RAJYA SABHA MP OF SHIV SENA WRITES TO SEBI CHAIR PERSON OVER ALLEGED ALLEGATIONS AGAINST ADANI GROUP

While the opposition lawmakers in Parliament had yesterday demanded a thorough impartial probe under the supervision of Supreme Court or joint Parliamentary committee over the alleged allegations of fraud against Adani group of companies, a Shiv Sena member of parliament of Rajya Sabha Priyanka Chaturvedi has sent a letter to chairperson of Securities Exchange Board of India Madhabi P. Buch demanding details of the investigation and cogent reasons for the delay in competition of investigations some companies of Adani group initiated by SEBI in 2021 but no closure report has been filed in this regard nor assigning any reasons to the investors and the general public for the said delay.

Rajya Sabha MP Priyanka Chaturvedi in her letter also demanded from the regulator SEBI to apprise the investors of the details of the banks including the nationalised banks exposed to the shares through their equity and debt instruments in Adani group. She also demanded from SEBI to seriously look into the allegations of involvement of the related entities responsible for manipulating the stock prices. In order to ensure that the actions of the private business entities do not cause market instability and put the hard earned money of the India’s middle class investors at rush she said that it is essential and inevitable that the national interest is protected at all costs as the allegations against Adani group of companies are of serious nature and concern not only for the shareholders but for safeguarding the national interest as well. The letter mentions that serious allegations have been levelled against Adani group including that of market manipulation, improper use of off shore tax havens, risks to the retail investors, over pricing of stocks and over exposure of public sector entities etc. These serious allegations were levelled by an American activist investor group called HINDENBURG RESEARCH which accused the Adani conglomerate of alleged improper use of tax havens n stock manipulations while also raising concern of high debt levels leading to Adani group of companies losing more than 8.76 lakh crores of Rupees, in value in mere six days with Gautam Adani withdrawing the FPO of 20000 crores share sale.