SEBI trying to protect Adani by seeking more time to probe: Mahua Moitra
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New Delhi: Mahua Moitra, Trinamool Congress MP, accused the Securities and Exchange Board of India (SEBI) of trying to protect Gautam Adani of the Adani Group by allowing him ‘to cover up his actions’.
Mahua Moitra’s sharp criticism follows SEBI’s request of the Supreme Court for six-month-extension to complete its probe into probable ‘ lapses in securities market laws and regulatory disclosures’, according to livemint.
Moitra alleged in a tweet that SEBI was seeking six months to give Adani the time to cover up his actions.
‘This is a joke. @SEBI_India has been investigating since October 2021 when they replied to my letter of July. While they prima facie see violations (no surprise)-they want 6 months to protect their favorite businessman so that he can get maximum time to cover up’ the tweet read.
Following the controversy over Hindenburg Research’s report on Adani Group, the Supreme Court directed SEBI to investigate it within two months, as well as setting up an expert panel to look into the protection of Indian investors.
Hindenburg Research’s report hit hard, wiping out upwards of $140 billion of the Adani Group’s market value.
SEBI reportedly said further probe is essential in cases where preliminary findings indicate 'violations of securities laws', according to the report.
Congress leader Jairam Ramesh said that expert committee will not probe the entire political and business practices of the group, and demanded for a probe by a joint parliamentary committee (JPC).