Oppn. in LS: Nine parties want immediate Probe on Hindenburg Research report on Adani Grp.
The company's main promotor Gautam Aani was ranked No. 1 Richest Man a week back, lost his position after the report.
Yet ‘keeping high moral standards’ Adani announced cancellation of his cos. FPO this morning and assured investors of sound fundamentals
New Delhi: Skipping any meaningful discussion on Union Budget presented by Finance Minister yesterday, 9 opposition parties have demanded a discussion in parliament on US-based short-seller Hindenburg Research’s allegations against the Adani Group of India.
The Gautam Adani’s business empire, which has large investment from PSU Life Insurance Corporation of India (LIC) and the State Bank of India (SBI) among key investors, is reported to have lost more than $100 billion in value since the charges were made public last week. by a US research company. Opposition leaders raised the question in Lok Sabha and Rajya Sabha demanding an investigation by a parliamentary panel or a Supreme Court-appointed committee into allegations of fraud against the Adani Group that have triggered an unprecedented stock crash.
A meeting in the chambers of the Leader of Opposition in the Rajya Sabha, Mallikarjun Kharge, had leaders of 13 parties, including the Trinamool Congress Aam Aadmi Party, Samajwadi Party, DMK, Janata Dal-United, and the Left. Since the report came out last week, the Adani Group’s finance chief has called the Hindenburg report a “malicious combination of selective misinformation and stale, baseless and discredited allegations that have been tested and rejected by India’s highest courts”.
The company, Adani Entreprises Ltd., had an FPO last week for raising Rs. 320,000crores from public. got a lukewarm response initially but was lapped up by HNIs (high NetWorth investors) and was fully subscribed on the last day.
Today morning, hours after the group cancelled the sale of shares in a ‘Follow-on Public Offer’ (FPO) worth over Rs. 20,000 Crores, its founder Gautam Adani released a video message to investors insisting that the fundamentals of his group are “strong” and that its record on paying back debt was “impeccable”.
The company promoter Gautam who was ranked No. 1 Richest Man a week back, lost his position after the report and his group companies shares slipped down by over 39% in a couple of days.
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