Oppn Cong, Shiv Sena, others seek Parliament debate on Adani stock rout

NEW DELHI, (PTI): Opposition parties, including the Congress and the Shiv Sena, on Thursday sought a parliament debate on the fraud allegation triggered rout in Adani group company stocks, forcing an adjournment of the Rajya Sabha in the pre-lunch session. The rout threatened the value of investments made by the Life Insurance Corporation (LIC) and public sector banks.

Adani group stocks, where LIC is heavily invested, have lost over USD 100 billion in value since a tiny New York short seller came out with a damning report alleging financial and accounting fraud by the ports-to-energy conglomerate. The Adani group has denied all charges and called the report malicious and full of lies.

Nine MPs, including Leader of the Opposition and Congress president Mallikarjun Kharge, Shiv Sena’s Priyanka Chaturvedi and Aam Aadmi Party’s Sanjay Singh, gave notices under rule 267. They sought the suspension of regular business to discuss the Adani group stock rout and its impact on millions of small investors as well as the hard earned savings of crores of Indians being endangered in loss of value of investments of LIC.

Chairman Jagdeep Dhankhar rejected all the notices saying they were not in order. This infuriated the Opposition MPs who rose in their places to protest.

Dhankar called for order in the House but the MPs continued to raise their demands, which also included the constitution of a joint parliamentary committee (JPC) to probe the entire fiasco.

With the MPs not relenting, he adjourned the proceedings till 2 pm. No business was transacted. Thursday is the first full sitting day of the Budget session of Parliament that started on January 31. President Droupadi Murmu delivered her address to the joint sitting of Lok Sabha and Rajya Sabha on the opening day and the Union Budget for fiscal year starting April 1 (2023-24) was presented on Wednesday.

Others who gave notices include CPI’s Binoy Viswam and P Santhosh Kumar, BRS MP K Keshava Rao, CPM’s Elamaram Kareem and V Sivadasan, and DMK’s Tiruchi Siva.

Dhankhar said he had on December 8, 2022 and thereafter indicated the requirements for accepting a 267 notice.

”I have carefully gone through all the notices received. I find they are not in order as none of the notices fulfils the requirement that is expressly mandated in rule 267. In such a helpless situation I am unable to accede to the same. They are declined.” LIC has sizable holding in almost all the 10 listed companies of the Adani Group. The holdings include 9 per cent in Adani Ports and Special Economic Zone, 3.7 per cent in Adani Transmission, 1.3 per cent in Adani Green Energy and 6 per cent in Adani Total Gas Ltd.

LIC, India’s largest life insurer, invested about Rs 300 crore in buying 9,15,748 more shares as an anchor investor in a Rs 20,000-crore new share sale by Adani Enterprises Ltd (AEL). AEL late on Wednesday cancelled the share sale due to market volatility and decided to return the money to investors. (PTI)