‘No one should be spared if found guilty,’ says Amit Shah on Adani-Hindenburg row


Union Home Minister and BJP leader Amit Shah, on Friday, at India Today Conclave 2023, spoke about a lot of issues, including the Adani-Hindenburg row. 

When asked about the demand from Opposition for a joint parliamentary committee on the issue and on allegations made by the Opposition that the Modi government helped Gautam Adani, Shah said, “Our government has no confusion on the matter. What we are saying is that Supreme Court has constituted a committee to investigate it and people should trust the judicial process.”

Earlier this month, the Supreme Court had set up a six-member expert committee, headed by former apex court judge Justice A M Sapre, “to investigate if there was a regulatory failure in dealing with the alleged contravention of laws pertaining to the securities market in relation to the Adani Group or other companies” and submit a report in a sealed cover in two months. It asked the Securities and Exchange Board of India (SEBI) Chairperson to ensure requisite information is provided to the committee.

Separately, the Supreme Court asked the capital market regulator SEBI, already probing allegations against Adani Group companies, to specifically investigate: i) if there has been a violation of the minimum public shareholding norms in public limited companies, ii) if there has been a failure to disclose transactions with related parties, and iii) if there was any manipulation of stock prices.

In its scathing report against Adani Group, US short seller Hindenburg Research alleged stock manipulation and improper use of tax havens, and flagged “substantial” debt levels, which the ports-to-power conglomerate has denied, but didn’t stop it from losing nearly $130 billion of its market value. 

“If anyone has proof, he or she should submit it before the Supreme Court committee. No one should be spared if something wrong has happened and everyone should trust the judicial process. Even then, if you think the report is not correct, then one should raise the matter or protest against it. Both SEBI and Supreme Court will be doing parallel probes and SEBI already told Supreme Court that it is investigating the matter,” said Shah. 

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Shah, at India Today Conclave 2023, also questioned the release of the BBC documentary on PM Modi and Gujarat riots ahead of the 2024 Lok Sabha elections. Shah said the timing of the documentary, which was banned in India soon after its release, was suspicious.

“What was the point in showing the events of 2002 in 2023, a year ahead of the election? Why are you not questioning the timing of the BBC documentary?” Amit Shah asked.

The two-part BBC documentary, titled ‘India: The Modi Question’, claimed to have investigated certain aspects of the Gujarat riots during Prime Minister Narendra Modi’s tenure as the state chief minister. The Centre slammed the documentary as a “propaganda piece” that lacks objectivity and reflects a colonial mindset.

Talking about the row over “misuse” of the CBI and the ED, Amit Shah said, “No central agencies are above law.” He questioned, “Should not central agencies act in corruption cases?”

Amit Shah also claimed that the BJP will once again form the government with a full majority after the 2024 Lok Sabha elections. “The BJP will form the government after the next general elections and Narendra Modi will become the Prime Minister of this country for a third consecutive term,” he said.