New Delhi, Feb 16 (Agency) Reiterating its demand for a Joint Parliamentary Committee on the Hindenburg Research report on Adani Group, the Congress on Thursday said the setting up of a committee with terms of reference proposed by the Centre can hardly “carry any insignia or reassurance of independence or transparency”. “Where the allegations are of close, intertwined proximity between the ruling dispensation, the Government of India and the Adani group, the setting up of a committee with terms of reference proposed by the Government of India can hardly carry any insignia or reassurance of independence or transparency,” Congress general secretary in-charge Jairam Ramesh said in a statement. His statement comes days after the Government had agreed for a committee which will examine the existing regime and regulator’s role in preventing meltdown situation of shares, as happened to Adani, after the Hindenburg Research report, but it stressed that the Supreme Court could choose the composition of experts committee from names suggested by it. He added, “It is becoming clear that the proposed committee is part of a carefully orchestrated exercise by these vested interests to prevent any real investigation into the Adani group’s relationship with the ruling regime.” “Given the nature of these allegations, it is imperative that the link between Adani and the ruling regime is examined in the full light of day by elected officials accountable to the public.
An evaluation of the regulatory and statutory regime by experts is in no manner equivalent to an investigation by a Joint Parliamentary Committee (“JPC”). Such a committee, however competently staffed, cannot be a substitute for a thorough investigation into the political-corporate nexus that has come to light in the last two weeks. It simply does not have the authority, resources, or jurisdiction to examine the issues that the Opposition has raised,” the MP further said. Citing that over the years, several JPCs have been constituted to inquire into matters of public importance , he said, “ These reports have been crucial to the prosecutions that have followed and have provided the bedrock for legislative changes to prevent similar manipulative practices. If the Prime Minister and his government are to be held accountable, any committee other than a JPC will be nothing but an exercise in legitimization and exoneration.” The Hindenburg Research report over Adani Group had alleged that the Group had engaged in stock manipulation and accounting fraud scheme over the course of decades.