‘Strictest’ action will be taken against Hindenburg: Union Minister Giriraj Singh

Union Minister Giriraj Singh condemns Hindenburg Research and Congress, promising strict action against U.S. short-seller for defamation.

Union Minister Giriraj Singh on Monday (August 12, 2024) said Hindenburg Research has defamed the country in alliance with the Congress and "strictest action" will be taken against the U.S. short-seller.

Hindenburg on Saturday (August 10, 2024) launched a broadside against markets regulator Securities and Exchange Board of India (SEBI) chairperson Madhabi Buch, alleging she and her husband Dhaval had stakes in obscure offshore funds used in the alleged Adani money siphoning scandal. The duo has denied the allegations as baseless and asserted their finances are an open book.

Hindenburg Research report on SEBI chief raises political storm

The Adani Group termed the latest allegations malicious and based on manipulation of select public information. The company said it has no commercial relationship with the SEBI chairperson or her husband.

Talking to reporters on the sidelines of an event in New Delhi, Mr. Singh, the Union Minister for Textiles, also came down heavily on Congress leaders Rahul Gandhi and Jairam Ramesh.

"This is a gang to defame the country, Rahul (Gandhi) and Jairam Ramesh. Hindenburg defames us. We will not tolerate this insult to the nation. These people are enemies of the country. Now, strictest action will be taken against Hindenburg," Mr. Singh said.

Calling Mr. Gandhi 'Bade Baap Ka Beta', the Minister said: "Rahul does not know anything about the State and direction of the nation", and cautioned that the countrymen should "beware" of such people who try to create confusion and fear.