Congress leader Jairam Ramesh hits at Sebi, RBI; questions ‘eloquent silence’

Congress leader Jairam Ramesh on Monday said that US short seller Hindenburg Research, which had alleged earnings manipulation on Adani Group, market regulator Sebi and central bank maintained an ‘eloquent silence.’

Jairam Ramesh said that the comment by Adani Group’s comment that ‘an attack on me is an attack on India’ nonsense?’ and it was ‘nonsense.’

“Hindenburg posed 88 questions to Adani Group which responded with a 413 page rant. Why hide behind ‘an attack on me is an attack on India’ nonsense? It isn’t! Meanwhile, LIC & SBI continue to get pressurised to bail the Group companies out & SEBI/RBI maintain an eloquent silence,” he said in a tweet.

Hindenburg Research alleged that Adani Group had used undisclosed related-party transactions and earnings manipulation to “maintain the appearance of financial health and solvency” of its listed business units.

Adani Group replied to the report with its statement.

“This is not merely an unwarranted attack on any specific company but a calculated attack on India, the independence, integrity and quality of Indian institutions, and the growth story and ambition of India,” Adani said in its 413-page response Sunday.

This report had come at a time when the Adani Enterprises is to raise 20,000 crore in follow-on public offering of new shares. The offer, which is priced at 3,112 to 3,276, will conclude on Tuesday, January 31, 2023.

Till now, the FPO has been subscribed just 2 per cent, i.e., it has managed to garner bids for 781,000 shares against its offer size of 45.5 million shares.

Abu Dhabi’s International Holding Company (IHC) on Monday announced that will invest $400 million in Adani Enterprises’ 20,000-crore follow-on public offer (FPO) via its subsidiary Green Transmission Investment Holding RSC Limited.


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