Jairam Ramesh calls SC judgment on Adani-Hindenburg case "extraordinarily generous"

New Delhi [India], January 3 : After the Supreme Court declined to transfer the probe from the Securities and Exchange Board of India (SEBI) to a Special Investigation Team (SIT) or CBI into the Adani-Hindenburg issue, senior Congress leader Jairam Ramesh on Wednesday said that the judgement is "extraordinarily generous".
"The Supreme Court judgment today on certain matters relating to transactions by the Adani Group has proven extraordinarily generous to SEBI, not least by extending its original investigation deadline of 14 August 2023 by another three months to 3 April, 2024," Jairam Ramesh said in a statement.
The Congress General Secretary said that the SEBI has failed to complete its investigation even ten months after the top expert committee asked it.
"It is noteworthy that SEBI has failed to complete its investigation into the violation of securities laws and stock manipulation by the Adani Group and its associates ten months after the Supreme Court's expert committee asked it to do so."
The Congress Communication-in-Charge also pointed out that in the next three months, the Model Code of Conduct for the Lok Sabha elections will kick in.
"It is unclear what will change in the next three months other than the Model Code of Conduct for the Lok Sabha elections coming into effect," Ramesh said.
The senior Congress leader listed out two exposes from "credible news sources" highlighting the illicit activities of the Adani Group.
"...a series of exposes from credible news sources has turned the glare on the Adani Group's illicit activities conducted under SEBI's benign gaze," Ramesh said.
The Congress General Secretary stated that on August 31, 2023, the Organized Crime and Corruption Reporting Project (OCCRP) revealed the actual ownership of two of the 13 benami shell companies that SEBI has failed to identify despite years of "investigation".
Chang Chung-Ling and Nasser Ali Shaban Ahli held 8-14 per cent of benami holdings in Adani Enterprises, Adani Ports and Special Economic Zone, Adani Power and Adani Transmission, he said.
This was via shell companies in Mauritius, UAE and British Virgin Islands in blatant violation of SEBI's minimum shareholding laws, he added.
On the other hand, Ramesh said that on October 12, 2023 the Financial Times showed how coal trading firms controlled by Chang Chung-Ling and Mohamed Ali Shaban Ahli siphoned out Rs 12,000 crore by over-invoicing coal imported by the Adani Group to Mundra Port in Gujarat.
The senior Congress leader said that these two exposes established a clear link between money flowing out from the pockets of Indian coal utilities and electricity consumers and the funds flowing into Adani Group companies, in complete violation of SEBI rules relating to minimum ownership as well as stock manipulation.
Jairam Ramesh said that the Court is right to observe that news reports are not a substitute for a proper SEBI investigation. However, he pointed out that, "It is concerning that SEBI has asked for extension after extension while the media has produced expose after expose."
Those describing this judgement as a "clean chit" are the same as those who described the Expert Committee report as a "clean chit", Jairam Ramesh said.