On Friday, both houses of parliament adjourned till lunch as opposition parties demanded a discussion and investigation into allegations of fraud against the Adani Group.
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Despite calls for a probe, 16 opposition leaders met once again in the chambers of the Rajya Sabha’s Leader of Opposition, Mallikarjun Kharge, a day after both houses adjourned early.
As a result of fraud claims by US short-seller Hindenburg Research, the parties want to talk about the risk to Indian investors. Also, they wanted a parliamentary panel or Supreme Court committee to look into it.
In the Lok Sabha, Speaker Om Birla said members shouldn’t make unsubstantiated claims, while in the Rajya Sabha, Vice President Jagdeep Dhankhar said the motions were “not in order”. Angry opposition members shouted slogans and protested.
Since the charges were made public last week, Gautam Adani’s ports-to-energy empire has lost more than $100 billion in value, including investments from LIC and SBI.
We want a thorough probe into the Adani issue, by either the Joint Parliamentary Committee (JPC) or a Supreme Court-monitored panel. There should also be day-to-day reporting on the investigation,” Mr Kharge said.
In a letter to PM (Prime Minister Narendra Modi), Enforcement Directorate, and CBI, AAP MP Sanjay Singh said “I’ve written to him to demand [Gautam] Adani’s passport be confiscated, or else if he flees like other industrialists and capitalists, crores will lose everything.”
In the wake of the Hindenburg report last week, Adani Group’s finance chief called it a “malicious combination of selective misinformation and stale, baseless and discredited allegations”.
The firm released a 413-page statement on Sunday rebutting Hindenburg’s claims and calling it an attack on India’s “growth story and ambition”. Hindenburg said Adani’s statement didn’t answer most of its questions.
Hours after the group cancelled a new sale of shares in a follow-on public offer, its founder Gautam Adani sent investors a video message saying it has “strong” fundamentals and a great track record on paying back debt.
Shares of Adani Enterprises, the group’s flagship firm, fell over 30% on Friday, prompting repeated suspensions of trading. Trading stopped for Adani Power, Adani Green Energy, Adani Total Gas, and Adani Transmission.
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