Only JPC can unravel truth: Congress on stock manipulation allegations against Adani Group

With the Supreme Court granting the SEBI time till August 14 to complete its probe into allegations of stock price manipulation by the Adani Group, the Congress on Wednesday said the apex court-supervised investigation into the Adani issue is limited to violations of securities laws and only a JPC probe can unravel the whole truth.

A bench headed by Chief Justice D Y Chandrachud granted the Securities and Exchange Board of India (SEBI) time till August 14 to complete its probe into the allegations of stock price manipulation by the Adani group and directed the market regulator to file an updated status report of the investigation.

The bench, also comprising Justices PS Narasimha and JB Pardiwala, also ordered that the report of the Justice A M Sapre committee, which was submitted to it, be made available to the parties to enable them to assist the court in the matter.

Reacting to the development, Congress general secretary Jairam Ramesh said, "SEBI asked for a 6-month extension saying a complete review will take 15 months. Supreme Court has granted a 3-month extension. Let it be said again and again and again. The SC-supervised investigation is limited to violations of securities laws." "Only a JPC can unravel the whole truth about the Modani Scam, the nature and extent of the unprecedented quid pro quo: 1. The subversion of every branch of the government, especially India's investigative and regulatory agencies. 2. The yoking of our foreign policy to Modani's financial interests. 3. Ensnaring of LIC, SBI, EPFO, and compromising interests of the shareholders and public money. 4. The liberal inflow of unaccounted funds into India from offshore shell companies tied to the Adanis. 5. The change of rules and policies to favour Adani’s domestic acquisitions," he said in a tweet.

"Modani Scam is a PPP with a twist, a true political-private partnership that only the Parliament's JPC can fully unravel," Ramesh said.

The apex court had on March 2 ordered the formation of a six-member committee to probe allegations of stock manipulation against Adani Group by US short-seller Hindenberg.

The Congress has been demanding a Joint Parliamentary Committee (JPC) probe into the allegations against the Adani Group.

The Adani Group has dismissed the allegations as baseless.