility of SEBI to ensure that the market it is going well,” the BJP leader said at a press conference in the national capital. 

“When SEBI issued a notice against Hindenburg, after completing its entire investigation in July, which was conducted under the supervision of the Supreme Court, without giving any answer in favor of his defense, they made this attack a baseless attack,” he said.

 “Attacking the opposition, the BJP leader said that they are constantly trying to destroy the image of Prime Minister Narendra Modi. “We thought that the opposition would maintain peace,  but that is not the case. They are still trying to destroy the image of PM Modi.  Congress party and its allied party are doing this. » Now, regarding the Hidenburg report, they are spreading lies in the society,” he said.

Earlier, Leader of Opposition Rahul Gandhi had said on Sunday that there was considerable risk in the Indian stock market after the “integrity” of the bonds. The Board of the Stock Exchange of India (SEBI) has been “severely compromised” by the allegations against its chairman
The Congress leader also asked: “If investors lose badly, who will be responsible: PM Modi, Chairman by SEBI Gautam “Adani?”

Hindenburg report accused Adani Group of Financial Irregularities

It comes after Hindenburg alleged that Madhabi Buch, chairman of market regulator SEBI, and her husband had participated in unknown offshore funds used in the alleged Adani money laundering scandal.

Hindenburg’s accusations as baseless and malicious and said it was done for “character assassination”, suggesting that this could be explained by Adani’s relationship with SEBI chairman Madhabi Buch”.This that we did not understand: the current chairman  of the SEBI and his husband, Dhaval Buch, had hidden interests in the same offshore  fund  of Bermuda and Mauritius, found in the same complex nested structure used by Vinod Adani, “he says. Report of the US hedge firm .

In early January 2023, Hindenburg published a report accusing the Adani group of financial irregularities, leading to a significant drop in the group’s share prices.  Adani dismissed  the  allegations as baseless.
The Supreme Court gave the green light to the Adan group. In January 2024, the Supreme  Court  refused to transfer the inquiry into the allegations made by Hindenburg regarding the  manipulation of share prices by the Adan Group to an SIT and ordered the market regulator SEBI to complete its investigation in two cases within three months.
In June this year, the Supreme Court also rejected a petition seeking to review its earlier decision in the Adani-Hindenburg case.