Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Fraud claims against Adani group spark political row in India

Fraud claims against Adani group spark political row in India

A US research firm's allegations of fraud against billionaire Gautam Adani's business empire have sparked a political row in India.
Opposition leaders stalled the functioning of parliament for a second straight day on Friday as they demanded an investigation into the claims.

The research firm accused Adani group firms of stock manipulation and financial fraud last week, sending its shares into a sharp fall.

The group has denied the allegations.

On Friday, morning sessions in both houses of India's parliament were adjourned as opposition leaders demanded an investigation.

They have called for a Joint Parliamentary Committee or a Supreme Court-monitored panel to be set up to investigate the allegations against the firm and the risk to Indian investors from the fall in Adani company shares.

The Adani group's companies have seen $108bn wiped off their market value over the past few days after US-based investment firm Hindenburg Research published a report accusing it of decades of "brazen" stock manipulation and accounting fraud.

The group has dismissed the allegations as malicious and untrue, calling them an "attack on India". But the response has failed to stop the fall in Adani shares.

Gautam Adani, the founder, has fallen out of the top 10 richest in the world. According to the Forbes real-time billionaires list, Mr Adani is now the 15th-richest person in the world, with a net worth of $74.7bn. He was third on the list last week.

The billionaire runs Adani Group, one of India's biggest companies. The flagship company, Adani Enterprises, has operations in a wide range of industries including commodities trading, airports, utilities and renewable energy.

Opposition lawmakers had disrupted parliamentary proceedings on Thursday as well, after their notices to suspend business to discuss the Adani issue were rejected by the government.

"There should also be day-to-day reporting of the investigation on the issue," Mallikarjun Kharge, chief of the main opposition Congress party, said.

The Congress has also accused the government of forcing the State Bank of India (SBI), a public-sector bank, and government-owned insurance company, Life Insurance Corporation of India (LIC), to invest in the firm, jeopardizing people's savings.

But on Friday, India's finance minister Nirmala Sitharaman, quoting earlier statements made by SBI and LIC, told a news channel that the exposure of the two companies to the Adani group was "well within the permissible limits".

She also said that India's financial market was "well-regulated" and that investor confidence would not be shaken.

The Congress has also announced plans to hold nationwide protests outside the offices of Adani Group companies, nationalised banks and public institutions on Monday.

Party leader KC Venugopal has accused the BJP-led government of "using common people's money to support their closest friends".

Adani is perceived as being close to Prime Minister Narendra Modi and has long faced allegations from opposition politicians that he has benefited from his political ties, which he denies.
Newsletter

Related Articles

0:00
0:00
Close
Unelected PM of the UK holds an emergency meeting because a candidate got voted in… which he says is a threat to democracy…
Farmers break through police barriers in Brussels.
Ukraine Arrests Father-Son Duo In Lockbit Cybercrime Bust
US Offers $15 Million For Info On Leaders Of Cybercrime Group Lockbit
Apple warns against drying iPhones with rice
Alexei Navalny: UK sanctions Russian prison chiefs after activist's death
German economy is in 'troubled waters' - ministry
In a recent High Court hearing, the U.S. argued that Julian Assange endangered lives by releasing classified information.
Tucker Carlson says Boris Johnson wants "a million dollars, in Bitcoin or cash, from Tucker Carlson to talk about Ukraine.
Russia is rebuilding capacity to destabilize European countries, new UK report warns
EU Commission wants anti-drone defenses at Brussels HQ
Von der Leyen’s 2nd-term pitch: More military might, less climate talk
EU Investigates TikTok for Child Safety Concerns
EU Launches Probe Into TikTok Over Child Protection Under Digital Content Law
EU and UK Announce Joint Effort on Migration
Ministers Confirm Proposal to Prohibit Mobile Phone Usage in English Schools
Avdiivka - Symbol Of Ukrainian Resistance Now In Control Of Russian Troops
"Historic Step": Zelensky Signs Security Pact With Germany
"Historic Step": Zelensky Signs Security Pact With Germany
Russian opposition leader Alexey Navalny has died at the Arctic prison colony
Tucker Carlson grocery shopping in Russia. This is so interesting.
France and Germany Struggle to Align on European Defense Strategy
‘A lot higher than we expected’: Russian arms production worries Europe’s war planners
Greece Legalizes Same-Sex Marriage and Adoption Rights
Russia "Very Close" To Creating Cancer Vaccines, Says Vladimir Putin
Hungarian Foreign Minister: Europeans will lose Europe, the Union's policy must change drastically
Microsoft says it caught hackers from China, Russia and Iran using its AI tools
US Rejects Putin's Ceasefire Offer in Ukraine
The Dangers of Wildfire Smoke and Self-Protection Strategies
A Londoner has been arrested for expressing his Christian beliefs.
Chinese Women Favor AI Boyfriends Over Humans
Greece must address role in migrant vessel disaster that killed 600: Amnesty
Google pledges 25 million euros to boost AI skills in Europe
Hungarian President Katalin Novák Steps Down Amid Pardon Controversy
Activist crashes Hillary Clinton's speech, calls her a 'war criminal.'
In El Salvador, the 'Trump of Latin America' stuns the world with a speech slamming woke policing after winning a landslide election
Trudeau reacts to Putin's mention of Canadian Parliament applauding a former Ukrainian Nazi in his interview with Tucker Carlson.
The Spanish police blocked the farmers protest. So the farmers went out and moved the police car out of the way.
Volodymyr Zelenskiy fires top Ukraine army commander
Tucker Carlson's interview with Vladimir Putin raises EU concerns
Finnish Airline, Finnair, is voluntarily weighing passengers to better estimate flight cargo weight
Russia's Economy Expands by 3.6% Due to Increased Military Spending
Ukraine MPs Vote To Permit Use Of Dead Soldiers' Sperm
German Princess Becomes First Aristocrat To Pose Naked On Playboy Cover
UK’s King Charles III diagnosed with cancer
EU's Ursula von der Leyen Confronts Farmer Protests Amid Land Policy Debates
Distinguishing Between Harmful AI Media and Positive AI-Generated Content: A Crucial Challenge for the EU
Tucker Carlson explains why he interviewed Putin
Dutch farmers are still protesting in the Netherlands against the government, following the World Economic Forum's call for 'owning nothing.'
Hungarian Prime Minister Viktor Orbán stands up for European farmers and says, 'Brussels is suffocating European farmers.
×