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The Opposition on Thursday tried to corner the Narendra Modi-led government, both in Parliament and outside, as the Adani Group’s shares continued to tank and the Reserve Bank of India (RBI) sought details from banks about their exposure to Adani companies.
Congress president Mallkarjun Kharge said the Opposition had come together as “crores of money of common people is invested in Life Insurance Corporation (LIC)”. LIC is the single-largest, non-promoter domestic shareholder in five of the biggest Adani Group companies by market capitalisation. Kharge alleged, “Public money in banks is being given to such companies against whom foreign agencies have come out with charges of irregularities.”
A united Opposition raised the Hindenburg Research report — which raised questions about the Adani Group’s business practices — in both Houses of Parliament and demanded a discussion, following which Parliament was adjourned for a day. The Congress demanded an impartial investigation under the supervision of the Supreme Court or a joint parliamentary committee (JPC).
Congress communications in-charge Jairam Ramesh tweeted, “Modi Sarkar is clearly cornered on the Adani issue. It does not want it even mentioned in Parliament. Hence both Houses adjourned for the day a few minutes after 2 pm without even giving the Opposition a chance to demand a JPC into this MahaMegaScam.”
In a tweet earlier in the day, Ramesh said, “The Adani issue does certainly warrant an investigation by SEBI & RBI. Whether that will be truly independent is a separate matter given the special relationship Mr A shares with the ruling regime — which could be dubbed as a Narendradani one.”
At a function in West Bengal’s Purba Bardhaman district, West Bengal Chief Minister Mamata Banerjee alleged the BJP was using people’s money in LIC and nationalised banks to benefit some of its party leaders. Criticising the Union Budget presented on Wednesday, she said the share market witnessed a “massive crash” after the Budget was presented.
“The share market witnessed a massive crash after the Union Budget was presented … Telephone calls were made to some people asking them to pump in several thousand crores of rupees,” Banerjee said.
Chhattisgarh Chief Minister Bhupesh Baghel said, “When we spoke against the BJP, we became anti-Hindu, and we were termed anti-national when we spoke against the Prime Minister and Home Minister. Now the comments have come (from the Adani Group) that they (Hindenburg Research) are Bharat virodhi (anti-India). They (Adani Group) are saying it is an attack on Bharat and not on Adani! Who is Bharat? Is (Gautam) Adani ji Bharat?”
Baghel expressed concern “about the Rs 17,000 crore of the National Pension System (NPS)” taken from Chhattisgarh government employees that his administration has been asking for. “This money (Rs 17,000 crore) has been invested (in Adani the Group). The money gone (to the Adani Group) is from three fund managers — LIC, SBI and UTI. We still implemented the Old Pension Scheme (OPS). Now when the entire share market fell, even then LIC invested money and bought shares. A question is if the pension of retired employees, which is their old age support, will be stolen from them? The government of India needs to clarify this and economic experts need to speak on this. I suspect the NPS money will be lost. This is worrying. Just one report and the stocks came down like a pack of cards. See what all happened in a week and despite this LIC’s money is being invested in it.”
TMC MP Mahua Moitra tweeted, “Clearly patriotism of all bhakts who were ‘standing with Adani’ was limited to retweeting hashtags rather than buying Adani stock on the market!”
Her party colleague and Rajya Sabha MP Jawhar Sircar said, “RBI asks Indian banks for details of exposure to Adani Group. Now? After Adani’s empire is collapsing? RBI, Finance Miny, SEBI, Corporate Affairs, ED, CBI, DRI — All Failed — Hence Banks & Public may lose thousands of crores.”
Hyderabad MP and All India Majlis-e-Ittehadul Muslimeen (AIMIM) chief Asaduddin Owasi called the sustained falls in Adani shares “one of the biggest wipeouts in Indian history”.
Senior Congress leader TS Singh Deo said party leader Rahul Gandhi “accurately predicted the drastic fall of Adani’s shares that has jeopardised the money of thousands of poor investors”. He added, “A risky business indeed for those from lower income group, where they might incur losses for absolutely no fault of their own.”
In a dig at the close links between Modi and Adani, Gandhi has criticised the Union Budget by labelling it the “Mitra Kaal” Budget
The Congress’s data analytics chairperson, Praveen Chakravarty, on Thursday compared the situation to the bankruptcy of the Lehman Brothers in 2008. “Adani: Fundamentals are strong and balance sheet robust. Lehman Brothers: Sept 10 2008: Fundamentals are strong & balance sheet robust. Sept 15 2008: Filed for bankruptcy. ‘Did you mislead investors?’ asked the US Congress in their hearing,” he tweeted.
Aam Aadmi Party MP Sanjay Singh told news agency ANI that he had written to the Prime Minister, the Enforcement Directorate (ED), and the Central Bureau of Investigation (CBI), and demanded the confiscation of Adani’s passport. “If he also flees from the country like other industrialists and capitalists, then crores of people of this country will be left with nothing,” he said.
— With inputs from PTI
