Hindenburg-Adani Row: On August 21, Wednesday, Congress will hold press conferences at around 20 locations across the country. They will demand a Joint Parliamentary Committee (JPC) investigation into the allegations against the Adani Group made by Hindenburg Research. Congress General Secretary and Communication In-Charge Jairam Ramesh criticized the BJP, calling it the “Modani Mega Scam” and stressed the need for an investigation.

Jairam Ramesh stated on X that Congress will focus on the investigation of this “Modani Mega Scam” in the press conferences. He emphasized that this issue affects the economy and small investors, who need honesty in the capital market.

Supreme Court Dismisses Petition

Last January, Hindenburg Research, a US-based short-seller, accused the Adani Group of misusing tax and expressed concerns about its debt levels. Following this report, Adani Group’s domestic listed stocks saw a rise of $86 billion.

New Report Details

In January this year, the Supreme Court dismissed a petition for a CBI investigation into the Adani Group’s alleged wrongdoing. The court stated that only SEBI (Securities and Exchange Board of India) has the authority to investigate market and stock price manipulation. In August this year, Hindenburg Research released a new report alleging that SEBI chief Madhabi Puri Buch and Dhawal Buch have stakes in offshore entities related to Adani Group’s alleged financial misconduct.