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.
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
The conservative right spreads westward: a huge achievement for 'Alternative for Germany' in local elections
Pope Leo Warns of Societal Crisis Over Mega-CEO Pay, Citing Tesla’s Proposed Trillion-Dollar Package
Poland Green-Lights NATO Deployment in Response to Major Russian Drone Incursion
U.S. and China Agree on Framework to Shift TikTok to American Ownership
Le Pen Tightens the Pressure on Macron as France Edges Toward Political Breakdown
Czech Republic signs €1.34 billion contract for Leopard 2A8 main battle tanks with delivery from 2028
Penske Media Sues Google Over “AI Overviews,” Claiming It Uses Journalism Without Consent and Destroys Traffic
Indian Student Engineers Propose “Project REBIRTH” to Protect Aircraft from Crashes Using AI, Airbags and Smart Materials
One in Three Europeans Now Uses TikTok, According to the Chinese Tech Giant
Could AI Nursing Robots Help Healthcare Staffing Shortages?
NATO Deploys ‘Eastern Sentry’ After Russian Drones Violate Polish Airspace
The New Life of Novak Djokovic
German police raid AfD lawmaker’s offices in inquiry over Chinese payments
Volkswagen launches aggressive strategy to fend off Chinese challenge in Europe’s EV market
France Erupts in Mass ‘Block Everything’ Protests on New PM’s First Day
Poland Shoots Down Russian Drones in Airspace Violation During Ukraine Attack
Apple Introduces Ultra-Thin iPhone Air, Enhanced 17 Series and New Health-Focused Wearables
Macron Appoints Sébastien Lecornu as Prime Minister Amid Budget Crisis and Political Turmoil
Vatican hosts first Catholic LGBTQ pilgrimage
Apple Unveils iPhone 17 Series, iPhone Air, Apple Watch 11 and More at 'Awe Dropping' Event
France joins Eurozone’s ‘periphery’ as turmoil deepens, say investors
France Faces New Political Crisis, again, as Prime Minister Bayrou Pushed Out
Nayib Bukele Points Out Belgian Hypocrisy as Brussels Considers Sending Army into the Streets
France, at an Impasse, Heads Toward Another Government Collapse
The Country That Got Too Rich? Public Spending Dominates Norway Election
EU Proposes Phasing Out Russian Oil and Gas by End of 2027 to End Energy Dependence
More Than 150,000 Followers for a Fictional Character: The New Influencers Are AI Creations
EU Prepares for War
Trump Threatens Retaliatory Tariffs After EU Imposes €2.95 Billion Fine on Google
Tesla Board Proposes Unprecedented One-Trillion-Dollar Performance Package for Elon Musk
Gold Could Reach Nearly $5,000 if Fed Independence Is Undermined, Goldman Sachs Warns
Uruguay, Colombia and Paraguay Secure Places at 2026 World Cup
Trump Administration Advances Plans to Rebrand Pentagon as Department of War Instead of the Fake Term Department of Defense
Big Tech Executives Laud Trump at White House Dinner, Unveil Massive U.S. Investments
Tether Expands into Gold Sector with Profit-Driven Diversification
‘Looks Like a Wig’: Online Users Express Concern Over Kate Middleton
Florida’s Vaccine Revolution: DeSantis Declares War on Mandates
Trump’s New War – and the ‘Drug Tyrant’ Fearing Invasion: ‘1,200 Missiles Aimed at Us’
"The Situation Has Never Been This Bad": The Fall of PepsiCo
At the Parade in China: Laser Weapons, 'Eagle Strike,' and a Missile Capable of 'Striking Anywhere in the World'
The Fashion Designer Who Became an Italian Symbol: Giorgio Armani Has Died at 91
Putin Celebrates ‘Unprecedentedly High’ Ties with China as Gazprom Seals Power of Siberia-2 Deal
China Unveils New Weapons in Grand Military Parade as Xi Hosts Putin and Kim
Rapper Cardi B Cleared of Liability in Los Angeles Civil Assault Trial
Google Avoids Break-Up in U.S. Antitrust Case as Stocks Rise
Couple celebrates 80th wedding anniversary at assisted living facility in Lancaster
Information Warfare in the Age of AI: How Language Models Become Targets and Tools
The White House on LinkedIn Has Changed Their Profile Picture to Donald Trump
"Insulted the Prophet Muhammad": Woman Burned Alive by Angry Mob in Niger State, Nigeria
Trump Responds to Death Rumors – Announces 'Missile City'
×