Manickam Tagore moves adjournment motion in LS to discuss Adani issue

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NEW DELHI: Congress MP Manickam Tagore on Monday moved a motion of adjournment of the business in Lok Sabha to discuss the Hindenburg report on the Adani Group.

“I hereby give notice of my intention to ask for leave to move a motion for the adjournment of the business of the house for the purpose of discussing a definite matter of urgent importance, namely:-It is a great blow to the public money followed manipulative attitude of the Adani Groups which has been brought to light by the Hindenburg research report,” Manickam Tagore wrote to Lok Sabha Secretary General.

In general, the LIC has invested a total of Rs 136,474.78 crore in the Adani Group and at the same time many banks including the State Bank of India have invested a sum of nearly 280,000 crores in the same, he said.

“It is also informed that as much as 8 per cent of LIC”s equity assets under management, amounting to a gigantic sum of 274,000 crores, is in Adani companies. Therefore, the house should come forward to discuss the matter keeping aside other routine business, and should constitute a Joint Parliamentary Committee to investigate further in this matter.

The House should also direct the Prime Minister to disclose the actual loss of public money to the nation through this House,” the Congress MP said.

Earlier on Friday, the Congress and 16 opposition parties demanded a joint parliamentary committee (JPC) or Supreme Court-monitored probe into the Hindunberg report against the Adani Group, alleging a scam.

A report by a US-based Hindenburg Research surfaced on January 24, claiming that the Adani Group had weak business fundamentals, and was involved in stock manipulation and accounting fraud, among others.

The report triggered a sell-off of shares of all Adani Group companies.

Meanwhile, Congress will launch a countrywide protest in front of Life Insurance Corporation (LIC) offices and State Bank of India (SBI) branches today to protest against the alleged Adani scam.

Congress MPs will protest near the Gandhi statue in Parliament House on Monday.

Although the Congress is getting the support of other Opposition parties on the Adani issue, it has to be seen whether the parties such as the Bharat Rashtra Samithi, Aam Aadmi Party and Trinamool Congress, which are seen together in the meetings, will join the Congress demonstration or extend moral support.

However, the Bahujan Samaj Party (BSP) and Janata Dal (Secular) have kept their distance from Congress on this issue.

It is being argued by the Opposition that the investment of the Adani group in public sector banks such as the SBI and LIC has had a big impact on the savings of the middle class.

Opposition MPs said the government was not allowing the issue to be discussed in Parliament. After the uproar in Parliament, the proceedings of both Houses of Parliament were adjourned till February 6. (ANI)

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