Adani-Hindenburg controversy: BJP reacts to Pawar dismissing opposition's JPC demands
What's the story
Bharatiya Janata Party (BJP) IT cell chief Amit Malviya on Friday reacted to Nationalist Congress Party (NCP) supremo Sharad Pawar's dismissal of the opposition's demands for a Joint Parliamentary Committee (JPC) to probe the Adani Group-Hindenburg controversy. Malviya alleged "Congress allies" disowned the demented ideas of Rahul Gandhi, who was recently disqualified from the Lok Sabha after this conviction in a 2019 defamation case.
Context
Why does this story matter?
United States (US)-based short-seller Hindenburg Research published a report on January 24 on the Adani Group, triggering a $150 billion drop in the conglomerate's market value in recent months. Soon after, Gautam Adani and the BJP denounced the report as a coordinated attack on India's recent rise in the global market. The opposition has since been attacking the Centre over the ongoing Adani-Hindenburg issue.
Details
Pawar thew Congress under bus: Malviya
Reacting to Pawar's recent statements on the Adani issue and the opposition's JPC demand, Malviya tweeted, "NCP Chief Sharad Pawar throws Congress under the bus. Says after Supreme Court announced a committee to investigate the Adani issue, demand for JPC is irrelevant." "Congress allies disown Rahul Gandhi's demented ideas, one at a time... Earlier, Uddhav faction had snapped on Savarkar," added the BJP leader.
Twitter Post
Take a look at what Malviya tweeted
NCP Chief Sharad Pawar throws Congress under the bus. Says after Supreme Court announced a committee to investigate the Adani issue, demand for JPC is irrelevant.
— Amit Malviya (@amitmalviya) April 7, 2023
Congress allies disown Rahul Gandhi’s demented ideas, one at a time… Earlier Uddhav faction had snapped on Savarkar. pic.twitter.com/F6kG9Dq5NB
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Pawar's statements that triggered controversy
In a recent interview with the news outlet NDTV, Pawar claimed there was no significant need for a JPC investigation on accusations against the Adani Group by the US-based short-seller Hindenburg Research as the country's apex court already ordered an inquiry by a committee. The NCP chief also said that out-of-proportion importance was given to this issue while alleging that the report seemed targeted, too.
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Cost is borne by country's economy: 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," Pawar 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," he added.
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Congress' reaction to Pawar's statement on Adani issue
On Friday, Congress also reacted to Pawar's statement with Jairam Ramesh saying, "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." "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," he added.
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Adani was world's second-richest person when report was released
Before the report from Hindenburg, Adani was the world's second-richest person. While Hindenburg insists it is not a hedge fund but a forensic research outlet operating with its capital, several outlets have reported on the Adani Group anomalies since the report. Furthermore, the report also raised issues surrounding the conglomerate's sudden rise and related offshore investors, which point to Adani's elder brother Vinod Adani.
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Opposition's JPC demands over Adani-Hindenburg controversy
The opposition has been demanding for a JPC for over a month now to discuss the ongoing Adani-Hindenburg issue, raising concerns regarding the exposure of public funds. While Life Insurance Corporation (LIC) reportedly has a debt exposure of Rs. 61.8 billion to Adani Group companies, the State Bank of India (SBI) has a reported exposure of around Rs. 270 billion.