Congress promises to set up JPC to probe rule violations by Adani Group
The Congress on Tuesday reiterated its position of setting up a Joint Parliamentary Committee ( JPC) to investigate allegations of violations of rules by the Adani Group, if the party came to power at the Centre.
Party general secretary (communication) Jairam Ramesh said that the Securities and Exchange Board of India (SEBI) had found that certain o«shore funds invested in the Adani Group “violated disclosure rules and breached investment limit”.
Mr. Ramesh, in a statement, alleged that after years of “prevarication and timidity”, India’s stock market regulator appeared to have nally identied the key players of the Adani MegaScam.
“Far from the ‘clean chit’ that ‘Modani’ and the ‘Godi media’ claimed last year, a Reuters news report suggests that SEBI has found that ‘a dozen o«shore funds invested in Adani Group companies in violation of disclosure rules and in breach of investment limits’. Prime Minister [Narendra] Modi’s strong and personal electoral bond with Adani cannot cover up his close friend’s illegality any longer,” the Congress leader alleged.
Close associates
Mr. Ramesh claimed that the needle of suspicion pointed directly to close Adani associates
Nasser Ali Shahban Ahli and Chang Chung-Ling. He said it was previously reported that SEBI was investigating Mr. Ahli’s British Virgin Island-incorporated shell company Gulf Asia Trade & Investment for violating share ownership rules and “for potentially acting in concert with the Adani Group to manipulate share values and to carry out money laundering and round tripping through o«shore tax havens”.
“Only a JPC can investigate the full extent of the Adani MegaScam. This will happen in June 2024, as soon as the INDIA coalition takes oce,” he asserted.