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.