Friday, December 8, 2023

“Want probe against Adani Group, day-to-day reporting of it,” say 14 opposition parties

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The Opposition Thursday put up a united front seeking a probe by either a joint parliamentary committee (JPC) or headed by the Supreme Court or monitored by the Chief Justice of India, into the allegations of accounting fraud and stock manipulation against the Adani Group.

The Congress led joint media briefing saw participation of 14 Opposition parties.

Congress chief Mallikarjun Kharge said crores of people have investments in the LIC and their hard-earned money “was going to waste” because of the fall in Adani’s Group’s stocks.

“You know the owner of this company… We want to know how the government has allowed the LIC to invest in such companies. Why are they pressuring?” he asked.

“There should be a thorough probe into the Adani issue either by a JPC or a Supreme Court-monitored probe. There should also be day-to-day reporting on the investigation… otherwise people will have no faith left in the LIC or public sector banks,” Kharge said.

Adani is a close friend of Modi, said AAP’s Sanjay Singh.

Both houses of parliament were adjourned for the day amid calls by opposition parties for a discussion and an investigation into allegations of fraud against the Adani Group.

Lok Sabha Speaker Om Birla denied their requests, asking members to “not to make unsubstantiated claims.” Rajya Sabha chairperson, Vice President Jagdeep Dhankhar, rejected all motions by the opposition, saying they were “not in order”.

Gautam Adani has seen his fortune shrink by $51.7 billion in the past week as his group of companies have had to battle against allegations of stock manipulation and fraud raised by U.S.-based Hindenburg Research, reported Forbes.

On 24 January 2023, Hindenburg Research disclosed a short position against Adani Group’s listed companies and published a report that accuses the Indian conglomerate of engaging in “brazen stock manipulation and accounting fraud scheme over the course of decades.”

The Adani Group issues a 413-page rebuttal against Hindenburg Research’s report and calls the short seller’s actions “a calculated attack on India, the independence, integrity and quality of Indian institutions, and the growth story and ambition of India.”

In its retort, Hindenburg accuses the Adani Group of draping itself in the Indian flag “while systematically looting the nation.”

Adani loses the title of Asia’s richest person to compatriot Mukesh Ambani, and slides down to No. 15 on the list of the world’s richest people with an estimated net worth of $74.7 billion.

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