Congress' 'Hum Adani Ke Hain Kaun' campaign against government enters Day 12

New Delhi [India], February 17 : The Congress' 'Hum Adani Ke Hain Kaun' campaign against the government on the Adani-Hindenburg matter entered Day 12.
The fresh set of questions relates to the public sector Indian Oil Corporation's (IOC) what the Congress said is a controversial agreement to use the Liquefied Petroleum gas (LPG) facilities in the Adani-owned Gangavaram Port.
Congress has been questioning the government's role in facilitating what it termed as a "monopoly" in the ports sector.
"It is now widely known that you have used all the means at your disposal to help Adani expand its ports business, whether by giving port concessions in the absence of bidding or by inflicting income tax raids on business groups to "encourage" them to sell their valuable assets to Adani," Congress leader Jairam Ramesh said in a statement.
"But why are you intentionally undermining the public sector that your government is meant to be stewarding on behalf of the citizens of India? Your government had previously blocked a 2021 bid by the Jawaharlal Nehru Port Trust for the Dighi Port in Maharashtra, which ended up in Adani's hands. Now we learn that IOC, which was earlier importing LPG via the government-run Visakhapatnam Port, is instead being made to use the neighbouring Gangavaram Port, and that too via an unfavourable "take-or-pay" contract. Do you view India's public sector simply as a tool to enrich your cronies?" Ramesh asked.
Congress's Jairam Ramesh asked the government about who is looking out for the interests of the shareholders of IOC.
"The state-run Life Insurance Corporation of India is a major shareholder in IOC with an 8.3 per cent stake worth Rs 9,400 crore, and also a major shareholder in Adani Ports and SEZ with a stake of 9.1 per cent worth Rs 1,130 crore. Where is the due diligence by government shareholders? Who is looking out for the interests of the shareholders of IOC? Or is this loot being carried out under your benevolent gaze and restraining hand?" he said in the statement.
A January 24 report by Hindenburg Research alleged that the Adani Group had weak business fundamentals, and was involved in stock manipulation and accounting fraud, among others.
The report triggered a sell-off in shares of Adani Group companies.
The continued sell-offs in the group's stocks led its flagship firm, Adani Enterprises Limited, to cancel a fully subscribed Rs 20,000 crore follow-on public offer.
In its response the Adani Group, on January 29, in a long 413-page report, said the report by Hindenburg Research was not an attack on any specific company but a "calculated attack" on India, its growth story, and ambitions.
The Adani Group has attacked Hindenburg as "an unethical short seller" and stated that the report by the New York-based entity was "nothing but a lie".