Adani-Hindenburg row: Congress moves adjournment motion in Lok Sabha seeking discussion

Congress MP Manickam Tagore has moved an adjournment motion in the Lok Sabha seeking a discussion on the Adani Group versus Hindenburg Research saga. Tagore also expressed concerns regarding the exposure of the public insurer Life Insurance Corporation of India (LIC) to the Adani Group.

Tagore said in his letter that LIC has invested a total of Rs 36,474.78 crore whereas State Bank of India (SBI) has invested around Rs 80,000 crore in the Adani Group. He added as much as 8 per cent of LIC's assets under management (AUM) amounting to nearly Rs 74,000 crore in Adani companies.

Tagore also sought that the Centre should constitute a joint parliamentary committee (JPC) to probe the matter. He further said that the Lok Sabha should direct Prime Minister Narendra Modi to disclose the actual loss of public money due to the Adani Group stocks rout caused by the damning Hindenburg report.

The development comes after a Morning Context report claimed that Adani Group chairman Gautam Adani’s elder brother Vinod Adani owns the two cement companies it brought last year Ambuja Cements and ACC. It further said that the Adani Group does not own the two cement companies.

The report furthermore claimed that the entity owning Ambuja Cements and ACC is based out of Mauritius and owned by Vinod Adani. It also noted that this means neither Adani Enterprises nor any of the Adani Group’s other companies listed in India or other subsidiaries acquired Ambuja Cements and ACC while adding the Adani Group chairman told shareholders that the Adani Group of Companies acquired the two cement companies.

The Morning Context report stated, “It has now emerged, according to the final offer letter issued by Ambuja Cements, that the ultimate owner of Endeavour is Mr Vinod Shantilal Adani and Mr Ranjanben Vinod Adani through entitles based in Mauritius, Dubai and the British Virgin Islands.”

The Adani Group is already under heavy scrutiny from agencies due to the allegations of stock manipulation and accounting fraud leveled by US-based short-seller Hindenburg Research. The short-seller also identified 38 Mauritius-based shell companies controlled by Vinod Adani or his close associates.

The Adani Group has denied these allegations and said Vinod Adani does not hold any managerial position in the group and that he has no role in managing its day-to-day affairs.

Also read: Gautam Adani's brother Vinod Adani owns Ambuja and ACC, not Adani Group: Report

Also read: Adani Enterprises, Adani Ports, Adani Power, Adani Green in focus as govt issues statement on Adani-Hindenburg crisis

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