Hindenburg-Adani Case | Anti-India Forces Trying To Destabilise Indian Economy? Govt Slams Congress

On Saturday, the Indian stock market was threatened by the return of another rogue story. US based investment firm ‘Hindenburg’ came up with a fresh set of allegations on Indian business giant: Adani groups & Indian statutory board SEBI. Hindenburg Research released a report which claimed that SEBI, the Securities and Exchange Board of India, did not act on the research report of 2023 against the Adani Group, pointing towards the market regulator's chief, Madhabi Puri Buch, had investments in offshore firms linked to the Adani conglomerate.

Both SEBI and Adani group have rubbished the claims made in the Hindenburg report. The 2023 report had alleged that the Adani group had pulled the “largest con in corporate history” through stock manipulation and financial misconduct. The political clash begins. BJP slammed Congress with multiple fact & figures, and vowed to fight the anti-India forces inside and outside the nation. BJP MP Ravi Shankar Prasad has accused the opposition Congress of conspiring with anti-India forces to spread economic anarchy in the country and destabilize the Indian economy. He picked on George Soros, as the main investor behind Hindenburg Research’s “fictitious report”. Prasad said, Hindenburg is again at the same game. This report is released on Saturday, there is noise on Sunday so that the capital market can be destabilized on Monday.

Meanwhile, stepping up its attack on the Narendra Modi government over Hindenburg Research's allegations, the Congress has threatened to launch a nationwide protest if its demand for a Joint Parliamentary Committee is not accepted. Congress leader KC Venugopal questioned - Why is the government afraid of a Joint Parliamentary Committee? Doesn't it imply that there is something to hide and be afraid of?" He said the Congress and INDIA bloc will be forced to launch a nationwide protest if the Centre refuses to hear their demands. Congress leader Pawan Khera blamed the BJP for allegedly putting a curtain on SEBI.

Congress MP Jairam Ramesh also released a statement. Ramesh said the Supreme Court in March 2023 directed SEBI to “expeditiously conclude the investigation”. But eighteen months later, SEBI has revealed that this critical investigation remains incomplete. Enter BJP MP and spokesperson Sudhanshu Trivedi….. He slammed the opposition by pointing out some interesting facts. Many critical reports on India that have originated from abroad are often released just before or during Parliament sessions. Like BBC documentaries, last year’s Hindenburg’s report in January, reports on religious freedom, comments on Farmers protest, criticisms from activists like Greta Thunberg etc. He suggested that this raises "suspicion" that the Opposition may have had prior knowledge of these events. Coming back to George Soros, the Hungarian-American businessman and investor, who has been notorious of portraying India in bad light.

He termed PM Modi as “no democrat” and said the Adani “affair” could potentially lead to a resurgence of democracy in India. Now, BJP has maintained that this is a conspiracy of the opposition Congress which is allegedly hand-in-glove with the anti-India forces to destabilize Indian economy. Senior market analysts believe that the allegations against SEBI chief Buch and her husband are "untrue and malicious." They also claim that Hindenburg might be attempting to profit quickly from the Indian markets with its recent report. But both SEBI and the government are closely monitoring how the situation evolves, without taking any haphazard action.

A government source described Hindenburg's report as a fresh attempt to "create a smokescreen". They suggest this could be part of a broader plan to hamper SEBI at a time when the Indian stock market is performing well due to healthy macroeconomic fundamentals and strong growth prospects. These attempts are not new, they’ve been recurring. The government views this latest attempt of Hindenburg as a deliberate attempt to 'destroy' India's primary and secondary markets.

After allegations surfaced against Sebi chief Madhabi Buch in the Adani vs. Hindenburg controversy, many were predicting Indian market to crash, but nothing as such happened. On Hindenburg allegations, Vice President Jagdeep Dhankhar said India is developing at a "nuclear speed" but some people, want to "bring instability", and are taking random issues as authentic. The vice president said and we quote, "I caution the nation, I urge the citizens to be extremely alert at such forces, sinister forces, with pernicious designs. Their only motive is to destabilize Bharat, so that our progress is impeded.”