On new revelations in Adani saga, Congress says ‘despite Modi govt best efforts…’
Congress attacks Modi govt over new ‘stock manipulation’ report on Adani Group, demands parliamentary probe.
The Congress party on Thursday sharpened its attack on the Narendra Modi-led Union government after an investigative report alleged that two business associates of the Adani family spent years trading hundreds of millions of dollars worth of Adani Group stock. Congress general secretary Jairam Ramesh, in charge of communications, said the truth will not stay suppressed forever “despite the Modi government’s best efforts”, and renewed the demand for a parliamentary probe.
Congress leaders Jairam Ramesh and Pawan Khera during a press conference, in Mumbai, Thursday, Aug. 31, 2023.
“The stench of corruption around the network of Adani-linked shell companies located in opaque tax havens is only getting stronger with the money trail being established now,” Jairam Ramesh wrote on X, the social media platform formerly known as Twitter. “Despite the Modi government’s best efforts, the truth will not stay suppressed forever.”
Ramesh alleged that the explosive revelations about the “clearly brazen violations of Indian securities laws” by the Adani Group and its close associates are a reminder of the “lengths and depths to which the PM has gone to protect his corrupt friends and their misdeeds by rendering India’s regulatory and investigative agencies toothless, reducing them to political tools to intimidate the Opposition rather than to investigate wrongdoing.
Financial Times cites secret paper trail, says it reveals hidden Adani investors.
Investigative reports by The Organized Crime and Corruption Reporting Project, The Financial Times and The Guardian dealt a fresh blow to the embattled conglomerate after short-seller Hindenburg Research in January alleged the group engaged in corporate fraud and stock price manipulation. Adani Group shares and bonds declined after potentially controversial owners of its stock were identified in the new investigation, with all 10 listed Adani stocks retreating in Thursday trading and most of the group’s dollar bonds also falling.
Adani family secretly invested in own shares, reports Guardian citing offshore records.
Adani Group, however, rejected the reports, accusing its authors of conspiring to drive down its stocks for profit.
“We have complete faith in the due process of law and remain confident of the quality of our disclosures and corporate governance standards,” it said.
“In light of these facts, the timing of these news reports is suspicious, mischievous and malicious.”
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