Delhi’s newly minted Education Minister Atishi questioned the Modi government on the Adani versus Hindenburg Research issue. She said that no investigation took place when Adani Group received investments worth Rs 42,000 crore from shell companies and also when Life Insurance Corporation of India (LIC) lost a record Rs 50,000 crore in 50 days. The Aam Aadmi Party (AAP) leader was speaking at the India Today Conclave 2023.
"When the Adani Group gets investments from six shell companies registered on the same address for Rs 42,000 crore, there is no investigation that happens on the matter. You have the LIC that loses Rs 50,000 crore in 50 days and yet no investigation happens on the matter. This is what Indians need to be loud and noisy about," Atishi said. She also noted that no AAP leader has been convicted in any case filed against them to date.
This is not different from what the Trinamool Congress (TMC) Lok Sabha MP Mahua Moitra had to say earlier in the day. Moitra attacked Prime Minister Narendra Modi and billionaire Gautam Adani in a recent tweet. She said that the Prime Minister should call out the Adani Group chairman. The TMC leader added that the government should not persecute Adani like the opposition but prosecute him for his crimes.
Moitra wrote, “Time for PM Modi to call out Crime Master Gogo Mr. A. I know it’s difficult to take action against someone we know. But this is reaching epic proportion of embarrassment for all our institutions. Don’t persecute him like you do opposition but at least prosecute him for his crimes.
The TMC MP’s tweet came after the Adani Group clarified that Gautam Adani’s elder brother Vinod Adani is a part of the ‘promoter group’ of ACC and Ambuja Cements.
Adani Group clarified on Thursday that Vinod Adani is a part of the promoter group of the various entities listed within the Adani Group in an exchange filing. The ports-to-power conglomerate was responding to a media report claiming Vinod Adani is the ultimate beneficiary of cement companies Ambuja Cements and ACC.
The Morning Context reported earlier this week that Vinod Adani controls entities owning Ambuja Cements and ACC. It also claimed that the Adani Group does not own the two cement companies.
"We would like to submit that Mr. Gautam Adani and Mr. Rajesh Adani are individual promoters of various listed entities within the Adani group and Mr. Vinod Adani is an immediate relative of the individual promoters. Accordingly, as per the applicable Indian regulations, Mr. Vinod Adani is part of the ‘promoter group’ of various listed entities within the Adani group. This fact has been submitted to Indian regulatory authorities from time to time in various disclosures," the Adani Group filing read.
The development comes as the Adani Group has been severely impacted due to the revelations made by the US-based short seller Hindenburg Research. Hindenburg said in its report that Vinod Adani managed a network of offshore entities to facilitate accounting fraud.
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