SC-appointed panel, SEBI 'hit walls' in probing Adani group's transactions: Congress

The Congress on Monday alleged that the Supreme Courtappointed expert committee and the SEBI have hit walls while investigating the Adani groups transactions and stressed the need for a joint parliamentary committee probe to unravel the truth in the matterThe Congress assertion comes after a report by the Supreme Courtappointed expert committee said it has found no evidence of stock price manipulation in Adani group companies while a separate SEBI probe into alleged violation in money flows from offshore entities has drawn a blankTaking to Twitter Congress general secretary Jairam Ramesh tagged a media report which claimed that the Registrar of Companies Gujarat in a ruling earlier this month has held that Adani Power and its officials had violated provisions of the Companies Act 2013 by not reporting relatedparty contracts and transactions in the register of contractAs the Modani brigade desperately tries to spin the Supreme Court Expert Committees report as a clean chit it isnt more evidence emerges that Adani has engaged in multiple relatedparty transactions aimed at duping minority shareholders and unfairly enriching the promoters Ramesh saidAlso Read Office of President of India reduced to tokenism under BJP govt Congress president Mallikarjun KhargeThe Registrar of Companies in Gujarat recently ruled that Adani Power had violated the Companies Act 2013 by hiding relatedparty contracts and transactions It imposed penalties on Gautam Adani Rajesh Adani and Vineet S Jain he saidMeanwhile the Supreme Court Committee and even SEBI have hit walls when investigating Adani groups transactions Ramesh claimedThis is why we need a JPC to unravel the Modani MegaScam he saidThe committee headed by former Supreme Court judge Justice AM Sapre in its 173page report said that based on the data from the stock market regulator Securities and Exchange Board of India SEBI it saw no evident pattern of manipulation in the steep stock price rise in billionaire Gautam Adanis companies that can be attributed to any single entity or group of connected entitiesIt was not possible to conclude whether there had been regulatory failures regarding price manipulations the panel said in the reportAfter the Hindenburg report stirred a political row and triggered a rout in the conglomerates stocks the Supreme Court had on March 2 constituted the expert committee to investigate if there was any failure to disclose transactions with related parties and if stock prices were manipulatedThe committee was to work in parallel with the probe by Sebi into offshore entities investing in the Adani Group The regulator was first asked to complete the probe in two months and then given another three months till August 14The Congress has been demanding a Joint Parliamentary Committee JPC probe into the allegations against the Adani GroupThe Adani Group has dismissed the allegations as baselessThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever