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Adani row: SEBI 'reluctant' to probe allegations says Congress

Adani row: SEBI reluctant to probe allegations says Congress

New Delhi: The SEBI, according to the Congress, is "reluctant" to look into the claims against the Adani group, and the only option to move forward is a joint parliamentary committee investigation, the organisation claimed on Wednesday.

The "stench of illegality" surrounding Opal Investment, another Adani-connected shell company, is growing stronger, according to Congress national secretary Jairam Ramesh, citing a media article.

He claimed there are “fresh revelations” that the firm, which controls Rs 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,” he asked in a post on X.

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

He said the “glacial and reluctant” SEBI investigation doesn’t seem to be producing any answers and renewed Congress’ demand for a JPC probe. “The only way forward is a JPC that investigates the full story behind the mega Adani Scam,” Ramesh said while tagging the news report.

The Congress has been demanding a JPC probe into the allegations of “stock price manipulation” and financial irregularities against the Adani group made by US research firm Hindenburg that the Adani group has denied as baseless.

With PTI inputs

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