Adani Row: Opposition Demands Probe By JPC Or SC-Monitored Panel, Stalls Parliament

Adani Row: The parliamentary session in both houses was adjourned till tomorrow amid the calls by opposition parties for a discussion and an investigation into allegations of fraud against the Adani Group that have triggered an unexpected stock market crash. In a press conference, several opposition leaders demanded a probe against the Adani Group by the US short-seller Hindenburg report. They said the issues are “endangering the hard-earned money of crore of Indians.”

Taking notes from the session, the Lok Sabha Speaker, Om Birla denied their requests, asking members “not to make unsubstantiated claims.” Meanwhile, the Rajya Sabha chairperson, Vice President Jagdeep Dhankhar, rejected all motions by the opposition. The chairperson said that the opposition was “not in order”. After his announcement, the infuriated opposition members shouted slogans and protested the moves.

Nine parties filed notices for discussing the Adani stock crash in parliament as leaders of several opposition parties met in the morning to whack out a joint strategy to take on the central government during the ongoing budget session.

“We want discussion on it”: Congress Chief Kharge

A day after the Adani Group called off its flagship share sale, Congress and other parties have sought a joint parliamentary committee or SC-monitored probe into the crisis.

Speaking to the media, Congress chief Mallikarjan Kharge said that the opposition has given the suspension of business notice in parliament under rule 267 to discuss the issue of investment by LIC, Public Sector Banks and financial institutions in Adani Group companies losing market value.

“We wanted a discussion on that. Our notices get rejected. When we raise important issues, no time is given for discussion. Money of poor people is there in LIC, SBI and other national banks and it is being given to selected companies,” the party chief said.

Further, he said, “Either a joint parliamentary committee or a team under the supervision of the CJI of the Supreme Court should investigate this.”

“Keeping public interest in mind, we want a thorough probe into the Adani issue either by a Joint Parliamentary Committee (JPC) or a Supreme Court-monitored panel. There should also be day-to-day reporting of the investigation of the issue,” the Congress chief added.

We want (Centre) to form a JPC to investigate this or take a day-to-day report under supervision of CJI. People are losing crores of rupees by investing in LIC, SBI & other nationalised banks. We need to have a discussion in Parliament to know the truth: LoP Mallikarjun Kharge pic.twitter.com/k0XQswAVH0

— ANI (@ANI) February 2, 2023

Moreover, AAP MP Sanjay Singh, “I have written a letter to PM (Prime Minister Narendra Modi), Enforcement Directorate, and the CBI demanding the confiscation of [Gautam] Adani’s passport, or else If he also flees from the country like other industrialists and capitalists, then crores of people of this country will be left with nothing.”

Also Read: Adani Group Decides To Call Off Follow-On Public Offer (FPO)

Adani Group call offs FPO  

On Wednesday, the Adani Group decided to call off the FPO (Follow-on Public Offer) of equity shares aggregating up to Rs 20,000 crore to insulate investors from any potential financial losses.

This came after Adani Group’s shares plunged following a report by US short-seller Hindenburg. The report has accused Adani Group of stock manipulation, improper use of tax havens and money laundering. Hindenburg has also raised concerns about the group’s mounting debts.

Also, the Reserve Bank of India has sought details from local banks about their exposure to the Adani Group, following a $100 billion wipeout in the cumulative market valuation of the conglomerate since last week.

However, last week, the Adani Group’s finance chief called Hindenberg report a “malicious combination of selective misinformation and stale, baseless and discredited allegations that have been tested and rejected by India’s highest courts.”