Hyderabad: Congress general secretary Jairam Ramesh said the grand old party hopes the Securities and Exchange Board of India (SEBI) will use all means at its disposal to get clarity about the ultimate beneficial ownership of foreign funds invested in the Adani group. He suggested that public interest must not be assailed under the garb of confidentiality and privacy.
Congress has changed its tack after it alleged on Monday that granting a six-month extension to SEBI would create perception burying the probe. The change in tenor comes after a media report claimed that some foreign funds invested in Adani group companies have declined to identify their beneficial owners, citing client confidentiality and foreign privacy laws.
The communications in-charge of the party said: "We hope SEBI will use all the means at its disposal to get clarity about ultimate beneficial ownership of these funds given the serious and credible allegations of money-laundering, round-tripping and violations of securities laws against the Adani Group."
Swiss banks episode-"Public interest must not be undermined using the excuse of confidentiality & privacy. This is how Swiss banks got away for decades. Given a more than decade-long G20 initiative to increase international financial transparency, it would be a pity (but not inexplicable) if the Modi government were to choose the interests of its cronies over financial integrity during India’s much self-trumpeted G20 presidency. All this makes the case for a JPC even greater," the Congress leader tweeted tagging a media report.
Also read-No conclusion of wrongdoing in SEBI application to SC: Adani Group
On Monday, the grand old party dubbed the six-month extension sought by the SEBI to complete its probe into the alleged stock price manipulation by the Adani group will create a perception that the investigation is not being seriously pursued but being "buried". SEBI had moved the Supreme Court seeking the extension to complete its investigation.
The apex court directed SEBI to probe the matter within two months and also set up a panel to look into the protection of Indian investors after a damning report by a US short-seller wiped out more than USD 140 billion of the conglomerate's market value.
