Adani meets Sharad Pawar amid opposition's demand for JPC probe
Gautam Adani, chairman of the Adani Group, met Nationalist Congress Party (NCP) chief Sharad Pawar at the veteran leader's residence on Thursday morning, reported PTI. The meeting, which came at a time when the opposition has been calling for a Joint Parliamentary Committee (JPC) investigation into the Adani-Hindenburg controversy, took place at Pawar's Silver Oak residence in Mumbai and lasted for nearly two hours.
Why does this story matter?
This significant development comes just days after Pawar came out in support of the conglomerate and criticized the narrative surrounding Hindenburg Research's January 24 report on the Adani Group. The report caused the conglomerate's market value to plummet by nearly $150 billion in less than a month. Since the report, the opposition has been attacking the Centre over the Adani-Hindenburg issue.
Pawar's earlier statements on Adani-Hindenburg controversy
Earlier this month, the NCP president said during an interview with the news outlet NDTV that there was no significant need for a JPC probe into Hindenburg's accusations against the Adani Group as the Supreme Court (SC) had already ordered an investigation by a six-member committee. Pawar also stated that this matter was given out-of-proportion importance, claiming that the report appeared targeted.
Cost is borne by country's economy, stated Pawar
"Out of proportion importance was given to the issue. The issues that were kept, who kept them? We had never heard of these people (Hindenburg) who gave the statement," he stated. "When they raise issues that cause a ruckus across the country, the cost is borne by the country's economy. We cannot disregard these things. It seems this was targeted," added Pawar.
Congress's reaction to Pawar's statement
Reacting to Pawar's statement, senior Congress leader Jairam Ramesh stated, "The NCP may have its own view, but 19 like-minded Opposition parties are convinced that the PM-linked Adani Group issue is real and very serious." He added, "But all 20 like-minded opposition parties are united and will be together in saving the Constitution and our democracy from the BJP's assaults."
Opposition's JPC demands over Adani-Hindenburg issue
For months now, the opposition has been calling for a JPC to discuss the ongoing Adani-Hindenburg controversy, raising concerns about the exposure of public funds. While Life Insurance Corporation (LIC) allegedly has a debt exposure of Rs. 61.8 billion to Adani Group companies, the State Bank of India (SBI) has a reported exposure of approximately Rs. 270 billion.
Adani was world's second-richest person when report was released
Before Hindenburg's report, Adani was the second-richest person in the world. While Hindenburg maintains that it is not a hedge fund but a forensic research outlet operating with its capital, numerous outlets have reported on the Adani Group anomalies since the report. Furthermore, it raised concerns about the conglomerate's premature rise and related offshore investors, which point to Adani's older brother Vinod Adani.
