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Opposition Parties Demand Parliamentary Probe on Adani Group Row
Opposition Parties Demand Parliamentary Probe on Adani Group Row
Sputnik India
Opposition parties demanded an investigation either by a Joint Parliamentary Committee (JPC) to look into the investment made by the Life Insurance Corporation (LIC), State Bank of India (SBI) in the Adani Group.
2023-02-02T15:51+0530
2023-02-02T15:51+0530
2023-02-03T12:12+0530
political affairs
india
indian national congress (inc)
trinamool congress
aam aadmi party (aap)
gautam adani
business
financial fraud
offshore tax haven
stock price manipulation
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India's prominent opposition parties on Thursday sought a probe into the investment made by the Life Insurance Corporation (LIC), State Bank of India (SBI) and other public institutions in the Adani Group.The parties want the investigation be conducted either by a Joint Parliamentary Committee (JPC) or a team constituted by the Chief Justice of India.Thirteen opposition parties, including parliamentarians from the Congress, Dravida Munnetra Kazhagam (DMK), Trinamool Congress (TMC), Samajwadi Party (SP), Janata Dal (United), Shiv Sena, Communist Party of India, National Congress Party, Aam Aadmi Party, National Congress, among others who in the morning met in the Parliament complex and unanimously decided to raise the Adani Group issue. State-run insurance giant LIC is among the key investors in the Gautam Adani-led group, having sunk close to $50 billion in the investment.Similarly, public sector banks like SBI have lent about $9.9 (till March 2022) to companies led by Adani.The LIC said that its management is engaging with Adani to seek clarity on Hindenburg’s allegations. The SBI said that its loan exposure to the Adani group was within limits prescribed by the Reserve Bank of India, and cash-generating assets secure it.
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Deexa Khanduri
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Deexa Khanduri
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hindenburg research, gautam adani loss, joint parliamentary committee, life insurance corporation, lic, state bank of india, sbi
hindenburg research, gautam adani loss, joint parliamentary committee, life insurance corporation, lic, state bank of india, sbi
Opposition Parties Demand Parliamentary Probe on Adani Group Row
15:51 02.02.2023 (Updated: 12:12 03.02.2023) Deexa Khanduri
Sputnik correspondent
Hindenburg Research's report on the Adani group accused the Indian company of maintaining offshore tax havens, stock manipulation, and accounting fraud, causing the group to lose almost $92 billion in the market.
India's prominent opposition parties on Thursday sought a probe into the investment made by the Life Insurance Corporation (LIC), State Bank of India (SBI) and other public institutions in the Adani Group.
The parties want the investigation be conducted either by a Joint Parliamentary Committee (JPC) or a team constituted by the Chief Justice of India.
Thirteen opposition parties, including parliamentarians from the Congress, Dravida Munnetra Kazhagam (DMK), Trinamool Congress (TMC), Samajwadi Party (SP), Janata Dal (United), Shiv Sena, Communist Party of India, National Congress Party, Aam Aadmi Party, National Congress, among others who in the morning met in the Parliament complex and unanimously decided to raise the Adani Group issue.
Members of both the parliamentary houses submitted adjournment notices, stating that “a significant volume of public money through SBI and LIC is locked in the Adani Group.”
State-run insurance giant LIC is among the key investors in the Gautam Adani-led group, having sunk close to $50 billion in the investment.
Similarly, public sector banks like
SBI have lent about $9.9 (till March 2022) to companies led by Adani.
The LIC said that its management is engaging with Adani to seek clarity on Hindenburg’s allegations.
The SBI said that its loan exposure to the Adani group was within limits prescribed by the Reserve Bank of India, and cash-generating assets secure it.
