Congress on Adani-SEBI settlement report

Congress’s Jairam Ramesh. File pic

The Congress Wednesday said a "cover-up" is in the making after reports claimed entities connected to the Adani Group have approached the SEBI seeking settlement in a case that alleges violations of public shareholding norms through unfair practices.

Congress general secretary in-charge communications Jairam Ramesh said a token settlement would make Indian institutions a laughing stock whose reputation has already been tarnished by the actions of Prime Minister Narendra Modi and "his cronies".

He asserted the "scam" requires serious punitive action, including arrests and raids by investigative agencies.

His remarks come amid reports that several entities connected to Adani Group have approached the Securities and Exchange Board of India (SEBI) seeking settlement in a case that alleges violations of public shareholding norms through unfair practices at four listed companies of the infrastructure conglomerate.

"A cover-up is in the making. Reports that opaque offshore entities and individuals linked to the Adani Group - whose activities have been exposed by successive reports in the public domain - have offered to settle serious allegations of violations of securities laws for token amounts is a clear indicator of this," Ramesh said in a statement.

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