Home Politics Adani Row Expected To Rocks Parliament As Opposition Demands JPC or SC-monitored Probe

Adani Row Expected To Rocks Parliament As Opposition Demands JPC or SC-monitored Probe

Adani Row Expected To Rocks Parliament As Opposition Demands JPC or SC-monitored Probe


Parliament LIVE Updates: The proceedings of each Houses of Parliament are anticipated to be rocky on Friday with the Congress-led Opposition demanding probe into the Hindenburg-Adani difficulty. On Thursday, proceedings of each Lok Sabha and Rajya Sabha have been adjourned for the day because the Opposition, which claimed that “a significant volume of public money through SBI and LIC is locked in the Adani Group”, demanded a Joint Parliamentary Committee or CJI-designated committee probe into the allegations of fraud and manipulation in opposition to billionaire Gautam Adani’s firms which have triggered an unprecedented inventory crash.

Adani Group shares have taken a beating on the inventory market, with shares of its flagship, Adani Enterprises, tanking 15 per cent on Thursday, after the US short-seller Hindenburg Research made a litany of allegations final week in its report, together with fraudulent transactions and share value manipulation on the Gautam Adani-led group. The market losses of the Adani Group have risen to almost USD 103 billion (about Rs 8.5 lakh crore).

Political analysts reportedly see the difficulty as alternative for the opposition to nook the Narendra Modi authorities in an important election 12 months.

Meanwhile, the Gautam Adani-led group has denied all costs and known as the report malicious and filled with lies and termed it a “calculated assault” on India, its institutions and its growth story. It said the report was driven by “an ulterior motive” to “create a false market” to allow the US firm to make financial gains. Hindenburg has rejected Adani’s charge and has stood by the allegations made in the research report.

LIVE Updates From The Parliament

▶A united opposition, led by the Congress, raised the issue as soon as the houses commenced for the day yesterday, with their MPs giving adjournment notices for a discussion on the issue.

▶The chair in both the upper and lower house rejected the notices, prompting opposition leaders to question the presiding officers on procedures and asking what could be more serious than demanding a discussion involving hard-earned money of Indians in LIC and SBI invested in the Adani group stocks.

▶Lok Sabha Speaker Om Birla denied the request for discussion, asking members to “not to make unsubstantiated claims” whereas Rajya Sabha chairperson, Vice President Jagdeep Dhankhar, rejected notices, saying they have been “not so as”.

▶Congress president and Leader of Opposition in Rajya Sabha Mallikarjun Kharge led the charge in the upper house, with nine MPs of various parties giving notices under rule 267 seeking suspension of the day’s business to discuss the Adani-Hindenburg issue.

▶In the Lok Sabha too, the opposition MPs stormed the well forcing adjournment within minutes of the house meeting and then again soon after lunch.

▶Leaders of several parties including the Congress, DMK, TMC, SP, JD(U), Shiv Sena, CPI(M), CPI, NCP, IUML, NC, AAP and the Kerala Congress, earlier held a meeting in the morning in Kharge’s chamber in the Parliament, where they strategised their plan.

▶Kharge told reporters that the opposition parties have also called for day-to-day reporting of the JPC or the SC-monitored probe into the issue as it concerned public money invested in Adani stocks which have taken a beating on the markets ever since the Hindenburg charges came out. “Keeping public interest in mind, we want a thorough probe into the Adani issue either by the JPC or the Supreme Court-monitored probe. There should also be day-to-day reporting of the investigation on the issue,” Kharge stated.

▶Kharge has alleged that at any time when opposition leaders give notices, they aren’t accepted by the chair, asserting that that is the explanation all opposition events collectively determined to boost the problem on Thursday

▶TMC’s Shantanu Sen stated the opposition’s demand for a dialogue on the matter beneath Rule 267 is rational and needs to be allowed.

▶Rule 267 of the Rajya Sabha rulebook permits for the suspension of a day’s enterprise to debate the problem instructed by a Member.

▶Union Finance Minister Nirmala Sitharaman on Wednesday offered her final full-fledged Budget earlier than the 2024 Lok Sabha elections. The Budget was targeted on elevating capital expenditure by the federal government, fiscal consolidation, and enticing incentives and rebates within the new revenue tax regime. The greatest announcement was the rise in rebate restrict within the new tax regime — now the default — from Rs 5 lakh to 7 lakh.

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