CPM seeks high-level probe into allegations against Adani Group
NEW DELHI: The Communist Party of India-Marxist (CPIM) has sought a Supreme Court monitored high-level inquiry to look into allegations levelled by Hindenburg Research against the Adani Group. A statement issued by the Central Committee of the party on Monday said that till this inquiry is completed and ‘truth’ is known, the interests of India and people must be protected.
The US-based investment research firm, Hindenburg, earlier this week, released a report and alleged that the Adani Group had “engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades”. The Adani group has, however, refuted the charges.
The CPIM has further expressed concern over loss to Life Insurance of India (LIC) and State Bank of India (SBI) after the Hindenburg report, which sparked a $ 51-billion sell-off in shares of the group companies over two trading sessions.
“Around Rs 80,000 crore of LIC are invested in Adani companies and 40 per cent of all loans taken by the group from national banks are through the SBI. Both the LIC and the SBI are institutions where crores of Indians park their lifelong savings for their future security. Since this report became public, Adani groups capitalization in the stock market dropped by over $50 billion. This cannot lead to the ruination of people’s lifelong savings in these public sector institutions,” said the party.
It further added that the CPIM would coordinate with other secular opposition parties and raise this issue in the forthcoming budget session of the Parliament. Attacking the BJP led government at the Centre, the party called for a nationwide protest from February 22 to February 28 against the continuing assaults on the peoples’ livelihood with growing unemployment, poverty and inequalities.