Adani-Hindenburg row: Opposition stalls Parliament proceedings, seeks PM Modi's response
The fraud allegations made by Hindenburg Research against Adani Group have sparked a political row in the country, with the Opposition disrupting the Parliament for the third day on Monday. Both houses of Parliament were adjourned for the day amid loud protests from Opposition parties demanding a probe into the allegations. They also sought a response from Prime Minister Narendra Modi on the matter.
Why does this story matter?
- US-based Hindenburg Research has accused Adani Group of stock manipulation and accounting fraud, which has put people's investments at risk.
- Meanwhile, following the Hindenburg report, the conglomerate's shares have fallen by over $100 billion.
- The Congress has claimed that since the government-owned Life Insurance Corporation (LIC) and State Bank of India (SBI) have a stake in Adani's conglomerate, it has endangered public money.
Lok Sabha adjourned as Opposition created din
Opposition MPs disrupted the proceedings of the Lok Sabha on Monday. Raising slogans like Adani sarkar, they sought a discussion and a Joint Parliamentary Committee probe into Hindenburg claims. The house was first adjourned until 2:00 pm, and when it reconvened, the Opposition kept up the noise and continued to raise their demand, causing Speaker Om Birla to adjourn the house for the day.
Undeterred Opposition disrupted proceedings in Rajya Sabha too
In Rajya Sabha, too, the Opposition raised similar demands of a Joint Parliamentary Committee investigation into the Adani Group. House Chairperson Jagdeep Dhankhar rejected the Opposition's adjournment notices, resulting in a protest in the Rajya Sabha. Despite Dhankhar's appeal for calm, the din continued, forcing him to suspend the house until 2:00 pm and later for the day.
Rajya Sabha LoP Mallikarjun Kharge sought PM Modi's response
According to NDTV, the government has asked the Opposition to allow the usual debate on the Motion of Thanks on President's Address. Congress President and the Leader of the Opposition (LoP) in Rajya Sabha, Mallikarjun Kharge, stated the Opposition was willing to talk about it. However, he said the "first priority" was for Prime Minister Modi to respond to the ongoing Hindenburg-Adani issue.
Opposition united to corner government
Prior to the start of the proceedings, Opposition leaders led by Kharge met to devise a strategy to corner the government over the alleged Adani fraud. Dravida Munnetra Kazhagam (DMK), Nationalist Congress Party (NCP), Bharat Rashtra Samithi (BRS), Janata Dal-United (JDU), Samajwadi Party (SP), CPI(M), Rashtriya Lok Dal (RLD), Aam Aadmi Party (AAP), and Shiv Sena were among 16 parties that joined the meeting.
Opposition disrupted Parliament earlier too
The Opposition lawmakers had disrupted parliamentary proceedings on Friday and Thursday as well after their notices to suspend business to discuss the Adani issue were rejected by the government. Notably, Congress had also demanded day-to-day reporting of the investigation into the matter.
What do we know about Adani issue so far?
According to the BBC, the Adani conglomerate's market worth has been reduced by $108 billion in just a few days after the Hindenburg report accused it of "brazen" stock manipulation and accounting fraud. However, the group denounced the claims as inaccurate, calling them an "attack on India." But the response has not been enough to stem the collapse in Adani shares.
