Political mercury high on Hindenburg report, Congress raises demand for probe into allegations against Adani Group
Releasing the report, Hindenburg has made many allegations including fraud on Adani Group, due to which the political temperature has also become high. Congress has demanded RBI and SEBI investigate the allegations against the Adani Group.
Muskan 
US-based forensic financial research firm Hindenburg has made several allegations including short positions and fraud on Adani Group through the report. Since the arrival of this report, the shares of Adani Group have continued to decline. Now politics has also started on this issue. Congress leader Jairam Ramesh demanded an inquiry into the allegations made by Hindenburg. He has issued a statement saying that "Normally a political party should not react to any study report about a company or business group. But the Congress's reaction to the forensic research of Hindenburg Research about Adani Group The demand has been made. This is because the Adani Group is not an ordinary group. It is identified with Prime Minister Narendra Modi since he was the Chief Minister."
Along with this, Jairam said that "Financial institutions like Life Insurance Company of India (LIC) and State Bank of India (SBI) and save money of crores of Indians are linked on Adani Group. Therefore Reserve Bank of India (RBI) and Indian Securities and A thorough investigation by the Exchange Board (SEBI) is needed."
Jairam Ramesh said that allegations of financial impropriety would be bad enough, but what is worse is that the Modi government has invested in the Adani Group through LIC, SBI and other public sector banks. This report has exposed the vulnerability of India's financial system. LIC has a large number of inputs in companies. State-owned banks have given twice as many loans to the Adani group as private banks, with 40% of loans being given to them by SBI. This irresponsibility has put crores of Indians at risk putting their savings in LIC and SBI.
Jairam Ramesh demanded an inquiry into the matter by RBI and SEBI saying that "we fully understand the close ties between the Adani Group and the present government. But it is up to the Congress party as a responsible opposition party to urge SEBI and RBI to play their role as stewards of the financial system and investigate these allegations in the larger public interest. The Modi government may try and impose censorship. But due to the globalization of Indian businesses and financial markets In an era can Hindenburg-type reports that focus on corporate misgovernance is easily sidestepped and dismissed as being "malicious?"
