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On SC ruling on Adani row, Congress says any committee other than JPC an exercise in legitimisation, exoneration

Jairam Ramesh

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THE SUPREME Court’s direction to the SEBI to probe within two months allegations of stock price manipulation by the Adani group and any lapses in regulatory disclosures did not enthuse the Congress, which asserted that only an investigation by the Joint Parliamentary Committee can bring out the truth and industrialist Gautam Adani’s relationship with the Prime Minister.

The party said it would continue to raise the demand in Parliament when it reconvenes on March 13. “If the Prime Minister and his government are to be held accountable, any committee other than a JPC will be nothing but an exercise in legitimization and exoneration,” Congress communication head Jairam Ramesh said.

He said the probe by a SEBI committee will be limited to violation of the regulator’s laws and regulations and issues like investor protection but the Adani issue is much more than that. “The Supreme Court committee is only of limited relevance in the context of what this controversy is all about,” he said.

“In the Adani case, the Supreme Court committee is limited only to the investigation of violations of SEBI law and regulation. The truth of what has been the relationship between Prime Minister Modi and (Gautam) Adani will never come to the fore if JPC is not formed,” he said.

“We are demanding the setting up of a JPC which has powers to procure information from any institution….can summon anyone. The questions that we are asking cannot be answered by an expert committee. Those questions can only be answered by a JPC. Will the Supreme Court committee answer how it is that Mr Adani got the contract for running six airports when the recommendation of the Department of Economic Affairs…was that one bidder should not get more than two airports… Will the Supreme Court committee answer this question?,” he asked.



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IRDAI calls for CEOs’ meet to take stock of sectoral reforms agenda

IRDAI calls for CEOs’ meet to take stock of sectoral reforms agenda

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At a time when insurance companies have burnt their fingers in the shares of Adani group companies, as many as 65 CEOs from general insurance companies, standalone health insurers, life insurance companies, foreign reinsurance branches (FRBs) and GIC Re will converge in Hyderabad this week to take stock of the developments in the sector, especially the reform agenda being initiated by the regulator.

The meeting on March 1-2 has been convened by insurance regulator IRDAI to deliberate and discuss the way forward, according to an insurance sector official. Some of the insurance companies, especially LIC, had witnessed a fall in market valuation of their investments in the Adani group.

CEOs are expected to give their feedback and suggestions on the pending insurance reforms.  The reports submitted by the Regulatory Review Committee (RRC) set up by both the councils — General Insurance Council and Life Insurance Council at the instance of the IRDAI – are expected to come up for discussion.

When asked about the reform agenda, KK Srinivasan, former Member, IRDAI, criticised the recent proposals to dilute the investment norms and reduce the capital requirements.

Last one year or so have seen a slew of “revolutionary” regulatory pronouncements, uncharacteristic of any financial services industry that require care and prudence for healthy, stable development and growth, he said.

“Some of these include dangerous proposals like deleting Section 27 of the Insurance Act that deals with strict investment norms for policyholders funds and reducing capital requirements to paltry amounts paving the way for emergence of ‘mushroom’ insurance companies,” Srinivasan told The Indian Express.

“Many of these proposals are attributed to meetings and consultations with insurers. There is a perception that the regulatory body has abrogated its role and responsibility by leaving it to the two councils of insurance companies and others to come out with ‘convenient’ regulatory changes,” Srinivasan said.

The Department of Financial service has issued the Insurance Laws (Amendment) Bill, 2022 for public feedback. The Bill proposes some major changes in the Insurance Act, 1938 and the Insurance Regulatory and Development Authority Act, 1999. The amendments proposed changes and new insertions in the definition section. Some notable changes include the insurance intermediary, captive insurer, insurance business, Indian insurance company, insurance cooperative society, insurer, personal accident insurance business, premium, principal officer, surveyor and travel insurance business.

The insurance industry is reportedly in the midst of huge tax scams for facilitat ing humongous payments of doubtful nature to “box” entities to enjoy tax reliefs. “The regulatory body’s seeming silence on this does not add to the comfort of policy holders and other stakeholders. A nagging question that arises is: Is the Insurance industry on a disaster path aided by regulatory abrogation?” Srinivasan asked.

The insurance industry is now waiting for the new IRDAI norms on expenses of management (EoM) that will provide larger space for incurring expenses on marketing and distribution for private sector insurers.

The proposed amendments suggest that the minimum paid-up capital be specified by IRDAI considering the size and scale of operations, class or subclass of insurance business and the category or type of insurer. As of now, the paid-up capital required to start general, life or standalone health insurance business is Rs 100 crore and for reinsurance business Rs 200 crore.

As per the proposed Bill, an applicant may apply for a composite license enabling any type of insurance business. This means an insurer can do both life and non-life business with a composite licence.

RRC had roped in Cyril Amarchand Mangaldas to prepare a blueprint for a complete overhaul of the regulatory framework of the Indian insurance industry as outlined by IRDAI chairman Debasish Panda.The legal firm has already submitted its reports for both life and general insurance industries which may be discussed in detail during the 2-day CEO meet before changing the existing regulatory framework, according to an official.



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Congress writes to RBI & Sebi, seeks probe into Adani case | India News

Congress writes to RBI & Sebi, seeks probe into Adani case | India News

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NEW DELHI: Claiming that the ‘PM-blessed’ Adani group is facing trouble raising funds abroad while being “heavily over-leveraged”, Congress on Wednesday wrote to the Reserve Bank of India asking for “implicit or explicit government assurances” given to the business conglomerate about a future bailout in case of financial troubles with foreign entities.
The AICC has also asked Sebi for a probe into the “overvalued” Adani scrips, and why was a high exposure of top public companies like LIC and SBI allowed into the group which has cost ordinary Indians crores of rupees in the recent market turbulence.
Congress general secretary Jairam Ramesh shot off letters to RBI chairman Shaktikanta Das and Sebi chairperson Madhabi Puri Buch, demanding probes into allegations of financial irregularities and stock manipulation, including round tripping and use of shell companies to over value the stocks, against the “influential business house”.
Addressing Das, Ramesh said RBI should ensure that “excessive debt exposure” by the Adani group does not destabilise India’s banking system, talking of a possible “contagion”. “The Adani group has been described as ‘deeply over-leveraged’ – if the Adani group has artificially inflated the value of its stock through manipulation by offshore shell companies and raised funds by pledging those overvalued shares, the recent sell-off in stock prices is creating vulnerabilities for the Adani group to find financing, and by implication for India’s banking system,” he noted, specifically seeking RBI focus on real Adani group exposure of the Indian banking system and the possible government guarantees to the Adanis that it will be given a bailout should foreign funding dry up.
“Will RBI ensure that Indian banks are not forced to step in to substitute for any shortfall in foreign financing, especially given the Adani group’s political connections,” Ramesh asked.
Talking about charges of manipulation against the business group in his letter to the Sebi chief, Ramesh said, “Apart from the potential violation of several Indian laws, this goes against everything that Sebi stands for. We urge you to investigate all potential violations and ensure complete transparency about who is investing in Adani group companies.”
He said inclusion of Adani Enterprises in the “National Stock Exchange Nifty 50 index” in September 2022 occurred despite the firm’s weak fundamentals, an excessive price-to-earnings ratio and a tiny free-float. He complained that the stock remains in key Indian indices despite global indices having suspended the group.



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AAP workers hold protests across states demanding Adani probe

AAP protests against bjp over adani

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The Aam Aadmi Party on Sunday protested outside the BJP headquarters in New Delhi, demanding a probe into the allegations of fraud against the Adani group in the Hindenburg research report.

The party’s Delhi convener Gopal Rai said a joint parliamentary committee comprising members from various parties should probe the matter.

“BJP is running away from the probe. There is only one leader, Chief Minister Arvind Kejriwal who is not scared of any investigation,” he said.

AAP workers protest in Chandigarh

Meanwhile, the Chandigarh Police on Sunday used water cannon to prevent AAP workers from moving towards the BJP office here as part of their protest against the Centre over the Adani issue.

Aam Aadmi Party workers, gathered from various parts of Punjab, wanted to “gherao” the office of the Punjab BJP in Sector 37 here to register their protest against the party-led central government.

Barricades were put up and a heavy deployment of police was made to prevent the protesters from heading towards the Punjab BJP office.

Police used a water cannon when AAP workers tried to force their way towards the BJP office, said officials.

Carrying party flags, AAP workers shouted slogans against the BJP government over the Adani issue.

AAP MLA from the Jalalabad constituency Jagdeep Kamboj slammed the BJP alleging that it has failed on all fronts.
Later, police detained several party leaders and workers.

Earlier speaking to reporters at the party office, AAP leader Harchand Singh Barsat alleged that the Adani Group’s fortunes rose under the BJP rule.

Another AAP leader, Sunny Ahluwalia, said the party will continue to raise its voice over this issue.

AAP takes out rally in Kolkata

Activists of the Aam Aadmi Party (AAP) brought out a rally in Kolkata as well demanding a Joint Parliamentary Committee (JPC) probe into allegations of financial irregularities against Adani Group.

The rally, which started at Wellington Square, was scheduled to culminate at the BJP state headquarters on Muralidhar Sen Street but it ended near the Calcutta University at College Street.

The rally participants alleged that the Adani Group, whose shares are experiencing volatility in the market following the Hindenburg report, has been favoured by the Narendra Modi government in various infrastructure projects.

They said that loans were also extended to the group by PSU banks and the LIC, exposing the general public’s savings to market volatility.

“We want a thorough probe into the Adani Group’s finances and for that, a JPC must be set up,” one of the leaders participating in the rally said.

The rally dispersed after its leaders addressed the participants near the Calcutta University at College Street, about 500 metres from the BJP state headquarters, a Kolkata Police officer said.

AAP holds protests in Srinagar, Jammu

In another development, police on Sunday prevented AAP workers from staging a protest outside the BJP office in Srinagar over the Adani-Hindenburg row.

Led by AAP’s central Kashmir youth president Jibran Dar, party workers assembled in Jawahar Nagar area and raised slogans against Prime Minister Narendra Modi and business tycoon Gautam Adani.

The protesters alleged that Modi was favouring Adani, but doing nothing for ordinary people.

Before they could reach the BJP office in the area, the protesters were detained by police and whisked away to the local police station.

The AAP also staged a protest outside the BJP office in Jammu over the issue and demanded a joint parliamentary committee (JPC) probe into independent India’s “biggest scam”.

AAP workers led by senior party leaders assembled outside the BJP office in Trikuta Nagar and chanted slogans against the BJP-led government, claiming that Modi gave all resources to one person and made him the second richest person in the world.

Terming it independent India’s “biggest scam”, senior AAP leader T S Tony said, “In 2014, Adani’s assets were worth Rs 37,000 crore. They increased to Rs 59,000 crore in 2018, Rs 2.5 lakh crore in 2020 and Rs 13 lakh crore in 2022.” “We are here to bring the BJP’s direct link to this scam before the people… the exposed government is running away and not giving answers,” he said.

Tony, who is the chairman of the AAP’s minority welfare wing, also demanded a JPC probe into the alleged scam.

Opposition parties have been demanding a JPC probe or a Supreme Court-monitored investigation into the allegations against the Adani Group.

Parliamentary proceedings during the first week of the ongoing Budget Session were virtually washed out amid protests by opposition parties, including the AAP.



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‘Couldn’t wake up on time..’: PM Modi quips at Opposition in Parliament

India Today Web Desk

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Prime Minister Narendra Modi launched a veiled attack on the Congress while participating in the ‘Motion of Thanks to the President’s Address’ in Lok Sabha on Wednesday. 

India Today Web Desk

New Delhi,UPDATED: Feb 8, 2023 18:01 IST

Prime Minister Narendra Modi was participating in the ‘Motion of Thanks to the President’s Address’ in Lok Sabha on Wednesday. (File photo)

By India Today Web Desk: Prime Minister Narendra Modi launched a veiled attack on the Congress, especially senior leader Rahul Gandhi, stating that people’s mindset is reflected in their speech.

PM Modi was participating in the ‘Motion of Thanks to the President’s Address’ in Lok Sabha on Wednesday.

Beginning his speech at the Lok Sabha, PM Modi first thanked the President of India and said that she guided us and the people of the country in her visionary speech.

Responding to the allegations raised by the Opposition in the Parliament over the past few days, Prime Minister Narendra Modi, without taking names, said “People’s intellect is revealed by their speech. After a speech made yesterday, an entire ecosystem was activated. They were so happy, maybe they slept well and couldn’t wake up (on time).”

Also Read | Joint parliamentary committee should investigate Adani row: BRS MLC K Kavitha

Incidentally, Congress leader Rahul Gandhi, who led a belligerent Opposition attack on the government in Parliament on Tuesday, was absent at the time PM Modi made this comment. Rahul Gandhi later arrived in Lok Sabha as PM Narendra Modi’s speech was underway.

“For them it has been said, ‘Ye keh keh ke hum dil ko behla rahe hain,wo ab chal chuke hain, wo ab aa rahe hain’,” the PM added.

Prime Minister Narendra Modi’s response comes a day after Rahul Gandhi questioned the meteoric rise in industrialist Gautam Adani’s fortunes post 2014, linking it with the formation of the NDA government the same year.

PM Modi’s response was an indirect jibe at the Opposition, led by Rahul Gandhi, who cornered the government, largely over the Adani Group stock rout and allegations of financial irregularities and market manipulation against the energy-to-port conglomerate.

The Opposition has been demanding an inquiry into the allegations levelled by US-based firm Hindenburg on the Adani Group. The opposition parties have alleged that the meltdown in Adani Group shares is a ‘mega scam’ that involves common people’s money as public sector LIC and SBI have invested in them and have questioned the government on steps taken by it.

Edited By:

Raajnandini Mukherjee

Published On:

Feb 8, 2023

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Mr A has topi pehnau-ed India: Mahua Moitra on Adani row

India Today Web Desk

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TMC leader Mahua Moitra said a famous person whose name starts with “A” and stinks of crony capitalism has duped the country.

India Today Web Desk

New Delhi,UPDATED: Feb 7, 2023 23:44 IST

Mahua Moitra demanded that an inquiry be ordered against the activities of the Adani Group (Photo: PTI)

By India Today Web Desk: Trinamool MP Mahua Moitra, in a stinging attack on the government over the Adani row, said “A, the billionaire businessman,” has ‘topi pehnau-ed’ or duped the country.

Participating in the debate on the ‘Motion of Thanks to the President’s Address’ in Lok Sabha, Mahua Moitra said a famous person whose name starts with ‘A’ and ends with ‘I’, who stinks of crony capitalism, has duped everyone.

Her remark led to an angry exchange between Trinamool and BJP MPs as she used an offensive word once her speech concluded.

The fiery speech was aided by props as Moitra brought two birthday caps into the House to press her argument that the businessman being most talked about had “topi pehnau-ed” Prime Minister Narendra Modi, Home Minister Amit Shah, and Finance Minister Nirmala Sitharaman.

Read | Ruckus in Lok Sabha after TMC’s Mahua Moitra uses ‘offensive’ word | Watch

She demanded that an inquiry be ordered into the activities of the Adani Group and the allegations raised by Hindenburg Research.

“Mr A travels with you, with your delegation. He meets heads of state on their visits to India. He makes it appear to the world that he is remote-controlling the prime minister,” she alleged.

Referring to a statement by the Adani group in which it had said that short-seller Hindenburg’s report was a calculated attack on India, she said, “The pride of India is not the wealth of one individual, the pride of India lies in the robustness of its institutional structures.”

“Home minister, he has topi pehnau-ed you. He is getting security clearance from your ministry. Finance minister, he has topi pehnau-ed you,” she added.

“This man has been allowed to use LIC and SBI to get money as and when he likes. Honourable civil aviation minister, he has topi pehnau-ed, you. Shipping minister, he has topi pehnau-ed you. Petroleum minister, he has topi pehnau-ed oil PSUs. Power minister, he has topi pehnau-ed you,” she further said.

(With agency input)

Read | Rahul Gandhi attacks BJP in Lok Sabha over Adani row, Agnipath scheme: 10 quotes

Published On:

Feb 7, 2023

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Joint parliamentary committee should investigate Adani row: BRS MLC K Kavitha

Apoorva Jayachandran

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Bharata Rashtra Samithi (BRS) MLC Kalvakuntla Kavitha on Monday demanded that a Joint parliamentary committee (JPC) should be formed to investigate Adani Group row.

Apoorva Jayachandran

Hyderabad,UPDATED: Feb 6, 2023 23:35 IST

File photo of Bharata Rashtra Samithi (BRS) MLC Kalvakuntla Kavitha.

By Apoorva Jayachandran : Bharata Rashtra Samithi (BRS) MLC Kalvakuntla Kavitha on Monday said that a Joint Parliamentary Committee (JPC) should be formed to investigate the fall of the Adani Group’s stock prices.

Kavitha, while speaking to the media at the Telangana Legislative Council premises said, “Today in the country we are facing a huge crisis. We should definitely call it a crisis as the fall of the Adani group’s shares and the value of the company will impact the country’s economy.”

MLC K Kavitha criticised the statement of Union Finance minister Nirmala Sitharaman who said that it would not impact the Indian economy.

ALSO READ | Adani Group promoters to prepay loans worth $1,114 million. Here’s why

The Adani group’s shares saw a massive downward spiral after a Hindenburg report found that the company’s valuation was inflated fraudulently.

“The value of shares of SBI and LIC that invested in the Adani Group has fallen sharply since January 23 till date. It has caused a severe loss to the common man. The share value of Adani on January 23 was Rs 3,436. Now the share value of the group has fallen to Rs 1,483 on February 6. The BRS party demands to form a Joint Parliamentary Committee in which every parliamentarian from all political parties can take part,” stated Kavitha.

ALSO READ | ‘Hum Adani ke hain kaun’: Congress questions PM Modi’s silence on Adani Group stock rout

Adding that there should be an impartial probe when something impacts the country so deeply, Kavitha stated, “It’s the responsibility of the prime minister morally and socially to speak out to the country and to the people so that Adani’s fiasco would not turn into an economical disaster.”

It is the moral of the prime minister of this country to speak to the people of the nation, Kavitha said.

Edited By:

Manisha Pandey

Published On:

Feb 6, 2023

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Adani row: Congress to launch nationwide protests outside LIC, SBI office on Monday

India Today Web Desk

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Congress said that the protest would be carried out as the Opposition was not given “even a minute” to raise the Adani issue in Parliament.

India Today Web Desk

New Delhi,UPDATED: Feb 5, 2023 23:55 IST

Congress to stage protests outside SBI banks in Delhi on Monday. (Representational Image)

By India Today Web Desk: Against the backdrop of the controversy about the Adani Group over allegations of financial irregularities and market manipulation, Congress has called for nationwide protests outside State Bank of India (SBI) branches and Life Insurance Corporation (LIC) offices on Monday. The party’s youth wing is also slated to organise a demonstration on the issue in Delhi outside the banks located at Parliament police station.

While Congress MPs will protest near the Gandhi statue inside Parliament, as per news agency ANI.

The announcement came a day after Congress general secretary KC Venugopal said the party will stage a nationwide protest in front of LIC and SBI offices across the country on February 6. In Parliament, the Opposition alleged that the recent fluctuation in Adani Group shares is a scam that involves common people’s money as public sector LIC and SBI have invested in them.

ALSO READ | Committed to ensuring market integrity, measures in place to address volatility: Sebi

Congress said that the protest would be carried out as the Opposition was not given “even a minute” to raise the Adani issue in Parliament.

The grand old party sought answers from the government, alleging that the Modi government’s “loud silence” over the issue “smacks of collusion”.

Adani group stocks have taken a beating in the Indian share market after a US-based short-seller firm, Hindenburg Research, made a litany of allegations against the conglomerate, including fraudulent transactions and share price

The conglomerate’s share prices plunged, losing more than half of its market value since Hindenburg Research levelled allegations pertaining to tax havens, laundering and stock manipulation.

ALSO READ | ‘Hum Adani ke hain kaun’: Congress questions PM Modi’s silence on Adani Group stock rout

Published On:

Feb 5, 2023

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