India / Congress gave reaction in Adani-Hindenburg case Jairam Ramesh said this

Adani-Hindenburg Controversy: Senior Congress leader Jairam Ramesh has said that there is a need for a thorough investigation in the Adani-Hindenburg case. “Normally, a political party should not respond to a research report on an individual company or business group prepared by a hedge fund. But the forensic analysis done by Hindenburg Research of Adani Group has demanded a response from the Congress party. The Congress leader said that this is because Adani Group is not an ordinary group. It is identified with Prime Minister Narendra Modi since he was the Chief Minister.

Ramesh said that these allegations need serious investigation by institutions like the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI) which are responsible for the stability and security of the Indian financial system.

The Congress leader said, 'We fully understand the close relationship between the Adani group and the present government. But it is the responsibility of the Congress party as a responsible opposition party to urge SEBI and RBI to play their role as stewards of the financial system and investigate these allegations in the larger public interest.

Can such a report be easily dismissed?

Ramesh said, 'Modi government can try and impose censorship. But in an age of globalization of Indian businesses and financial markets, can reports like the Hindenburg that focus on corporate misgovernance be simply brushed aside and dismissed as being 'malicious'?'

What is the whole matter?

US-based investment research company Hindenburg Research has alleged in a report that the Adani Group has been openly involved in stock manipulation and accounting fraud for decades. After this report came out, the shares of many companies of Adani Group crashed.

A day after the release of the report, the Adani Group issued a statement warning of legal action. Hours later, Hindenburg wrote on Twitter that Adani Group had not answered any of the 88 direct questions raised in the report.

On the other hand, Adani Group said on Thursday that it is looking into legal options against Hindenburg Research for acting recklessly in an attempt to sabotage the share sale.