Institutional collapse given way to dangerous form of cronyism: Rahul's fresh attack on SEBI chief
New Delhi, Oct 28: Stepping up his attack over conflicts of interest allegations against SEBI chief Madhabi Buch, Congress leader Rahul Gandhi on Monday alleged it is clear that Buch is "protecting Adani's money, his valuation and reputation", and asked who is protecting her and why.
Gandhi, the Leader of Opposition in the Lok Sabha, also said the current regime is no longer merely encouraging monopolies but actively concentrating the nation's wealth in the hands of a few.
He made the remarks in his post along with a video featuring him and Congress' media and publicity department head Pawan Khera in which they talk about the alleged conflicts of interest of SEBI chief Buch.
"Institutional collapse has now given way to a more dangerous form of cronyism -- Adani Bachao. The current regime is no longer merely encouraging monopolies, it's actively concentrating the nation's wealth in the hands of a few," Gandhi said.
The Madhabi Buch scandal goes deeper than initially imagined, he said, adding that it may be that Buch, entrusted with safeguarding retail investors, has been manipulating the system to "protect" Adani's interests and his inflated valuations.
Those entrusted with protecting common Indians and their investments have abrogated their responsibilities and are indulging in wide scale corruption and malpractice, he alleged.
The Congress has consistently raised these issues, is investigating these scams, and exposing the truth to the public, Gandhi said.
In the video, Khera is seen explaining to Gandhi the various conflicts of interest allegations against Buch and how there were powers behind her that were at work, an apparent reference to the Adani Group.
Sharing the video, the party said the role of SEBI chairperson is to maintain the security of the stock market and ensure investments of common Indians are not at risk. However, when the chairperson is involved in manipulating the market to benefit a single player - like the Adani Group - then everyone's money is at risk, it said.
"That is what is happening with the Madhabi Buch Scandal. She has been placed in this position by PM Modi and HM Amit Shah to give Adani a clean chit in allegations of stock manipulation," it said.
In a post in Hindi on X, Gandhi said, "What was SEBI Chairperson Madhabi Buch taking money from ICICI for?" How could she hold shares in unlisted companies while being the SEBI Chairperson and why did that company receive crores of rupees from Startup India, he asked.
"What is the fear of the government not taking action on this? It is clear that Buch is protecting Adani's money, his valuation and reputation, but who is protecting Buch and why?" Gandhi said.
"The agencies did not investigate, the media did not question, the government did not take action - we have investigated, are also questioning and action will also be taken when the time comes!" the former Congress chief said.
SEBI अध्यक्ष माधबी बुच ICICI से किस बात के पैसे ले रही थीं?
— Rahul Gandhi (@RahulGandhi) October 28, 2024
अध्यक्ष रहते हुए unlisted companies में share कैसे रख सकती थीं? उस company को Startup India के करोड़ों रुपए क्यों मिले?
सरकार किस डर से इस पर कार्रवाई नहीं कर रही?
साफ है बुच अडानी के पैसे, उनकी valuation और… https://t.co/BcsWUnzK4h
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BJP central leadership backs Kerala chief Surendran amid Palakkad bypoll loss
Thiruvananthapuram (PTI): The national leadership of the BJP on Monday threw its weight behind the Kerala state unit and its chief K Surendran despite a major vote loss in the Palakkad Assembly bypoll, asserting that the party had put up a "good fight" in the recently concluded election.
Rejecting reports that Surendran had expressed a willingness to quit taking moral responsibility for the defeat in Palakkad, considered one of its strongholds in Kerala, the BJP accused the CPI(M)-led LDF and the Congress-led UDF of "spreading rumours."
"Nobody is resigning neither party has sought anybody's resignation. I think this will settle the matter," senior BJP leader and party's in-charge Kerala, Prakash Javadekar, said in a post on 'X'.
Youth Congress state president Rahul Mamkootathil won the Palakkad seat with a margin of over 18,000 votes, even making inroads into BJP stronghold areas, delivering a shock to the saffron party, which had been hoping to win the seat after finishing second in the past few elections.
Adding to the BJP's woes, the Left improved its performance in the seat, narrowing the gap with the party.
"BJP has given a good fight in recently concluded by-elections in Kerala and got a massive mandate in Maharashtra. We will win Palakkad and many more assembly seats in 2026. We are here to make a difference in Kerala politics. People are looking up to BJP," Javadekar said.
The senior leader claimed that more than 15,00,000 voters have become voluntarily members of the BJP, by giving missed call and full information.
"Our membership drive will continue vigorously," Javadekar said.
His statement came amidst reports that the defeat had triggered widespread dissent within the Kerala BJP against Surendran.
Surendran's critics within the party allege that he unilaterally decided to field C Krishnakumar, his preferred candidate, for the Palakkad seat.
Before the candidate's announcement, some senior leaders had publicly advocated for the firebrand party leader Sobha Surendran.
In protest against Krishnakumar's candidature, BJP's popular television face Sandeep G Varier resigned and joined the Congress just ahead of the by-poll, delivering a significant blow to the saffron camp.
In the by-poll, BJP's Krishnakumar secured 39,549 votes (28.63 per cent), while Congress candidate Mamkootathil won with 58,389 votes (42.27 per cent). CPI(M)-backed P Sarin garnered 37,293 votes (27 per cent).
Surendran sought to downplay the setback, stating it is common for the BJP to see reduced votes in Kerala by-elections.
He claimed that many votes for the BJP candidate "Metro Man" E Sreedharan during the 2021 Assembly polls were apolitical, with cross-party support. However, he admitted, "In Palakkad, there was a decrease in the number of votes. We will introspect on it."
