BJP’s CR Kesavan Criticizes Hindenburg Report on SEBI Chairperson Madhabi Buch
Chennai (Tamil Nadu) [India], August 12: BJP national spokesperson CR Kesavan has strongly criticized the recent Hindenburg report and its allegations against SEBI chairperson Madhabi Buch. Kesavan described the report as a ‘typical shoot and scoot toolkit of a dubious short seller without any credibility.’ He dismissed the report as a ‘retaliation’ to the show cause notice issued to Hindenburg Research by SEBI in July for alleged violations in stock market rules.
Kesavan explained that Hindenburg’s report, which accused Madhabi Buch and her husband of having stakes in offshore funds involved in the Adani money syphoning scandal, was an attempt to ‘manufacture a false narrative to distract, divert and deflect attention’ from the notice. He also criticized the Congress party and the opposition coalition for supporting the report.
Earlier this week, Hindenburg Research alleged that Madhabi Buch and her husband had hidden stakes in offshore funds used in the Adani scandal. Rahul Gandhi, Leader of Opposition in the Lok Sabha, expressed concerns about the integrity of SEBI and demanded Buch’s resignation. However, Madhabi Buch and her husband rejected the allegations as baseless and malicious, stating that their finances are transparent and open for scrutiny.
Kesavan highlighted the Supreme Court’s directive to SEBI to investigate the Adani Group based on Hindenburg’s earlier report. He praised Prime Minister Narendra Modi’s leadership for strengthening India’s financial system and accused the Congress party of trying to create fear and panic due to their repeated electoral losses.
Kesavan questioned the Congress party’s motivation for supporting Hindenburg’s reports and accused them of attempting to destabilize India’s economy. He assured that their efforts would not succeed.
In January 2023, Hindenburg published a report accusing the Adani Group of financial irregularities, leading to a significant drop in the group’s stock prices. The Supreme Court refused to transfer the probe into these allegations to an SIT and directed SEBI to complete its investigation within three months. In June, the Supreme Court dismissed a plea seeking to review its earlier verdict in the Adani-Hindenburg case.
Doubts Revealed
BJP -: BJP stands for Bharatiya Janata Party, which is one of the major political parties in India.
CR Kesavan -: CR Kesavan is a spokesperson for the BJP. A spokesperson is someone who speaks on behalf of a group or organization.
Hindenburg Report -: The Hindenburg Report is a document created by Hindenburg Research, a company that investigates and reports on financial fraud and misconduct.
SEBI -: SEBI stands for Securities and Exchange Board of India. It is a government agency that regulates the stock market and protects investors.
Madhabi Buch -: Madhabi Buch is the chairperson of SEBI, meaning she is the head of the organization.
Offshore funds -: Offshore funds are investments made outside of one’s home country, often to take advantage of different financial regulations.
Adani scandal -: The Adani scandal refers to allegations of financial misconduct involving the Adani Group, a large Indian multinational company.
Show cause notice -: A show cause notice is a legal document that asks someone to explain or justify something they have done.
Supreme Court -: The Supreme Court is the highest court in India. It makes important decisions about laws and justice in the country.
Congress party -: The Congress party is another major political party in India, often seen as a rival to the BJP.
