Adani Group Chairman Gautam Adani speaks after receiving a clean chit from SEBI over the Hindenburg allegations, on September 22, 2025.
| Photo Credit: PTI

New Delhi:

Adani Group on Tuesday committed to investing Rs 2.3 lakh crore over the next five years across power, cement, industrial parks, aluminium and city gas expansion in Odisha. According to a statement by the group, the investment commitment was made during Utkarsh Odisha 2025 – the state’s investor meeting.

Karan Adani, Managing Director of Adani Ports and SEZ Limited (APSEZ), met state Chief Minister Mohan Charan Majhi and exchanged MoUs for investment in Odisha over the next five years, it added.

“The Adani Group committed to invest Rs 2.3 lakh crore over the next five years across power, cement, industrial parks, aluminium, city Gas etc,” the statement said.

It, however, did not give details.

“This is the biggest investment intent by any group in Utkarsh Odisha 2025.” Also, the first test flight landed at Dhamra Airstrip successfully on Tuesday.

Additionally, on the occasion of Utkarsh Odisha, six projects of ATGL in Odisha were commissioned. These include an EV charging station at Bhubaneswar airport and the completion of the city gate station cum mother station project.

Other projects include the groundbreaking for an LNG cum multi-fuel hub at Bhadrak, a CNG station in Balasore, the first domestic piped cooking gas charging and burner in Bhadrak and a CNG station project completion at Rairangpur (1st in the city) of Mayurbhanj district.

“It will be open to the public soon,” it added.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)

New Delhi:

The Adani Group and the International Society for Krishna Consciousness (ISKCON) have joined hands to serve meals to devotees at the Maha Kumbh Mela in Prayagraj this year.

The Mahaprasad Seva will be offered for the entire duration of the Maha Kumbh Mela, from January 13 to February 26.

To thank ISKCON for this initiative, Adani Group chairman Gautam Adani on Thursday met Guru Prasad Swami, the Chairman of ISKCON Governing Body Commission (GBC).

कुंभ सेवा की वो तपोभूमि है जहां हर हाथ स्वतः ही परमार्थ में जुट जाता है!

यह मेरा सौभाग्य है कि महाकुम्भ में हम @IskconInc के साथ मिलकर श्रद्धालुओं के लिए ‘महाप्रसाद सेवा’ आरम्भ कर रहे हैं, जिसमें मां अन्नपूर्णा के आशीर्वाद से लाखों लोगों को निःशुल्क भोजन उपलब्ध कराया जाएगा।

इस… pic.twitter.com/0DMlzO56hY

— Gautam Adani (@gautam_adani) January 9, 2025

Speaking about ISKCON’s support in offering the Mahaprasad Seva, Mr Adani said, “Kumbh is a sacred place of seva, where every devotee gets involved in the name of seva to God. It is my good fortune that we are starting the ‘Mahaprasad Seva’ for the devotees at the Maha Kumbh in collaboration with ISKCON.

“With the blessings of Maa Annapurna, free food will be provided to lakhs of devotees. Today, I got the opportunity to meet Guru Prasad Swami ji of ISKCON and I deeply experienced the power of dedication towards seva. In the true sense, seva is the highest form of patriotism. Seva is meditation, seva is prayer and seva is God.”

Guru Prasad Swami, one of the outstanding preachers of the International Krishna Consciousness Society, said, “The Adani Group has always been a shining example of corporate responsibility and social service. What makes Gautam Adani ji outstanding is his humility — he never waits to be called but moves forward to serve selflessly. We are extremely grateful for his contribution. His work inspires us to give back to the society and unite in the service of humanity.”

The Mahaprasad Seva will be offered to 50 lakh devotees and the meals will be prepared in two kitchens in and outside the mela area.

The Mahaprasad will be distributed at 40 places in the Maha Kumbh area and 2,500 volunteers will be involved in this initiative.

Golf carts have been arranged for the differently abled, elderly, and mothers with children. Five lakh copies of Geeta Saar will also be distributed among the devotees.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)

Ship building activity has gathered momentum in coastal Karnataka with Udupi Cochin Shipyard Limited (UCSL), a wholly owned subsidiary of Cochin Shipyard Limited (CSL), launching the first of the six 3800 TDW (tonnes of dead-weight) dry cargo vessels for Wilson ASA of Norway at its facility in Malpe, in Udupi district, on December 16.

Scheduled for delivery in February 2025, the vessel will be followed by delivery of another five similar ones and then eight 6300 TDW dry cargo vessels to the same client. Apart from these, the ship building entity under the public sector in Karnataka has orders for construction of different capacities of Bollard Pull ASD (Azimuth Stern Drive) tugs.

It was in September 2020 that CSL acquired Tebma Shipyard Limited, which had run into insolvency proceedings through the National Company Law Tribunal, Chennai. Beginning operations in February 2021 and getting renamed UCSL in April 2022, the company did not look back, partially due to the strong backing of its parent company Cochin Shipyard Limited. CSL’s presence in the commercial shipbuilding market helped its subsidiary not only to get orders for vessels but also to strengthen the dilapidated infrastructure of Tebma Shipyard at Malpe, according to UCSL. Tebma was initially founded as a private limited company in 1984 and became a public limited company later.

Constructing fishing boats

UCSL began by constructing fishing boats under the Prime Minister’s Matsya Sampada Yojana for coastal States. It went on to manufacture 100 passenger aluminium ferries for Kochi Water Metro as per an order from Cochin Shipyard. These small but vital projects tested the mettle of the team as they concurrently worked to strengthen manpower and implement robust quality systems. Despite initial teething troubles, Udupi CSL was able to overcome them and establish itself as a strong ship builder in the region.

Udupi CSL had the first major breakthrough with an order for two 62T Bollard Pull Tugs from Ocean Sparkle Limited, which is India’s largest tug operator, of Adani Group. This was followed by another order for two 70T Bollard Pull Tugs from Polestar Maritime Limited.

Despite concerns about delivery timelines, UCSL delivered all the commercial projects ahead of schedule. This achievement, according to UCSL, marked a significant milestone reinforcing the yard’s credibility.

Going global

The turning point for Udupi-CSL was its engagement with Wilson ASA, Norway- Europe’s largest short sea shipowner, in February 2023. Wilson ASA’s confidence in the yard’s infrastructure, project management, and leadership led to a landmark order, propelling Udupi-CSL’s order book to cross ₹500 crore. This international recognition laid the foundation for its entry into the global market.

According to Cochin Shipyard Limited Chairman and Managing Director Madhu S. Nair, who is also the Chairman of Udupi Cochin Shipyard Limited, CSL’s association with Norway, a global shipping hub for decades, helped its subsidiary Udupi CSL, to bag the international orders. In May 2023, Wilson ASA initially placed orders for six future-proof 3800 TDW dry cargo vessels that would be operated on short sea routes in Europe.

Of the six vessels, Udupi CSL recently launched the inaugural vessel at its facility in Malpe while another vessel is under final stages of construction. The launched vessel would undergo extensive testing and equipment fitting before being delivered to Wilson ASA in February 2025, Mr. Nair said.

The 3,800 TDW vessels are designed by Conoship International, Netherlands, and are being constructed as environmentally-friendly diesel-electric vessels. They would be 89.43 metres long, 13.2 metres wide, have a draft of 4.3 metres, and with top speed of 10.3 knots. They were future-proof, eco-friendly vessels equipped for installation of the ventofoil system for wind-assisted propulsion in the future.

Wilson ASA placed repeat orders for vessels with higher capacity — eight numbers of 6,300 TDW dry cargo vessels — in two batches, in June and September 2024.

Orders for more tugs

In May 2024, Ocean Sparkle Limited (OSL), an Adani Harbor Services Limited Company, placed repeat orders for three ASD (Azimuthing Stern Drive) tugs of 70 T Bollard Pull Power.

Earlier, UCSL had delivered two 62 T bollard pull ASD tugs to OSL before the contractual delivery date. These tugs were deployed by OSL at Paradeep port and in New Mangalore port.

The tugs, designed by Robert Allan Limited, the world’s leading design house for harbour tugs, would be built under the Indian flag. The tugs would conform to the ASTDS (Approved Standard Tug Design and Specifications) of the Union Government in line with Aatmanirbhar Bharat and Make in India initiatives.

UCSL was the first shipyard to contract and construct tugs conforming to ASTDS.

UCSL received orders for three similar tugs from Polestar Maritime Limited, of which one was delivered ahead of the deadline.

Aligning locally

UCSL CEO A. Harikumar says the shipyard’s success is not limited to its order book. It has fostered robust relationships with stakeholders, suppliers, and Original Equipment Manufacturers (OEMs). Simultaneously, it prioritised building a skilled workforce through systematic recruitment and the implementation of an Integrated Management System. The extension of its leased land with Karnataka Maritime Board, and infrastructure upgrades ensured sustainable growth.

The shipyard, Harikumar said, has been supporting the MSMEs in the region. Almost all the inputs for constructing vessels, including the marine-grade steel, were being procured locally from Mangaluru and Udupi. Besides helping growth of ancillary industries, the yard would also offer internships and training to ITI candidates from the region.

Expansion plans

UCSL has plans to expand the Udupi facility to enhance production and generate more jobs for the local people. The operations, planning and design facility at Malpe employs around 600 persons. The fabrication facility at Hangarkatte employs around 250 persons. The companies are in talks with the government of Karnataka for some more land at Hangarkatte while capacity augmentation is under process at Malpe. Once the process is completed, the Malpe facility could employ around 1,000 persons, and the Hangarkatte about 600 persons. UCSL also intends to improve the lives of people around its facilities through corporate social responsibility activities.

Cochin Shipyard Limited, Mr. Nair said, wants Udupi CLS to focus on tugs and short-sea vessels. Both CSL and UCSL were working towards realising the ‘Vision 2047’ of bringing India under the top 10 shipbuilding countries in the world.

The approach from the Solar Energy Corporation of India (SECI) on September 15, 2021 came out of the blue. The federal agency, tasked with developing the solar sector, wanted to know if Andhra Pradesh would like to sign India’s largest renewables contract.

Two years earlier, Andhra Pradesh’s energy regulator had said in a 10-year forecast the State had no short-term need for solar power, and should focus on other renewables that could provide 24-hour energy.

Also read | A ‘bribery scheme’ to bag lucrative solar power contracts

But just a day after SECI approached the State government, the 26-member State Cabinet led by then-Chief Minister Y.S. Jagan Mohan Reddy gave the deal its preliminary approval, according to Cabinet records seen by Reuters.

While SECI’s September 15 letter did not name the energy supplier, it was publicly known at the time that the federal agency had only contracted with two suppliers, the larger of which was controlled by billionaire Gautam Adani, according to past statements from the two companies.

By November 11, the State government had secured the nod from the energy regulator. On December 1, State authorities signed a procurement agreement with SECI for the deal, which could eventually be worth over $490 million annually.

As much as 97% of that will go to Adani Green, the renewables unit of the billionaire’s Adani Group conglomerate, according to documents related to the agreement, reviewed by Reuters.

The news agency spoke to a former State power regulator and an energy legal expert who said the 57 days between SECI’s approach to the State government and regulatory approval from the Andhra Pradesh Electricity Regulatory Commission (APERC) for the 7,000 megawatt deal was unusually fast, although timeframes for such deals can vary.

The solar deal is now under scrutiny by U.S. prosecutors, who indicted Mr. Adani and seven other executives in November for alleged involvement in a bribery and securities fraud scheme involving several Indian States and one territory.

U.S. prosecutors allege that $228 million was offered to an unnamed Andhra Pradesh official by the defendants to direct the State’s electricity distribution companies to purchase the solar power supplied to SECI by Adani Green.

Reuters reviewed 19 State government documents, many of them previously unreported, and interviewed more than two dozen State and federal officials about the deal, as well as independent energy and legal professionals. Most of the people spoke on condition of anonymity due to the sensitivity of the matter.

Together they provide a picture of how political leaders overruled advice from finance and energy officials in order to approve the massive Adani deal. Some officials have publicly described the contract as likely to strain the State’s coffers, potentially leaving taxpayers on the hook for thousands of megawatts of energy that Andhra Pradesh does not need.

Adani Green did not respond to Reuters’ questions about the alleged corruption nor the speed of the approval process. Adani Group has previously called the allegations “baseless”.

SECI told Reuters in a statement it was up to States and their regulators to decide how much power to purchase. It declined to answer other questions.

The office of Mr. Reddy, who was not named in the U.S. indictment and lost power in an election this year, referred Reuters to a November 28 statement in which he denied being bribed and justified the deal on grounds it provided free power to farmers. Mr. Reddy’s office declined to answer other questions.

APERC, which regulates the State’s power sector and was responsible for due diligence on the deal, did not respond to repeated requests for comment on its processes and the U.S. allegations.

The current State government also did not respond to requests for comment.

Due diligence

For most of September 15, 2021 then-Energy Minister Balineni Srinivasa Reddy was unaware of any potential solar deal, he told Reuters.

But late that night, he received a call from a person in his office, whom he did not identify, about a proposal that required his signature for discussion in Cabinet the next day, said Mr. Srinivasa Reddy, who joined a rival party this year.

“Never before” had he been so rushed to approve files, he said, and he was not given “details or time to study the matter”.

Mr. Srinivasa Reddy said he signed off after being assured by a senior official at his department, whom he also did not identify, that the contracting party was SECI. He said he had “no idea the supplier was Adani”.

Srikant Nagulapalli, who declined to comment, was then the top civil servant in Mr. Srinivasa Reddy’s department. Reuters could not establish if Mr. Srinivasa Reddy consulted him or if he provided assurances about the deal.

The next day, Cabinet approved the deal “in principle,” according to minutes from the Cabinet meeting, allowing the regulatory process to be fast-tracked.

On October 21, the Andhra Pradesh Power Coordination Committee (APPCC) — which had been tasked with studying the deal after the preliminary approval — filed a report recommending the deal.

The committee was established by the State government to coordinate between State-owned distribution companies; its members include the State’s top energy official and company executives.

Seven days later, the Andhra Pradesh Cabinet officially committed to procuring 7,000 megawatts from SECI.

In doing so, it overrode advice from officials at the finance and energy departments that the contract did not represent good value.

On October 28 — the same day as the Cabinet meeting that approved the deal but before the greenlight was given — the finance department made a submission to the Cabinet stating there was an industry trend of falling solar prices and that future agreements would likely be cheaper, according to Cabinet minutes.

It said Andhra Pradesh had leverage because the government was the buyer, offering the supplier security that a default would be unlikely.

The treasury also questioned the duration of the 25-year contract, especially since supply was scheduled to start only in 2024, according to the minutes. The treasury said it believed costs could continue to fall in the period between agreeing the contract and power being supplied.

The energy department endorsed the treasury’s advice.

The records of the Cabinet deliberations do not document any discussion about the finance and energy departments’ concerns beyond a statement in the minutes that the Cabinet was “duly overruling the finance remark”.

Andhra Pradesh will pay ₹2.49 per kilowatt-hour when the solar power comes online, according to the agreement.

An Adani Green spokesperson told Reuters that supply would be delayed beyond 2024, citing delays in “grid availability”.

However, an analysis released by the office of Chief Minister N. Chandrababu Naidu — who ousted Mr. Jagan Mohan Reddy’s government in elections this year — found the State would likely have to pay more, because the contract did not account for certain taxes and duties that are typically included in such calculations.

A State official familiar with the matter said Andhra Pradesh is likely to pay as much as 23% over the price it agreed in the Adani contract once the taxes and duties are included.

Andhra Pradesh is now seeking to suspend the deal due to the indictment of Gautam Adani. A decision could come by year-end, an official told Reuters.

If the Adani deal goes ahead, the State treasury will be directly on the hook for solar bills running hundreds of millions of dollars annually, according to Reuters’ review of contract documents. Annual payments to Mr. Adani once the power supply is fully operational will be roughly equal to State spending on social security and nutrition programs for the previous fiscal year.

New Delhi:

Billionaire Gautam Adani-led conglomerate on Tuesday said it will use its own resources to fund a Sri Lankan port project and not seek US funding.

In an exchange filing late on Tuesday, Adani Ports and SEZ Ltd said the project “is on track for commissioning by early next year” and added that the company will fund the ongoing project through “internal accruals”, aligning with its capital management strategy.

The company said it has withdrawn its 2023 “request for financing from the US International Development Finance Corporation (DFC)”.

The US International Development Finance Corp, in November last year, agreed to provide a USD 553 million loan to support the development, construction, and operation of a deep-water container terminal called the Colombo West International Terminal (CWIT) at the Port of Colombo in Sri Lanka.

The CWIT is being developed by a consortium of Adani Ports, Sri Lankan conglomerate John Keells Holdings Plc, and the Sri Lanka Ports Authority (SLPA).

DFC financing was part of the US government’s broader efforts to counter China’s growing influence in the region and was seen as an endorsement of Adani’s ability to develop world-class infrastructure.

However, the loan process stalled after the DFC asked that the agreement between Adani and the SLPA be amended to align with their conditions, which then went under review by Sri Lanka’s Attorney General. As the project is nearing completion, Adani Ports, which holds 51 per cent of the venture, chose to proceed with the project without funding from the DFC, officials privy to the process explained.

The US agency had recently stated that it was “actively assessing the ramifications” of the bribery allegations against the Adani group executives. It had so far not disbursed any money to the ports-to-energy conglomerate.

Adani group has denied all charges as baseless and vowed to pursue all possible legal recourse. 

The Port of Colombo is the largest and busiest transhipment port in the Indian Ocean. It has been operating at more than 90 per cent utilisation since 2021, signalling its need for additional capacity.

The geopolitically sensitive port project in Sri Lanka is as much of a move by the US to counter Chinese influence in the island nation.

Phase 1 of the project is scheduled to become commercially operational by Q1 2025.

The new terminal will cater to growing economies in the Bay of Bengal, taking advantage of Sri Lanka’s prime position on major shipping routes and its proximity to these expanding markets.

The Colombo West International Terminal (CWIT) project was initiated in September 2021, when Adani Ports signed an agreement with the Sri Lanka Ports Authority and Sri Lankan conglomerate John Keells Holdings, pledging over USD 700 million to expand the capabilities of Colombo Port.

The CWIT will be Sri Lanka’s largest and deepest container terminal, with a quay length of 1,400 metres and an alongside depth of 20 metres. When complete, the terminal will be able to handle Ultra Large Container Vessels (ULCVs) with capacities of 24,000 TEUs and is expected to have an annual handling capacity of over 3.2 million TEUs.

As of September 30, 2024, Adani Ports had approximately USD 1.1 billion (Rs 8,893 crore) in cash reserves and generated an operating profit of USD 2.3 billion (Rs 18,846 crore) in the past 12 months. 

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)

Representational file image.
| Photo Credit: VIJAY SONEJI

A review committee formed by Bangladesh’s interim government on Sunday (November 24, 2024) recommended engaging an investigation agency to examine power agreements signed by deposed prime minister Sheikh Hasina’s regime with different business groups, including one with India’s Adani Group.

“The National Review Committee on Ministry of Power, Energy and Mineral Resources has recommended the appointment of a reputed legal and investigation agency to review the major power production agreements signed during the autocratic regime of Sheikh Hasina from 2009 to 2024,” an official statement said.

Also read | Gautam Adani indictment: In-depth coverage

The statement, issued by Chief Adviser Muhammad Yunus’s office, said the committee was currently reviewing seven major energy and power projects, including the Adani (Godda) BIFPCL 1234.4 MW coal-fired plant, a wholly-owned subsidiary of Adani Power Limited.

The six other agreements include one with a Chinese company that built a 1320 MW coal-fired power plant, while the rest are with Bangladeshi business groups said to be close to the past regime.

According to the statement, the committee gathered “enormous proof” warranting the agreements be “scrapped or reconsidered” in line with international arbitration laws and procedures. It said the committee needed additional time to further analyse other solicited and unsolicited contracts.

“In doing so, we recommend immediate appointment of one or more top-level international legal and investigation agency or agencies to assist the committee,” the statement said quoting a letter of the committee, headed by retired High Court judge Moyeenul Islam Chowdhury.

India’s External Affairs Ministry had earlier said that cooperation in the power and energy sector has become one of the crucial pillars of India-Bangladesh relations.

The Adani Group, however, recently sent a letter to the Bangladesh government over its unpaid $800 million power supply bill while Bangladesh’s state-run Power Development Board said they had already paid $150 million despite its dollar crisis and was expecting to pay the full amount.

Adani’s Godda thermal plant was set up exclusively to supply power to Bangladesh but India recently changed a law allowing the Indian company to sell the Godda power in the domestic market sparking speculation if Bangladesh would get dedicated power supply from the plant.

The interim government had earlier formed a committee to examine contracts made under the Quick Enhancement of Electricity and Energy Supply (Special Provisions) Act, 2010 (Amended 2021).

The committee was tasked to investigate any allegations of corruption related to the country’s electricity and energy production and supply agencies.

New Delhi:

The Adani Group on Saturday clarified on reports of Kenya cancelling more than $2.5 billion in deals after the US’ allegations, saying it had not entered into any binding agreement to operate Kenya’s main airport.

On the pact it had signed last month to build and operate key electricity transmission lines in Kenya for 30 years, the group said the project did not fall within the ambit of SEBI’s disclosure regulations, thereby not warranting any disclosure on its cancellation.

The Adani Group was responding to notices sent by stock exchanges to confirm reports of Kenyan President William Ruto ordering the cancellation of a procurement process that had been expected to award control of the country’s main airport.

The flagship firm Adani Enterprises Ltd, which houses its airport business, in a filing said it had in August this year incorporated a step-down subsidiary in Kenya to upgrade, modernise, and manage airports.

“While the company was in discussion with the relevant authority for the said project, till date neither the company nor its subsidiaries (i) have been awarded any airport project in Kenya, or (ii) entered into any binding or definitive agreement in connection with any airport in Kenya,” the firm said.

Adani Energy Solutions Ltd, the firm that operates power transmission lines, in a separate filing said on October 9 it was awarded the project to construct transmission lines in Kenya. Thereafter, it had incorporated a step-down subsidiary in Kenya.

“We submit that the project does not fall within the ambit of item 4 of Para B, Part A, Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (Sebi Listing Regulations) which requires intimation to be made for any awarding, bagging/ receiving, amendment or termination of awarded/bagged orders/contracts other than in the ordinary course of business,” it said.

It said the award of the project was in the ordinary course of business of the company and its subsidiaries as they are engaged in the business of transmission and distribution of energy (among other things).

“Consequently, any cancellation of such Project will also not fall within the ambit of item 4 of Para B, Part A, Schedule III of the Sebi Listing Regulations,” it added.

Adani Energy Solutions Ltd had last month signed a project agreement with the Kenya Electricity Transmission Company Ltd (Ketraco) for developing three transmission lines and two substations.

(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)

New Delhi:

ACC, the cement and building material company of the diversified Adani Portfolio, along with the Adani Foundation, is enabling rural entrepreneurship across Gudur Gram Panchayat near ACC Tikaria. Along with the Adani Foundation, the Company has set up 12 Self-Help Groups (SHGs) to transform the socio-economic landscape of the village.

Gudur Gram Panchayat, with a population of about 2,000, used to face significant socio-economic challenges, with most villagers engaged in agriculture and labour, often struggling below the poverty line. Essential services like hospitals, banks, and markets are located over 13 km away, making access difficult for many.

ACC, through the Adani Foundation’s intervention, formed and nurtured 12 Self-Help Groups (SHGs) in the village. By providing microfinance and business training, the initiative has uplifted many families, enabling them to improve their livelihoods.

Sundra, a 54-year-old woman, has transformed her life through community-driven microfinance, receiving Rs 1.50 lakh from her SHG to invest in farming equipment. This venture, under the National Rural Livelihood Mission (NRLM), now provides her with a stable monthly income of Rs 15,000, significantly enhancing her family’s living conditions.

ACC and the Adani Foundation’s impact through this initiative is seen in the empowerment story of villagers including Sundra, who have turned challenges into opportunities, fostering economic growth, and uplifting their rural communities.

(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)

New Delhi:

The BJP today slammed Congress leader Rahul Gandhi for raising questions on the integrity of Indian stock markets based on the latest allegations by  US-based short seller Hindenburg.  

“The Leader of Opposition is now openly inciting and seeding doubt about the genuineness of the Indian stock markets. This blatant attempt to undermine confidence in our economy reveals the true intention of Rahul Gandhi, which is nothing but the destruction of India,” BJP leader Amit Malviya said in a post on X (formerly Twitter).  

He said that Mr Gandhi’s remarks come despite the expert committee appointed by the Supreme Court concluding there was no regulatory failure regarding the allegations of price manipulation made by Hindenburg.

“On Jan 3, 2024, the Supreme Court, led by CJI DY Chandrachud, observed that no willful or deliberate violations were done by SEBI,” Mr Malviya said.

Rahul Gandhi had alleged that there was significant risk in the Indian stock markets and that the “integrity” of the Securities and Exchange Board of India (SEBI) was “gravely compromised” by the allegations against its chairperson.

The new Hindenburg report claimed that SEBI Chairperson Madhabi Puri Buch and her husband Dhaval Buch had stakes in offshore entities involved in the alleged Adani money siphoning scandal.

The SEBI Chairman and the Adani Group, however, have labelled these allegations as “baseless” and “malicious”. Madhabi Puri Buch has also pointed out that the latest release by Hindenburg comes after SEBI took enforcement action and issued a show-cause notice to them in July.