New Delhi, May 20 – The Congress party on Tuesday criticized the Securities and Exchange Board of India (SEBI) for the prolonged delay in its probe into the Adani Group, despite reported warnings issued to two offshore funds holding shares in the conglomerate.
According to media reports cited by Congress, SEBI has warned two Mauritius-based funds—Elara India Opportunities Fund and Vespera Fund, both linked to Elara Capital—about potential penalties and licence cancellations for their alleged failure to disclose shareholding details.Congress Alleges Delayed Benefits to the Adani Group
Congress general secretary Jairam Ramesh took to the social media platform X, branding the situation as the ongoing "Modani saga", and alleged that the delay in the SEBI investigation has only benefited the Adani Group.“These funds have been accused of stock parking, essentially acting as fronts for benami Adani investments in their own companies, violating SEBI regulations,” Ramesh claimed.
He further pointed out that in December 2022, 98.78% of the India Opportunities Fund was invested in three Adani firms, and in June 2022, 93.9% of Vespera Fund’s holdings were concentrated in Adani Enterprises.
Settlement Without Admission of Guilt Questioned
Ramesh also criticized the two funds' reported settlement offer, which allegedly includes paying a nominal fine without admitting guilt. “This is the most convenient course for Modani,” he said.He accused SEBI of inaction despite a Supreme Court mandate to complete the investigation within two months. “The probe has dragged on for over two years. The only people who have benefited from this delay are Modani,” he stated.
Calls for Accountability Beyond Indian Jurisdictions
Accusing the government of trying to cover up “India’s biggest scam”, Ramesh warned that the truth will eventually emerge, if not through Indian institutions, then from foreign jurisdictions “that Modani cannot bribe, bully, or co-opt.”Background: Adani Group-Hindenburg Controversy
The Congress party has maintained a persistent stance against the Adani Group and the central government since US-based Hindenburg Research published a damning report accusing the conglomerate of stock manipulation and accounting fraud.The Adani Group has consistently denied all allegations, asserting that it abides by all regulatory and legal norms.
As of now, neither SEBI nor the Adani Group has issued any official response to the latest claims.