One does not have to hold a brief for Gautam Adani and Madhabi Puri Buch, the Securities and Exchange Board of India (SEBI) Chairperson, or be an apologist for the Narendra Modi government to decode the thinly veiled machinations of an international financial markets history sheeter with nefarious geo-political links. The extent of efforts and resources invested by Hindenburg to implicate the regulator (SEBI) with charges of nexus reveals a desperate attempt to salvage a plot that went awry.

One could have stopped there if Hindenburg was seen to be acting merely as an unethical short seller trying to make a quick fortune targeting specific stocks. However, right from the start it was obvious that it was training its guns not just at the Adani conglomerate but India’s economic and political ecosystem at large. Hindenburg itself never made any secret of its larger gameplan. So it was not a casual hint when it posted a teaser on ‘X’ last weekend- “Something big soon India”.

Trying to undo judicial verdict

It may be argued Adani is not India. Very true. For the same reason, in order to defend the show-cause notice issued to it by SEBI it did not have to invest enormous resources to dig up dirt on its Chairman and thereby discredit an Indian institution rather than answer the charges squarely on facts. Even if the allegations it has made against Madhabi Puri Buch have any iota of substance, they are hardly material to detract from the charges in the Show-Cause notice and the observations of the Supreme Court of India after investigating the case in all its dimensions through an empowered committee. This appears to be an attempt to reopen the judgement that they failed to get in the first round.

It is nobody’s case that the matter should not be inquired into or investigated if one finds prima-facie merit in the accusations. But the alacrity with which many have jumped onto the Hindenburg bandwagon seems almost choreographed.

While political bipartisanship is an outdated concept in this today’s polarised world - one would still expect responsible politicians to be mindful of the interests of common people while getting even with their opponents. We are watching this play out in our immediate neighbourhood at the moment and, therefore, it is tempting to draw parallels.

Geopolitical angle

But the question arises, whose war is it? It would have been simpler if it was just a political battle or one of economic rivalry between countries. It would have been less complicated - had it only been a case of “crony capitalism”, a term that is as much a part of the political lexicon of young democracies as ‘dynasty’.

In India too, every political era had its own favourites among business houses. Some have seamlessly transitioned between regimes to extend their shelf life. What distinguishes Adani is the perception that Narendra Modi has backed it to challenge the hegemony of other global powers particularly in the areas of infrastructure and energy resources. The quid-pro-quo they believe has been in the form of Adani supporting the Modi regime at home. Had the concern been only about domestic political funding it would have been less of a worry as it could have been countered by cultivating rival players.

But, the real rub has been the rise of India’s economic clout in South Asia and the Middle-East pivoting on Adani’s international business forays. Thus in the eyes of their detractors Modi and Adani have got hyphenated. But what the naked eye is prone to miss, the name India has also got invisibly suffixed to it and there lies the danger.

Think of collateral damage

Narendra Modi’s opponents may have calculated that assailing Adani would by extension debilitate Modi’s domestic political capital and growing international clout. However, they fail to factor in - or, more likely, deliberately ignore - the collateral damage it can cause to India. While their limited objective would be to oust Modi, the global players would like to cut India to size. It is time they realise that they are being co-opted into a no-win game in which the only loser can be India and its ordinary citizens. But, as they say, all is fair in war and every revolutionary has the delusion of rebuilding from dust after reducing old edifices to rubble.

Read | 'The umpire is compromised': Rahul Gandhi questions SEBI's integrity, attacks PM Modi, Adani after Hindenburg's 'explosive allegations'

People’s right to know

Therefore, the responsibility lies squarely on the government to protect the interests of its citizens and institutions. It cannot take a passive role leaving the defence to individuals and lone rangers in its rank. On the Hindenburg issue there is ample material floating in public domain that look potentially explosive. The people have a right to know if they are simple innuendos or have any substantive basis, which if true can have implications on national security. It is ironic that some people who are themselves out on bail in criminal cases are calling for the scalp of career professionals with impeccable record and unimpeachable integrity on the basis of aspersions cast by a dodgy international deep-state actor.

Businessmen and politicians may come and go. But unless acted upon decisively and promptly the current developments can not only jeopardise the financial fortunes of millions of small investors but also puncture India’s growth story which would take a long time to repair. This is a fiduciary duty that no one at the nation’s helm can abdicate.