Adani-Hindenburg row: Ruckus in Parliament as Opposition demands discussion, SC-appointed panel probe  

Opposition parties staged a walkout from both Houses of Parliament on Thursday after their demand to discuss the allegations of fraud against the Adani group was turned down.

Later in a press conference, the opposition parties, mainly the Congress, demanded a Joint Parliamentary Committee (JPC) probe or an investigation by a Supreme Court-appointed panel in the backdrop of the Hindenburg Research report.

But both Rajya Sabha Deputy Chairman Jagdish Dhankar and Lok Sabha Speaker Om Birla refused to accept the notices and take up the discussion on the Adani group issue.

With the Adani group’s proximity with the current Central leadership, the issue has triggered intense politics between the Narendra Modi government and the opposition parties.

Congress chief Mallikarjun Kharge said the opposition parties have 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. He said: “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.” “Either a joint parliamentary committee or a team under the supervision of the CJI of the Supreme Court should investigate this,” he added.

Shiv Sena MP Priyanka Chaturvedi said said that the MPs now want that the Adani group issue be probed by JPC or a SC-appointed committee.

Aam Aadmi Party Rajya Sabha MP Sanjay Singh said: “What we have to say is that Narendra Modi gave coal, iron ore, steel, cement, port and airport, and the freedom to trade in drugs to his friend. Everything has been handed over to one person. And not only this, he also got his friend thousands of crores in loans from reputed institutions like LIC and SBI.” He added: “What we are saying is that if the Adani group formed fake/ shell companies and purchased his own shares to overvalue them and take loans from banks, then crores of those people are worried who had invested their money in these banks, LIC or SBI.”

“People had saved and invested their money for their daughter’s wedding, to construct a small, for old age or to take care of their medical needs and now all these people want an answer from the government,” he said.

on Tuesday, the Bharat Rashtra Samithi (BRS) called for the introduction of “Adani Act” to end “crony capitalism.”

Hindenburg report

The report released on January 25 alleged the Adani Group had “engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades.”

The Hindenburg report titled ‘How the world’s 3rd richest man is pulling the largest con in corporate history,’ accused Adani Group of stock manipulation and accounting fraud, among others. Following the report, the conglomerate’s shares have fallen by roughly $100 billion. The government-owned Life Insurance Corporation (LIC), which had invested in Adani Group, also faced a slump in its share prices.

Adani Enterprises’ shares fall by 15%

The Opposition leaders earlier submitted adjournment notices in both Houses stating that “a significant volume of public money through State Bank of India (SBI) and LIC is locked in the Adani Group.” The notice said that the hard-earned savings of citizens were endangered due to the conglomerate losing market value.

-INDIA NEWS STREAM