NEW DELHI: The Congress party on Tuesday passed a resolution to organise a nationwide protest on August 22, pressing the government to establish a Joint Parliamentary Committee (JPC) to investigate allegations made by US-based firm Hindenburg Research against the Sebi chief and the Adani Group.
“Today, we held a meeting with AICC general secretaries, incharges, and PCC presidents under the leadership of Congress president Mallikarjun Kharge.We discussed one of the biggest scandals currently affecting the country—the Hindenburg revelations, and the scam involving Adani and Sebi. We have demanded the formation of a JPC,” Congress MP KC Venugopal stated.
Hindenburg Research, which has previously raised serious concerns about the Adani Group, released a new blog post on Saturday targeting Sebi chairperson Buch. The post alleged that Buch and her husband hold undisclosed stakes in offshore funds supposedly used in the Adani money laundering scheme.
The research firm also criticized Sebi for its alleged lack of enthusiasm in investigating Adani’s purported network of shell companies based in Mauritius and other offshore locations. “Sebi has shown a surprising lack of interest in Adani’s alleged undisclosed network of Mauritius and offshore shell entities,” the Hindenburg report said.
In response, the Adani Group firmly rejected the latest claims from Hindenburg Research, dismissing them as “distractions from a desperate organization that shows complete disregard for Indian laws.”
What is a JPC?
A Joint Parliamentary Committee is an ad hoc body formed to review a specific bill presented before Parliament or to investigate cases of national importance. The JPC is established for a particular period to address a particular issue.
The panel is formed either by a joint consensus of both houses when a motion is adopted in one and concurred in the other or by consultation between the presiding officers of both houses. The number of members appointed on a committee is not fixed, but generally the members are appointed in such a way as to include the maximum number of parties or groups in the house.
The JPC has the authority to gather evidence from experts, public bodies, associations, individuals, or interested parties, either on its own initiative or in response to their requests. The proceedings and findings of the committee are confidential, except when in the public interest. The government may choose to withhold documents if they are deemed prejudicial to national security or interests.
An investigation by the JPC requires consultation with experts, public bodies and even interested parties. In technical matters, the JPC can also appoint consultants. Apart from this, the committee can also invite suggestions/views from the general public on its terms of references.
The committee’s recommendations are advisory and not binding on the government.
The Congress has also demanded a JPC to investigate the Adani Group in May 2023 after a Supreme Court-appointed expert committee’s found that there was no evidence of stock price manipulation in Adani Group companies.
Till now the country has witnessed seven investigative JPCs
Bofors scam, 1987
The first investigative JPC was established in 1987 following allegations that the Swedish armaments company Bofors had paid kickbacks to Indian politicians. The committee was formed after the opposition, with support from then Finance Minister VP Singh, disrupted Parliament for several days. Despite the JPC’s findings, the report was rejected by the Opposition, which boycotted the committee, claiming it was biased as it was dominated by Congress MPs.
Harshad Mehta scam, 1992
In 1992, the second JPC was set up to investigate the Harshad Mehta scam. Mehta and other brokers were accused of illegally using funds from the banking system and public sector organizations to manipulate the stock market. Even after the JPC submitted its report, it took five years to establish a special court and initiate prosecution, and many of the committee’s recommendations were not implemented.
Ketan Parekh share scam, 2001
The third JPC was constituted in 2001 to examine the Ketan Parekh share scam and the connections between Parekh, banks, and various corporate entities. Although the committee made recommendations for changes in the stock market, these were later diluted.
Soft drink pesticide issue, 2003
The fourth JPC, formed in 2003, investigated allegations of pesticide residues in soft drinks and proposed safety standards for beverages. Headed by Nationalist Congress Party chief Sharad Pawar, the committee conducted 17 sittings and submitted its report on February 4, 2004. The report confirmed the presence of pesticide residues in soft drinks and recommended stricter norms for drinking water.
2G spectrum case, 2011
The fifth JPC was constituted in February 2011 to probe the 2G spectrum case, chaired by PC Chacko. The 30-member panel included 15 opposition members from various parties, who accused Chacko of partisanship and demanded his removal.
AgustaWestland VVIP helicopters case, 2013
In February 2013, A JPC was formed on February 27, 2013 to inquire into the allegations of payment of bribes in the acquisition of VVIP helicopters by the ministry of defence from M/s Agusta Westland and the role of alleged middlemen in the transaction.
Land acquisition 2015
The right to fair compensation and transparency in land acquisition, rehabilitation and resettlement (Second Amendment) Bill, 2015 has been referred to a Joint Parliamentary Committee comprising members from both Houses, chaired by Shri SS Ahluwalia.
The Congress has also demanded a JPC to investigate the Adani Group in May 2023 after a Supreme Court-appointed expert committee’s found that there was no evidence of stock price manipulation in Adani Group companies.
Personal data protection bill 2019
The Personal Data Protection Bill 2019 (PDP Bill 2019) was introduced in the Indian Parliament by the Ministry of Electronics and Information Technology (MeitY) on December 11, 2019. The Bill is under review by a JPC, which has been consulting with experts and stakeholders. Formed in December 2019 and chaired by BJP Member of Parliament Meenakshi Lekhi, the JPC was initially given a short deadline to finalize the draft law before the Budget Session of 2020. However, the committee has requested additional time to thoroughly study the Bill and engage with stakeholders.
“Today, we held a meeting with AICC general secretaries, incharges, and PCC presidents under the leadership of Congress president Mallikarjun Kharge.We discussed one of the biggest scandals currently affecting the country—the Hindenburg revelations, and the scam involving Adani and Sebi. We have demanded the formation of a JPC,” Congress MP KC Venugopal stated.
Hindenburg Research, which has previously raised serious concerns about the Adani Group, released a new blog post on Saturday targeting Sebi chairperson Buch. The post alleged that Buch and her husband hold undisclosed stakes in offshore funds supposedly used in the Adani money laundering scheme.
The research firm also criticized Sebi for its alleged lack of enthusiasm in investigating Adani’s purported network of shell companies based in Mauritius and other offshore locations. “Sebi has shown a surprising lack of interest in Adani’s alleged undisclosed network of Mauritius and offshore shell entities,” the Hindenburg report said.
In response, the Adani Group firmly rejected the latest claims from Hindenburg Research, dismissing them as “distractions from a desperate organization that shows complete disregard for Indian laws.”
What is a JPC?
A Joint Parliamentary Committee is an ad hoc body formed to review a specific bill presented before Parliament or to investigate cases of national importance. The JPC is established for a particular period to address a particular issue.
The panel is formed either by a joint consensus of both houses when a motion is adopted in one and concurred in the other or by consultation between the presiding officers of both houses. The number of members appointed on a committee is not fixed, but generally the members are appointed in such a way as to include the maximum number of parties or groups in the house.
The JPC has the authority to gather evidence from experts, public bodies, associations, individuals, or interested parties, either on its own initiative or in response to their requests. The proceedings and findings of the committee are confidential, except when in the public interest. The government may choose to withhold documents if they are deemed prejudicial to national security or interests.
An investigation by the JPC requires consultation with experts, public bodies and even interested parties. In technical matters, the JPC can also appoint consultants. Apart from this, the committee can also invite suggestions/views from the general public on its terms of references.
The committee’s recommendations are advisory and not binding on the government.
The Congress has also demanded a JPC to investigate the Adani Group in May 2023 after a Supreme Court-appointed expert committee’s found that there was no evidence of stock price manipulation in Adani Group companies.
Till now the country has witnessed seven investigative JPCs
Bofors scam, 1987
The first investigative JPC was established in 1987 following allegations that the Swedish armaments company Bofors had paid kickbacks to Indian politicians. The committee was formed after the opposition, with support from then Finance Minister VP Singh, disrupted Parliament for several days. Despite the JPC’s findings, the report was rejected by the Opposition, which boycotted the committee, claiming it was biased as it was dominated by Congress MPs.
Harshad Mehta scam, 1992
In 1992, the second JPC was set up to investigate the Harshad Mehta scam. Mehta and other brokers were accused of illegally using funds from the banking system and public sector organizations to manipulate the stock market. Even after the JPC submitted its report, it took five years to establish a special court and initiate prosecution, and many of the committee’s recommendations were not implemented.
Ketan Parekh share scam, 2001
The third JPC was constituted in 2001 to examine the Ketan Parekh share scam and the connections between Parekh, banks, and various corporate entities. Although the committee made recommendations for changes in the stock market, these were later diluted.
Soft drink pesticide issue, 2003
The fourth JPC, formed in 2003, investigated allegations of pesticide residues in soft drinks and proposed safety standards for beverages. Headed by Nationalist Congress Party chief Sharad Pawar, the committee conducted 17 sittings and submitted its report on February 4, 2004. The report confirmed the presence of pesticide residues in soft drinks and recommended stricter norms for drinking water.
2G spectrum case, 2011
The fifth JPC was constituted in February 2011 to probe the 2G spectrum case, chaired by PC Chacko. The 30-member panel included 15 opposition members from various parties, who accused Chacko of partisanship and demanded his removal.
AgustaWestland VVIP helicopters case, 2013
In February 2013, A JPC was formed on February 27, 2013 to inquire into the allegations of payment of bribes in the acquisition of VVIP helicopters by the ministry of defence from M/s Agusta Westland and the role of alleged middlemen in the transaction.
Land acquisition 2015
The right to fair compensation and transparency in land acquisition, rehabilitation and resettlement (Second Amendment) Bill, 2015 has been referred to a Joint Parliamentary Committee comprising members from both Houses, chaired by Shri SS Ahluwalia.
The Congress has also demanded a JPC to investigate the Adani Group in May 2023 after a Supreme Court-appointed expert committee’s found that there was no evidence of stock price manipulation in Adani Group companies.
Personal data protection bill 2019
The Personal Data Protection Bill 2019 (PDP Bill 2019) was introduced in the Indian Parliament by the Ministry of Electronics and Information Technology (MeitY) on December 11, 2019. The Bill is under review by a JPC, which has been consulting with experts and stakeholders. Formed in December 2019 and chaired by BJP Member of Parliament Meenakshi Lekhi, the JPC was initially given a short deadline to finalize the draft law before the Budget Session of 2020. However, the committee has requested additional time to thoroughly study the Bill and engage with stakeholders.
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