Adani-Hindenburg saga: Oppn demands probe either by parliamentary panel or SC-appointed committee
Congress president Mallikarjun Kharge said the opposition parties want day-to-day reporting of the Joint Parliament Committee (JPC) or a Supreme Court-monitored probe into the issue which concerns public money.
- Feb 2, 2023,
- Updated Feb 2, 2023 2:32 PM IST
Opposition parties on Thursday sought a probe into the allegations raised against the Adani Group by US short-seller firm Hindenburg and the subsequent mayhem on company stocks.
Congress president Mallikarjun Kharge said the opposition parties want day-to-day reporting of the Joint Parliament Committee (JPC) or a Supreme Court-monitored probe into the issue which concerns public money.
The Opposition also created a ruckus over the Hindenburg Research report against Adani Group and other issues, forcing adjournment of proceedings in both the Lok Sabha and Rajya Sabha in the pre-lunch session.
They tried to raise in both Houses of Parliament the issue of allegations levelled by US short seller against the Adani group but were disallowed by the chair. All of this led to the adjournment of proceedings till 2 pm without transacting any official business.
This comes a day after Adani Enterprises, the flagship arm of Adani Group, announced withdrawal of its Rs 20,000-crore follow-on public offer (FPO) amid current market volatility.
In a video statement early Thursday morning, Gautam Adani said that investor interest is paramount, which was why they cancelled the follow-on public offer (FPO) after it was fully subscribed. He said that it would “not be morally correct” to proceed with the FPO, considering the volatility of the market.
India's Adani group shares plunged on Thursday after the Gautam Adani-led conglomerate shelved a $2.5 billion share sale amid a turbulent market, bringing its cumulative market capitalisation losses to $100 billion since last week's short-seller attack.
A report by Hindenburg Research has alleged that the Indian conglomerate had engaged in stock manipulation and accounting frauds over the last few decades. However, the group has denied these allegations.
The Reserve Bank of India (RBI) has asked domestic banks for details of their exposure to Adani group companies, government and banking sources told Reuters on Thursday.
Citigroup's wealth unit has stopped extending margin loans to its clients against securities of Adani group, a source with direct knowledge of the matter said on Thursday.
(With agency inputs)
Also Read: How Adani Enterprises FPO cancellation will impact its airport, road and green hydrogen plans
Also Read: Adani Group debt: RBI asks banks to furnish exposure details; here's what Kotak Securities says
Opposition parties on Thursday sought a probe into the allegations raised against the Adani Group by US short-seller firm Hindenburg and the subsequent mayhem on company stocks.
Congress president Mallikarjun Kharge said the opposition parties want day-to-day reporting of the Joint Parliament Committee (JPC) or a Supreme Court-monitored probe into the issue which concerns public money.
The Opposition also created a ruckus over the Hindenburg Research report against Adani Group and other issues, forcing adjournment of proceedings in both the Lok Sabha and Rajya Sabha in the pre-lunch session.
They tried to raise in both Houses of Parliament the issue of allegations levelled by US short seller against the Adani group but were disallowed by the chair. All of this led to the adjournment of proceedings till 2 pm without transacting any official business.
This comes a day after Adani Enterprises, the flagship arm of Adani Group, announced withdrawal of its Rs 20,000-crore follow-on public offer (FPO) amid current market volatility.
In a video statement early Thursday morning, Gautam Adani said that investor interest is paramount, which was why they cancelled the follow-on public offer (FPO) after it was fully subscribed. He said that it would “not be morally correct” to proceed with the FPO, considering the volatility of the market.
India's Adani group shares plunged on Thursday after the Gautam Adani-led conglomerate shelved a $2.5 billion share sale amid a turbulent market, bringing its cumulative market capitalisation losses to $100 billion since last week's short-seller attack.
A report by Hindenburg Research has alleged that the Indian conglomerate had engaged in stock manipulation and accounting frauds over the last few decades. However, the group has denied these allegations.
The Reserve Bank of India (RBI) has asked domestic banks for details of their exposure to Adani group companies, government and banking sources told Reuters on Thursday.
Citigroup's wealth unit has stopped extending margin loans to its clients against securities of Adani group, a source with direct knowledge of the matter said on Thursday.
(With agency inputs)
Also Read: How Adani Enterprises FPO cancellation will impact its airport, road and green hydrogen plans
Also Read: Adani Group debt: RBI asks banks to furnish exposure details; here's what Kotak Securities says