Ashish Ranjan
Both houses of parliament adjourned for the day in response to calls from opposition parties for a discussion and investigation into allegations of fraud against the Adani Group, which have triggered an unprecedented stock market decline.
1.Following allegations of fraud by U.S. short-seller Hindenburg Research, the parties demanded a discussion regarding the risk to Indian investors posed by the Adani Group’s share price decline. They also requested an investigation by a parliamentary committee or a committee appointed by the Supreme Court.
2.Lok Sabha Speaker Om Birla denied their requests and admonished members to “not make unsubstantiated claims,” while Rajya Sabha Chair Vice President Jagdeep Dhankhar rejected all opposition motions as “out of order.” Indignant, opposition members chanted slogans and demonstrated against the actions.
3.The ports-to-energy business empire of Gautam Adani, whose investors include the state-owned Life Insurance Corporation of India (LIC) and the State Bank of India (SBI), has lost over $100 billion in value since the charges were made public last week.
4.Nine parties filed notices to discuss the Adani stock crash in parliament, while opposition party leaders met in the morning to devise a unified strategy to confront the central government during the current Budget Session.
5.Leaders of more than a dozen parties, including the Trinamool Congress, Aam Aadmi Party, Samajwadi Party, DMK, Janata Dal-United, and the Left, gathered in the Rajya Sabha chambers of the leader of the opposition, Mallikarjun Kharge.
#RajyaSabha and #LokSabha adjourned for the day following opposition parties' protest.#BudgetSession pic.twitter.com/IRSEocchhZ
— All India Radio News (@airnewsalerts) February 2, 2023
6.”Keeping in mind the public interest, we desire a comprehensive investigation of the Adani issue by either a Joint Parliamentary Committee (JPC) or a panel overseen by the Supreme Court. There should also be daily reporting of the issue’s investigation “Mr Kharge told reporters
7.Sanjay Singh, an AAP representative, told the news agency ANI, “I have demanded in a letter to PM (Prime Minister Narendra Modi), the Enforcement Directorate, and the CBI that Gautam Adani’s passport be confiscated, or else. If he flees the country like other industrialists and capitalists, millions of citizens will be left destitute.”
8.Since the report was released a week ago, the Adani Group’s finance chief has described it as a “malicious combination of selective misinformation and stale, baseless, and discredited allegations that have been tested and rejected by India’s highest courts.”
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9.Sunday, the company released a 413-page statement that refuted all of Hindenburg’s claims, calling them an attack on “India’s growth story and ambition.” Hindenburg stated that Adani’s statement did not adequately address the majority of questions raised in its report.
10.On Thursday, hours after the group cancelled a fresh sale of shares in a Follow on Public Offer or FPO, its founder Gautam Adani released a video message to investors reassuring them that the group’s fundamentals are “strong” and that it has a “impeccable” track record of paying back debt.
