Amid the ongoing Budget Session, several Opposition parties on Thursday demanded a Joint Parliamentary Committee (JPC) or a Supreme Court-monitored probe into the Adani-Hindenburg research controversy.
Addressing a press conference at Vijay Chowk, Leader of Opposition in Rajya Sabha, Mallikarjun Kharge demanded that there should be day-to-day reporting of the investigation into the issue.
“We have given the suspension of Business Notice under rule 267 to discuss the issue of investment by LIC, Public Sector Banks and financial institutions in companies losing market value, endangering the hard-earned money of crores of Indians,” Kharge said, adding, “Either a Joint Parliamentary Committee or a team under the supervision of the CJI of Supreme Court should investigate this.”
“We want (Centre) to form a JPC to investigate this or take a day-to-day report under supervision of CJI. People are losing crores of rupees by investing in LIC, SBI & other nationalised banks. We need to have a discussion in Parliament to know the truth,” he said.
The demand was also echoed by party leaders of the Aam Aadmi Party (AAP), Shiv Sena (Uddhav Thackeray faction), Communist Party of India (Marxist), Dravida Munnetra Kazhagam (DMK), among others.
Lok Sabha, Rajya Sabha adjourned till 2 PM
Earlier, in the day, both the Lok Sabha and Rajya Sabha were adjourned after Opposition parties sought a parliamentary debate on the fraud allegation triggered rout in Adani group company stocks.
The rout threatened the value of investments made by the Life Insurance Corporation (LIC) and public sector banks. Adani group stocks, where LIC is heavily invested, have lost over USD 100 billion in value ever since Hindenburg Research, a small New York-based firm run by Nathan Anderson said that the ports-to-energy conglomerate had perpetrated stock manipulation and fraud in “the largest con in corporate history.” It has also raised concerns about the group’s effort to raise money, including through a huge stock offering.
The Adani group has denied all charges and called the report baseless, and said Hindenburg’s conduct amounted to a “calculated attack on India.”
MPs give notices under Rule 267
Nine MPs, including Kharge, Shiv Sena’s Priyanka Chaturvedi and AAP’s Sanjay Singh, CPI’s Binoy Viswam and P Santhosh Kumar, BRS MP K Keshava Rao, CPM’s Elamaram Kareem and V Sivadasan and DMK’s Tiruchi Siva, gave notices under rule 267 in the Upper House, and sought suspension of regular business to discuss the Adani row. Chairman Jagdeep Dhankhar rejected all the notices saying they were not in order, following which Opposition MPs rose to protest.
Similar scenes were witnessed in the Lok Sabha, which was also adjourned till 2 pm on Thursday.
Ahead of Parliament proceedings, leaders of several opposition parties met to evolve a joint strategy to take on the Central government during the Budget Session and decided to seek a discussion on the Adani Group issue.
Budget Session began with President’s address
The Budget Session commenced on Tuesday with the President’s address to the joint sitting of Lok Sabha and Rajya Sabha on the opening day and Thursday is the first full sitting day. The Union Budget for fiscal year starting April 1 (2023-24) was presented on Wednesday by Finance Minister Nirmala Sitharaman.
Meanwhile, amid the row, Adani Enterprises on Wednesday night announced that it has decided not to go ahead with its Rs 20,000-crore follow-on Public Offer (FPO) and said that money will be returned to investors.