‘Sone pe suhaaga’: TMC MP Mahua Moitra launches fresh offensive against Adani 

Trinamool Congress (TMC) MP Mahua Moitra has launched a fresh attack against the Adani Group. Moitra shared a Bloomberg report and wrote that Adani Power’s auditor has said they are unable to comment on the appropriateness of the carrying value of Mundra Power and its consequential losses. The Bloomberg report stated the Mundra Thermal Power Plant and its debt has been designed to protect Adani Power from writeoffs regardless of the unit’s losses. It also stated this exemplifies the balancing act wherein a single asset writedown can have serious impact.

Moitra tweeted, “Adani Power’s auditor states that they are unable to comment on the appropriateness of carrying value (of Mundra Power) and consequential losses. Sone pe suhaaga! Enjoy the pump and dump ride.”

This, however, is not the first time that Moitra has attacked the Adani Group ever since the US-based short seller Hindenburg Research came out with its explosive report. Moitra had also raised serious questions about the Supreme Court-appointed six-member committee to probe Hindenburg’s charges against the Adani Group. She said that the top court had asked the market regulator Securities and Exchange Board of India (Sebi) to probe the Adani issue but without taking cognizance of the fact that group chairman Gautam Adani’s son’s father-in-law was on the regulator’s committee for corporate governance.

TMC’s Lok Sabha MP tweeted at the time, “Supreme Court asks Sebi to probe Adani issue. Adani says truth will prevail. While the son’s father-in-law is still on the Sebi committee for corporate governance and insider trading.” Moitra was referring to senior lawyer Cyril Shroff, whose daughter is married to Gautam Adani’s son Karan Adani. Shroff is also the managing partner of the law firm Cyril Amarchand Mangaldas.

She took aim at the senior lawyer in another tweet and said Shroff should recuse himself if Sebi is examining the Adani vs Hindenburg issue. The firebrand TMC leader tweeted, “Greatest respect for ace lawyer Cyril Shroff but his daughter is married to Gautam Adani’s son. Shroff serves on Sebi’s Committee on Corporate Governance and Insider Trading. If at all Sebi is examining Adani issue, Shroff should recuse himself. Perceptions are reality.”

Ever since the Hindenburg Research report came out in the end of January this year, the TMC leader has been targeting the Adani Group and the Centre. Moitra claims the Centre has been shielding Gautam Adani since he has a good relationship with Prime Minister Modi.

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