The Congress on Tuesday raised the media reports prominently claiming that SEBI has warned to impose a fine on two foreign funds holding the Adani group shares. The Congress said that the action of the market regulator may seem to be a superficial progress, but the investigation has been going on for more than two years and the group has been benefiting from the delay.
There was no immediate response from the Securities and Exchange Board of India (SEBI) or Adani Group to these claims. Congress general secretary and communication in -charge Jairam Ramesh said that “double engine” modani episode is going on.
He gave XX. On said, “SEBI has allegedly threatened to cancel the penalty and license if he failed to provide shareholding details to two offshore funds Alra India Opportunity Fund and Vespira Fund at Mauritius allegedly controlled by Elara Capital.”
Ramesh said that these funds have been accused of “stock parking” – that is, in violation of SEBI rules, masked for benami adani investment in their companies. The Congress leader said, “Both funds have offered to settle the case without allegedly accepted and paying the token fee, which is the most convenient way for Modani.”
He said that in December 2022, 98.78 percent of India Opportunity Fund was invested in three Adani companies, while in June 2022, 93.9 percent of Vespira was invested in Adani Enterprises.
Ramesh said, “SEBI’s action may indicate progress on the surface, but the fact that the Supreme Court had asked to complete the investigation in two months, but it was pulled for more than two years. The delay has benefited only Modani.”
He said that the government tries to hide the ‘biggest scam of India’, the truth is coming out.
Ramesh said, “And if not through India’s compromising institutions, they will come out through foreign jurisdiction, where modani will not be able to pay bribe, not threaten or join them.”
The Congress is constantly attacking the government, ever since the shares of Adani Group have declined. The decline came after a number of allegations on the group led by American company Hindonburg Research, including fraudulent transactions and manipulation of share price on this group led by industrialist Gautam Adani.
The Adani Group has rejected all the allegations made by the Congress and others as lies and said that it complies with all laws and disclosure requirements.
