Supreme Court-supervised probe limited: Cong

NEW DELHI: With the Supreme Court on Wednesday asking market watchdog SEBI to submit an updated status report in August on its probe into the Adani-Hindenburg controversy, the Congress said the top court-supervised investigation is limited and only a Joint Parliamentary Committee (JPC) can unravel the whole truth.

In a series of tweets, Congress General Secretary Jairam Ramesh said: "SEBI asked for a 6-month extension saying a complete review will take 15 months. Supreme Court has granted a 3-month extension".

"Let it be said again and again and again. The SC-supervised investigation is limited to violations of securities laws. Only a JPC can unravel the whole truth about the Modani Scam, the nature and extent of the unprecedented quid pro quo: The subversion of every branch of the government, especially India's investigative and regulatory agencies. The yoking of our foreign policy to Modani's financial interests. Ensnaring of LIC, SBI, EPFO, and compromising interests of the shareholders and public money. The liberal inflow of unaccounted funds into India from offshore shell companies tied to the Adanis. The change of rules and policies to favour Adani's domestic acquisitions".

"Modani Scam is a PPP with a twist, a true political-private partnership that only the Parliament's JPC can fully unravel," he added.

The Congress had been demanding a JPC probe over the Adani Group issue. The Winter Session of Parliament had also witnessed several adjournments over the Adani Group issue and demand for the JPC.

Ramesh's remarks came after the SC directions to SEBI on its probe into the Adani-Hindenburg controversy.

The apex court also directed that the copies of the report submitted by Justice A.M. Sapre's panel will be given to the parties in the meantime to enable them assist in further deliberations.

A bench headed by Chief Justice of India D Y Chandrachud told Solicitor General Tushar Mehta, representing the SEBI, that the court could have given time till the end of September but on August 14, "Tell us, what stage you are on. give us an updated report".

Mehta contended that 6-months extension for SEBI to complete its report was already compressed.

The bench, also comprising Justices P.S. Narasimha and J.B. Pardiwala, told Mehta that they should tell the court what they have done, noting that the court had initially granted 2 months and now extended it till August which makes it 5 months. It stressed that it cannot give indefinite extension for completing the probe.

Market regulator SEBI had earlier told the Supreme Court that allegations that it has been investigating the Adani Group since 2016 are "factually baseless".