The National Secretariat of the Communist Party of India issued today (August 11, 2024) the following statement:

Recent Revelations by the Hindenburg Research Group against the corrupt and unethical business practices of the Adani Group and the alleged complicity of the SEBI Chairperson Madhabi Buch have further cleared that the BJP is serving only corporate interests to the extent of protecting the corrupt practices of their favoured corporates.

The Hindenburg Research Group, which had raised serious allegations of business malpractices and corporate scams involving the Adani Group, has now alleged that the current Chairperson of SEBI Madhabi Buch and her spouse have business interests in one of the entity involved in the murky deals of the Adani Group. While SEBI is the agency probing charges against Adani, with no success, its Chairperson having a stake in the allegedly corrupt entities raises crucial question of conflict of interests.

It is an universally accepted adage that ‘no one should be the judge in their own case’ and with the new revelations, it is clear that the current SEBI Chairperson is unfit to lead the probe against Adani wrongdoings, having substantial interest in one of the entities under scanner. These revelations have exposed that the BJP’s tirade against corruption is only lip-services and they are involved in protecting the Adani Group at all levels.

SEBI is the market regulator but has been exceptionally lenient in dealing with the Adani Group and its alleged malpractices. Experts and press have flagged market manipulations by the Adani Group routinely and the Supreme Court’s observation of SEBI investigations ‘drawing a blank’, points at complicity from the highest levels. All this clearly shows that the Prime Minister Modi and the BJP are serving to further the interests of corporates and are in fact shielding the business group by making an individual with substantial financial interest in the Adani deals in charge of the investigation.

In this context, the CPI demands that SEBI Chairperson Madhabi Buch must step down from her position immediately to avoid conflict of interests and to ensure impartiality in the probe. Developments regarding the Adani Group and repeated inactions from agencies indicate at an institutional compromise and only a Joint Parliamentary Committee probe can establish the trust of the people in proper investigation. The CPI reiterates its demand that the entire alleged scandal be probed thoroughly by a JPC.

(Roykutty)

Office Secretary