Aam Aadmi Party, Sanjay Singh MP of Rajya Sabha
Aam Aadmi Party (AAP) Rajya Sabha MP Sanjay Singh has publicly criticized the Securities and Exchange Board of India (SEBI) regarding its ongoing investigation into the Adani Group, labeling it as “baseless.” Singh’s remarks came during a press conference where he urged the Supreme Court to take action in light of new allegations made by Hindenburg Research against SEBI chief Madhabi Puri Buch.
Singh highlighted concerns that SEBI’s investigation into the Adani Group appears to be “directionless” and questioned the integrity of the probe, suggesting that it may be influenced by conflicts of interest involving the SEBI chief. He referred to allegations from Hindenburg Research, which claimed that Buch and her husband had financial ties to offshore funds associated with Adani, raising suspicions about SEBI’s commitment to a thorough investigation.
Hindenburg’s report has accused Buch of having stakes in shell companies linked to the conglomerate, which she has denied, calling the allegations “baseless” and an attempt at character assassination.
During the press conference, Singh demanded that the Supreme Court take cognizance of these developments, arguing that the truth regarding the Adani investigation has been concealed from the court. He stated, “Any statement or report made by the SEBI chief in the Supreme Court on Adani’s probe has no meaning,” emphasizing the need for transparency and accountability in the investigation process.
Furthermore, Singh called for a Joint Parliamentary Committee (JPC) to investigate the allegations against SEBI and the Adani Group, asserting that the current government has misled both the public and the judiciary. He demanded the resignation of Prime Minister Narendra Modi, claiming that the Prime Minister is complicit in protecting Adani’s interests and that the ongoing situation has resulted in substantial financial losses for the public, estimated at ₹8.5 lakh crore.
The AAP’s stance reflects broader political tensions surrounding the Adani Group, particularly in light of the Hindenburg report, which has raised serious questions about the conglomerate’s business practices and its relationship with regulatory bodies. Singh’s statements underscore the party’s position that significant reforms are necessary to restore public trust in financial oversight institutions like SEBI.
In summary, Sanjay Singh’s remarks and the AAP’s demands highlight ongoing concerns regarding the integrity of SEBI’s investigation into the Adani Group, calling for judicial intervention and greater scrutiny of potential conflicts of interest within regulatory frameworks.
