Hindenburg: To Modi via Adani, Sebi and PAC

Colonisers of yesteryears are now shadow boxing - fighting what they think are systemic faults that governments and its agencies in the former colonies are incapable of rectifying. 

Recolonization is a distant dream and the only way to go back to the old world order of looting the wealth of the developing world at the expense of the Global South is through remote control.

Short-seller Hindenburg is a re engineered Robert Clive who is looking to loot India by derailing its industries and demoralizing industrialists – a realization that the way forward for the so-called developed world is through market hegemony and currency power.

The means they use are varied – economic, social, cultural or even political – but the goal is subjugation of economies. They use actors in the media, the market, financial institutions and political leaders to reach their end.

Amidst reports linking short-seller activist Hindenburg Research’s allegations against Adani Group and accusations that Madhabi Puri Buch, the chairperson of market regulator Securities and Exchange Board of India (Sebi), has been shielding the conglomerate, opposition parties led by the Congress have demanded that the Sebi chief step down temporarily to restore market confidence in regulatory bodies.

The demand follows claims made by certain media reports that Buch, who was earlier employed with ICICI Bank, was also working for Greater Pacific Capital, where the son of India’s National Security Advisor Ajit Doval was in a key position – alluding that Buch was obliging Doyal and Prime Minister Modi by supporting Adani.

Greater Pacific Capital is a London-based private investment firm with its focus on investing in India’s growth.

Opposition Congress jumped on the God-send opportunity, calling for a probe into the allegations by a Parliamentary panel.

In a press release, Congress spokesperson Praveen Chakravarty quoted a news article to demand that Madhabi Puri Buch step down temporarily to restore trust in India’s market regulator and financial markets. 

Citing news reports, he also claimed that Buch’s ability to function objectively and independently is questionable, adding that documents shared by Sebi insiders also supported the news report.

A PTI report, meanwhile, said the Public Accounts Committee (PAC) will investigate allegations against the Sebi chief with a likely summons later this month.

PAC, which is headed by Congress leader KC Venugopal, is reported to have included the matter in its agenda at its meeting on 29 August 2024`.

While the PAC has members from both the opposition and the ruling alliance, the role of watchdog gives an upper hand to opposition and its voice. Ruling party plays the opposition role in a PAC.

PAC, meanwhile, has tried to generalise its agenda by listing it as performance agenda of regulatory bodies. It did not specify which regulator or name the person who will be facing the inquiry.

The opposition also sees a conflict of interest in Madhabi Puri Buch continuing as chairperson of Sebi in view of the allegations made in the Hindenburg report.

The Sebi chief, however, refuted all allegations and denied any wrongdoing. Sebi also clarified that the alleged complaints made by Sebi employees are actually claims made by "external elements."