Cong seeks ‘serious’ probe by SEBI, RBI against Adani group | India News


New Delhi: Congress demanded a serious investigation by SEBI and RBI into the claims of Hindenburg research that Adani group is manipulating stocks to inflate their value, saying that heavy investments in the corporate by LIC and SBI has serious implications for financial stability of the country as also the savings of crores of Indians.
The party also demanded answers from Modi government in view of police submission at a recent conference that India has lost access to 26 of 65 patrolling points on China border after May 2020. Congress demanded a discussion on China in the budget session of Parliament.
Underlining the “close relationship” between Adani and Prime Minister Narendra Modi, and earlier reports claiming that Adani was “heavily overleveraged”, AICC spokesman Jairam Ramesh asked “if the Modi government has chosen to turn a blind eye to the illicit activities by its favourite business group?”
He said allegations of financial malfeasance are bad, but what is seriously alarming is that “Modi government may have exposed India’s financial system to systemic risks through the liberal investments in the Adani group by strategic state entities like LIC, SBI and other public sector banks”. He noted that “8% of LIC’s equity assets under management, to the tune of Rs 74,000 crore, are in Adani companies and comprise its second largest holding, while state owned banks have lent twice as much to the group as private banks, with 40% of their lending being done by SBI”.
Ramesh said Adani has built monopolies in ports and airports, and become an overwhelmingly dominant player in power, roads, railways, energy and media, and referred to “egregious case of crony capitalism”.
Meanwhile on China, referring to the research paper presented at the DGP-IGP annual conference, AICC spokesman Pawan Khera said it has exposed the government’s “weak-kneed approach” towards the belligerent neighbour.

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