CPI(M) demands high-level probe against Adani over short selling report

"The interest of the country has to be protected," said Yechury

Press Trust of India Kolkata
CPI(M) General Secretary Sitaram Yechury

CPI(M) General Secretary Sitaram Yechury

The CPI (M) on Sunday demanded a high-level enquiry into alleged irregularities levelled by a US-based investment research firm against the Adani Group, which however has denied the charges.

The Left party's general secretary Sitaram Yechury asserted that the enquiry should be monitored by the Supreme Court.

"The CPI(M) today demands that the Centre constitute a high-level enquiry team, involving all concerned ministries. The probe should be monitored by the Supreme Court on a day-to-day basis till the enquiry is completed. The interest of the country has to be protected," Yechury told reporters here.

The US-based firm Hindenburg Research, earlier this week, released a report and alleged that the Adani Group had "engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades".

The disclosure sparked a USD 51-billion sell-off in shares of the group companies over two trading sessions.

The Adani group has, however, rubbished the charges and termed the report as a "malicious combination of selective misinformation and stale, baseless and discredited allegations".

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The veteran CPI(M) leader alleged "involvement of the finance and the foreign ministries" in the issue.

Yechury mentioned that the government "will have to take measures to ensure that all the allegations are properly investigated".

It has also been alleged that life insurer LIC and the country's largest bank SBI "lost over Rs 78,000 crore" in the market capitalisation of their shares due to exposure in the Adani Group.

"SEBI and RBI, as regulators, must do their jobs to enquire into what is happening. But there must be a high-level enquiry team that needs to be constituted since everybody is involved...from the finance ministry to the foreign ministry," he said.

Noting that the Left party's motto is "to save the economy and lives of people", Yechury said, "Hope that in the coming Parliament (budget) session, this (matter) would be taken up. And before this budget session ends, such enquiry team must come out with its findings and place it before Parliament and in front of the country so that appropriate decisions can be taken," he said.

The budget session of Parliament will begin on January 31.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Jan 30 2023 | 8:18 AM IST

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