CPI MP Binoy Viswam gives suspension of business notice in Rajya Sabha on Adani stock crash issue
Feb 02, 2023
New Delhi [India], February 2 : Communist Party of India MP Binoy Viswam on Thursday has given a suspension of business notice to Rajya Sabha Chairman Jagdeep Dhankar demanding a discussion on the Adani stock crash, terming the matter as "urgent".
Serving the notice under Rule 267, the CPI MP said that money belonging to the people of the country is at risk of "being wiped out" due to the crisis currently unfolding with the Adani group.
"Huge public money belonging to the common people of India is at serious risk of being wiped out in the crisis that is currently unfolding with the Adani group of companies. It is deeply concerning that the Life Insurance Corporation of India (L1C), in which the people of India repose immense trust through their hard-earned money, has a total holding to the tune of Rs 35,917.31 crore as on December 31, 2022, under the Adani group of companies," the MP said.
Claiming that around 40 per cent of the loans to the Adani group have been provided by country's largest public sector bank, State Bank of India (SBI), Viswam said that the matter is of "urgent importance" citing huge amount of public money involved.
"As these institutions are vital for the functioning of the economy, the country as a whole is apprehensive. This is a matter of urgent importance bearing in mind the huge amount of public money involved and the credibility of India's financial management system being at stake," he said.
"In light of these revelations, the business of the house must be suspended, and this issue be taken up for discussion," the MP added.
Meanwhile, Adani Group chairman Gautam Adani, who stood at the 10th spot on the Forbes Real-time billionaire list for 2023 after being overtaken by Reliance Industries Chairman Mukesh Ambani on Wednesday, further slipped and came to the 15th spot on the list later in the day.
This comes following a report by US short-seller Hindenburg Research on the Adani Group alleging a decades-long fraud scheme, "brazen accounting fraud, stock manipulation and money laundering."
Earlier, the Adani Group, however, said it was mulling legal options in the US and India against Hindenburg Research after its report accused firms owned by Gautam Adani of market manipulation and accounting fraud.
In a sharp and focused response to Hindenburg Research's report on its businesses, the Adani Group responded to all 88 questions raised by Hindenburg including the young age of its auditors.
