Tag: Adani

Centre should show same kind of love it has for Adani to common people: KCR

[ad_1]
Nanded: Telangana Chief Minister K Chandrasekhar Rao on Sunday demanded Adani Group’s “scam” be discussed in a Joint Parliamentary Committee (JPC) as he targeted the Centre over the import of coal and its “love” for Adani.
He claimed the Centre is pressuring Life Insurance Corporation to make a false statement over its exposure in the Adani Group.
The Indian banking system is involved in this problem and the whole country is worried, he alleged.
Addressing a press conference in Nanded city of Maharashtra after speaking at a public rally, Rao, who heads Bharat Rashtra Samithi (BRS), alleged the Centre is forcing states to import coal which is supplied only by Adani Group.
The import of coal is akin to “cheating” the country, and the BRS will change this scenario after coming to power, he said.
“It is my request to the Prime Minister that Adani Group is involved in such a big scam and it should be discussed in a joint parliamentary committee. Almost Rs 10 lakh crore has been evaporated,” he alleged.
“Everyone knows he (Adani) is your friend. In just two years, he became the world’s second richest person. If you are honest, set up a joint parliamentary committee. It is my demand,” Rao said.
The BRS chief claimed the Life Insurance Corporation has an exposure of Rs 80,000 crore (in Adani Group). But to mislead the country, the Centre is pressuring LIC to make a false statement that it is not in danger”.

“LIC is the world’s largest and better-performing insurance company but why the government is intervening?” he asked.
Speaking on the coal scenario, he said India has enough reserves of coal that would last for the next 120 years but the Union government is forcing states to procure imported coal, which is only supplied by the Adani group.
“The kind of love the Centre has for Adani, it should have for the people of the country,” he said.
The Adani Group is battling allegations of fraudulent transactions and share price manipulation raised by US-based activist short-seller Hindenburg Research, leading to a steep fall in the prices of its shares.
The Adani group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.
“The import of coal is cheating the country. Coal India Ltd has already stated that it has paid the required amount for the construction of a 250-km long railway track that would increase our coal production exponentially. But the Centre government is not letting it happen,” he claimed.
Rao, however, didn’t specify the railway track he was talking about.
“If we utilise all the coal fields in the country properly, we will need not have to buy a single kilogram of coal from any other country. The BRS is going to change it when it comes to power,” he said.
[ad_2]
#Centre #show #kind #love #Adani #common #people #KCR
( With inputs from www.siasat.com )

February 5, 2023
Axis Bank clarifies it remains comfortable with exposure to Adani Group

[ad_1]
Mumbai: Axis Bank on Saturday clarified that the lender remains comfortable with its exposure to the Adani Group.
In a statement shared with exchanges, the lender wrote, “We extend credit, basis comfort on cash flow, security, and repayment capability of obligors as per the Bank’s credit assessment framework. We remain comfortable with our exposure to Adani Group basis the same.”
The lender also said its exposure to Adani Group is primarily to the operating companies in the ports, transmission, power, gas distribution, roads, airports, etc. It also added that the non-fund-based facilities are primarily in the form of letters of credit and performance bank guarantees that are majorly short tenor.
In addition, the lender said the bank’s fund based and non-fund based outstanding towards the Group’s joint ventures is at 0.02 percent and 0.25 percent, respectively of the Bank’s net advances.
Further, the lender said, “We (the bank) would like to highlight that the Bank has a resilient balance sheet with standard asset coverage of 1.53 percent as of December 31, 2022.”
An obligor, also known as a debtor, is a person or entity who is legally or contractually obliged to provide a benefit or payment to another.
The Gautam Adani-led group’s assets had been declining since last week after Hindenburg Research came out with a damaging report on the various activities of the conglomerate.
In another development, S&P Dow Jones Indices said Adani Enterprises will be removed from the Dow Jones Sustainability Indices due to recent allegations of stock manipulation and accounting fraud that were leveled against the conglomerate.

[ad_2]
#Axis #Bank #clarifies #remains #comfortable #exposure #Adani #Group
( With inputs from www.siasat.com )

February 5, 2023
Modi, his govt cannot hide from questions saying ‘Hum Adani Ke Hain Kaun’: Cong

[ad_1]
New Delhi: The Congress on Sunday stepped up its attack on the Centre over allegations against the Adani group, alleging that the Modi government’s “loud silence” over the issue “smacks of collusion”.
Adani group stocks have taken a beating on the bourses after US-based activist short-seller Hindenburg Research made a litany of allegations, including fraudulent transactions and share price manipulation at the Gautam Adani-led group.
In a statement, Congress General Secretary (Communications) Jairam Ramesh said that starting Sunday the Congress will pose three questions a day to Prime Minister Narendra Modi over the issue.
He said that amid the allegations against the Adani Group, the Modi government has maintained a “loud silence which smacks of collusion”.
Ramesh said that in a response to the Panama Papers expose on April 4, 2016, the Ministry of Finance had announced that Modi had personally directed a multi-agency investigative group to monitor financial flows to and from offshore tax havens.
The eloquent silence of the PM on the Adani MahaMegaScam has forced us to start a series, HAHK-Hum Adanike Hain Kaun. We will be posing 3 question to the PM daily beginning today. Here are the first three.
Chuppi Todiye Pradhan Mantriji pic.twitter.com/qUxt6eJVec
— Jairam Ramesh (@Jairam_Ramesh) February 5, 2023
“Subsequently, at the G20 summit in Hangzhou, China on 5 September 2016, you (Modi) stated: ‘We need to act to eliminate safe havens for economic offenders, track down and unconditionally extradite money launderers and break down the web of complex international regulations and excessive banking secrecy that hide the corrupt and their deeds’. This leads to some questions that you and your government cannot hide from saying ‘HAHK (Hum Adani Ke Hain Kaun)’,”
Posing questions, Ramesh said Vinod Adani, the brother of Gautam Adani, was named in the Panama Papers and the Pandora Papers as someone who operates offshore entities in the Bahamas and the British Virgin Islands.
“He is alleged to have engaged in ‘brazen stock manipulation’ and ‘accounting fraud’ via ‘a vast labyrinth of offshore shell entities. You have spoken often about your sincerity and ‘niyat’ (intention) in fighting corruption and even subjected the nation to the heavy costs of demonetization,” Ramesh said.

“What does the fact that a business entity you are well acquainted with faces serious allegations tell us about the quality and sincerity of your investigations? the Congress general secretary said.
Ramesh alleged that over the years, PM Modi “misused” agencies like the Enforcement Directorate, Central Bureau of Investigation and the Directorate of Revenue Intelligence to “intimidate” his political opponents and to “punish” business houses that do not fall in line with his “cronies’ financial interests”.
What action has been taken, if ever, to investigate the serious allegations made over the years against the Adani Group, he asked?
Ramesh also asked if there was any hope of a fair and impartial investigation in the matter under the prime minister.
“How is it possible that one of India’s largest business groups, one that has been allowed to build monopolies in airports and seaports, could have escaped serious scrutiny for so long despite persistent allegations?” Ramesh said.
Other business groups have been harassed and raided for much less, he alleged.
“Was the Adani Group essential to a dispensation that has profited from ‘anti-corruption’ rhetoric all of these years,” Ramesh asked?
Tagging his statement, the Congress leader tweeted, “The eloquent silence of the PM on the Adani MahaMegaScam has forced us to start a series, HAHK-Hum Adanike Hain Kaun. We will be posing 3 questions to the PM daily beginning today.” He asked the PM to break his “silence” over the issue.
The Congress also started a Twitter poll on its official Twitter handle, asking people whether the PM will get the allegations of fraud against “his friend Adani” investigated.
The Adani group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.
The 10 listed Adani group firms have faced a combined erosion of over Rs 8.5 lakh crore in just six trading sessions. Adani Enterprises also had to withdraw a Rs 20,000 crore share sale.
In her statement on the issue, Finance Minister Nirmala Sitharaman had said on Saturday that India’s economic image is not affected due to Adani Group’s recent decision to pull out Rs 20,000 crore FPO amid allegations of financial wrongdoings.
The finance minister said there has been an accretion of USD 8 billion to the forex reserves in the last two days alone.
“…our macroeconomic fundamentals or our economy’s image, none of which has been affected. Yes, FPOs (follow-on public offers) come in, and FIIs (foreign institutional investors) get out,” Sitharaman told reporters here.
The minister said there are “fluctuations” in every market but the accretion over the last few days establishes the fact that the perception of both India and its inherent strengths is intact.

[ad_2]
#Modi #govt #hide #questions #Hum #Adani #Hain #Kaun #Cong
( With inputs from www.siasat.com )

February 5, 2023
Cong to ask three questions daily on Adani issue

[ad_1]
New Delhi: The Congress on Sunday said that it will ask three questions a day related to Adani issue to the Prime Minister. The Congress said that after Panama Papers leak no action was taken despite assurance from the Prime Minister.
Congress Communication In-charge Jairam Ramesh said on Sunday, “Amid the allegations against the Adani Group, the Modi government has maintained a loud silence which smacks of collusion. Starting today, the Congress party will pose three questions a day to the Prime Minister.”
Raising a question before the Prime Minister, Ramesh alleged, “In response to the Panama Papers expose on 4 April 2016, the Ministry of Finance announced that you had personally directed a multi-agency investigative group to monitor financial flows to and from offshore tax havens. Subsequently, at the G20 summit in Hangzhou, China on 5 September 2016, you stated: ‘We need to act to eliminate safe havens for economic offenders, track down and unconditionally extradite money launderers and break down the web of complex international regulations and excessive banking secrecy that hide the corrupt and their deeds.’ This leads to some questions that you and your government cannot hide from saying “HAHK (Hum Adani Ke Hain Kaun).”
“Vinod Adani, the brother of Gautam Adani, was named in the Panama Papers and the Pandora Papers as someone who operates offshore entities in the Bahamas and the British Virgin Islands. He is alleged to have engaged in ‘brazen stock manipulation’ and ‘accounting fraud’ via ‘a vast labyrinth of offshore shell entities’. You have spoken often about your sincerity and ‘niyat’ in fighting corruption and even subjected the nation to the heavy costs of demonetisation.
“What does the fact that a business entity you are well acquainted with faces serious allegations tell us about the quality and sincerity of your investigations?” he asked.
The eloquent silence of the PM on the Adani MahaMegaScam has forced us to start a series, HAHK-Hum Adanike Hain Kaun. We will be posing 3 question to the PM daily beginning today. Here are the first three.
Chuppi Todiye Pradhan Mantriji pic.twitter.com/qUxt6eJVec
— Jairam Ramesh (@Jairam_Ramesh) February 5, 2023
The Congress leader said, “Over the years you have misused agencies like the Enforcement Directorate, Central Bureau of Investigation and the Directorate of Revenue Intelligence to intimidate your political opponents and to punish business houses that do not fall in line with your cronies’ financial interests.
“What action has been taken, if ever, to investigate the serious allegations made over the years against the Adani Group? Is there any hope of a fair and impartial investigation under you?” he said
“How is it possible that one of India’s largest business groups, one that has been allowed to build monopolies in airports and seaports, could have escaped serious scrutiny for so long despite persistent allegations? Other business groups have been harassed and raided for much less. Was the Adani Group essential to a dispensation that has profited from ‘anti-corruption’ rhetoric all of these years?” he asked.

[ad_2]
#Cong #questions #daily #Adani #issue
( With inputs from www.siasat.com )

February 5, 2023
Adani row: Financial markets highly regulated, Centre monitoring situation, says BJP

[ad_1]
Indore: Amid the raging controversy over Adani Group’s stocks, the BJP on Saturday said financial markets are highly regulated and the Centre is closely monitoring the situation.
Stocks of the Adani Group have taken a beating on the bourses after US-based activist short-seller Hindenburg Research made a litany of allegations, including fraudulent transactions and share price manipulation at the Gautam Adani-led group.
The Adani group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.
“I do not want to name any particular group but Finance Minister Nirmala Sitharaman has already spoken on this subject. The Reserve Bank has also given a detailed explanation as per which banks of the country have given huge loans to various companies by following all parameters,” Bharatiya Janata Party’s national spokesperson Gopal Krishna Agarwal told reporters.
He said financial markets are heavily regulated by the Reserve Bank, SEBI and other regulators. The Finance Minister has made it clear that all regulators are doing their job.
Agarwal said the SEBI has also issued a statement regarding the current situation.
He said the corporate sector had seen ups and downs in the past also and the government is keeping a close watch on the current situation.
On the Congress’ demand for setting up a Joint Parliamentary Committee (JPC) to investigate the allegations of fraud and stock manipulation against the Adani Group, the BJP spokesperson avoided a direct response, saying, “The government will look into this matter.”

Meanwhile, Agarwal said the general budget will strengthen the economy and several new jobs will be created due to the expansion of the manufacturing sector.
He said there is no recession in India by any means currently and its economy is growing at the fastest rate in the world.
[ad_2]
#Adani #row #Financial #markets #highly #regulated #Centre #monitoring #situation #BJP
( With inputs from www.siasat.com )

February 4, 2023
Rahul Gandhi’s prediction about `Adani bubble’ came true: Digvijaya

[ad_1]
Bhopal: Congress leader Digvijaya Singh on Saturday said Rahul Gandhi had predicted that the meteoric rise in the share prices of Adani group firms was a “bubble” which would burst soon.
Adani group stocks have taken a beating on the bourses after US-based activist short-seller Hindenburg Research made a litany of allegations including fraudulent transactions and share price manipulation. The group has dismissed the charges as lies.
“A security personnel of the Lok Sabha told Rahul Gandhi that shares of Adani group were doing well. He (Gandhi) told him that it was just a bubble which would burst soon,” Singh said.
This was precisely what happened a month later, the Rajya Sabha leader added.
Incomes of most people fell during the coronavirus pandemic but the market capitalizations of capitalists soared, Singh said.
“It is hard to understand that when the market remained closed how the market capitalisation of businessmen skyrocketed,” he added.
The Bharatiya Janata Party (BJP) had promised in 2014 that it would bring back black money stashed overseas but nothing happened in the last nine years, Singh said.

Subscribe us on
[ad_2]
#Rahul #Gandhis #prediction #Adani #bubble #true #Digvijaya
( With inputs from www.siasat.com )

February 4, 2023
Measures in place to address excess volatility: Sebi on Adani crisis

[ad_1]
New Delhi: Amid a raging controversy over a meltdown in Adani group stocks, regulator Sebi on Saturday said it is committed to ensuring the stock market’s integrity and all necessary surveillance measures are in place to address any excessive volatility in individual shares.
Without naming the Adani group specifically, the capital markets watchdog said in a statement that unusual price movement in the stocks of a business conglomerate has been observed in the past week.
Officials confirmed that the statement has been issued in the wake of the Adani matter only.
“As part of its mandate, Sebi seeks to maintain orderly and efficient functioning of the market and has put in place a set of well-defined, publicly available surveillance measures (including the ASM framework) to address excessive volatility in specific stocks.
“This mechanism gets automatically triggered under certain conditions of price volatility in any stock,” the Securities and Exchange Board of India (Sebi) said.
Stock exchanges BSE and NSE have put three Adani group companies — Adani Enterprises, Adani Ports and Special Economic Zone, and Ambuja Cements — under their short-term additional surveillance measure (ASM), which basically means that intra-day trading would require a 100 percent upfront margin and is aimed at curbing speculation and short-selling in these stocks.
Sebi further said that in all specific entity-related matters, if any information comes to its notice, then, as per extant policies, the same is examined and after due examination, appropriate action is taken.
“Sebi has consistently followed this approach on entity-level issues and would continue to do so in future as well,” it added.

[ad_2]
#Measures #place #address #excess #volatility #Sebi #Adani #crisis
( With inputs from www.siasat.com )

February 4, 2023
Regulators will do their job on Adani issue: FM Sitharaman

[ad_1]
Mumbai: Union Minister for Finance and Corporate Affairs Nirmala Sitharaman on Saturday said India’s macro fundamentals and economic image are not affected by the Adani Group’s withdrawal of its Rs 20,000 crore FPO.
In the last two days alone, USD 8 billion in forex came in, the finance minister said during a post-Budget press conference.
“…our macro economic fundamentals or our economy’s image, none of which has been affected. Yes, FPOs (follow-on public offers) come in, and FIIs get out,” Sitharaman told reporters here.
She said the regulators will do their job on the Adani issue. The Securities and Exchange Board of India (Sebi) has the wherewithal to ensure the stability of markets.
Subscribe us on
[ad_2]
#Regulators #job #Adani #issue #Sitharaman
( With inputs from www.siasat.com )

February 4, 2023
Congress steps up attack against govt over Adani row

[ad_1]
New Delhi: The Congress-led opposition stepped up its attack on Friday against the government over the Adani row and demanded that there should be a thorough investigation into what they alleged was a “mega scam” as it involved public money.
Opposition parties have been demanding a joint parliamentary probe or a Supreme Court-monitored investigation into the allegations of fraud and manipulation by the US-based short-seller Hindenburg Research against billionaire Gautam Adani’s companies that have triggered an unprecedented stock crash.
“Due to the investment made by LIC-SBI in Adani Group, the money of common citizens of the country is sinking. The Opposition is demanding an inquiry into the entire matter,” the Congress said.
The party also said that it has been two days, and the Opposition is demanding a discussion on the Adani issue in Parliament.
“The money of the people of the country invested in LIC-SBI is sinking. The opposition wants to raise the voice of the public in the House and discuss their concerns. But, PM Modi is running away from the discussion, saving his friend. Fear of what,” the opposition party asked.
Adani Group has lost more than USD 100 billion in market value since Hindenburg Research accused it of stock manipulation and accounting fraud in the January 24 report. The group has denied any wrongdoing and has threatened to sue Hindenburg.
“Dow Jones dropped Adani from Sustainability Indices. Action is being taken against Adani all over the world, but PM Modi is quiet. Where are SEBI, ED, ROC, and SFIO? When will our government take action,” the Congress asked on Twitter.
The opposition parties met in the morning in the chamber of Leader of Opposition in Rajya Sabha Mallikarjun Kharge and coordinated their strategy for the day.

While 16 parties including the Congress, RJD, AAP, DMK, SP, CPI, CPI-M, BRS, Shiv Sena (Thackeray), JDU, NCP and NC participated in the meeting on Friday, Trinamool Congress did not attend the same. TMC was present in the Thursday meeting of opposition parties.
The Opposition later stalled the proceedings of both Houses of Parliament, which failed to transact any business and were adjourned within minutes.
“Parliament adjourned for another day because the Opposition demands a JPC on the PM-linked Adani issue that is playing havoc on the savings of crores of Indians,” Congress general secretary Jairam Ramesh said.
“Modi sarkar says MPs are wasting public money. What about the crores people have lost over the last few days of the ‘Maha mega scam,” he asked.
He also accused the government of being fearful of the Opposition demands for a JPC on the Adani issue and alleged that the business group has patronage at the highest levels.
Congress spokesperson Supriya Shrinate said,”the difference between the global financial community and India’s approach to allegations against Adani is stark.”
“Distant third parties like S&P Dow Jones remove Adani Enterprises on the severity of allegations. Our own regulators and government remain inactive and silent despite 10 days of mayhem,” she said on Twitter.
Shiv Sena Rajya Sabha MP Priyanka Chaturvedi also wrote to the SEBI chief demanding action on the Adani issue not just for the sake of shareholders who are losing their money but also in the national interest.
“Reminding SEBI about its authority to regulate the markets and ensure transparency, compliances are met with so as to not shake the investor confidence & wipe off wealth of investors,” she said on Twitter.
TMC MP Mahua Moitra also tweeted:”S&P Dow Jones removes Adani Enterprises from Dow Jones indices due to stock manipulation and accounting fraud charges.
“Why is NSE not reevaluating index membership of Adani stocks when international ones are.”
[ad_2]
#Congress #steps #attack #govt #Adani #row
( With inputs from www.siasat.com )

February 3, 2023
Cong leader Jairam Ramesh takes dig at PM Modi over Adani issue

[ad_1]
New Delhi: Congress leader Jairam Ramesh claimed on Friday that a senior government official has described the recent developments involving the Adani Group as a “storm in a tea cup” and said the cup belongs to none other than Prime Minister Narendra Modi.
“A responsible senior official has dismissed the Adani affair as a storm in a tea cup. Well, he accepts it as a storm. As for the tea cup, it is of none other than the PM himself. No ordinary tea cup!” the former Union minister wrote on Twitter.
His remarks came after the opposition stepped up its attack on the BJP-led government over the Adani issue and slammed it for not taking action against the business conglomerate.
US-based short seller Hindenburg Research has accused the Adani Group of stock manipulation and accounting fraud. The conglomerate, led by industrialist Gautam Adani, has denied any wrongdoing and threatened to sue Hindenburg.
The opposition stalled the proceedings in both houses of Parliament for the second straight day on Friday, demanding a discussion on the issue and a Joint Parliamentary Committee probe or a Supreme Court-monitored investigation.
Subscribe us on
[ad_2]
#Cong #leader #Jairam #Ramesh #takes #dig #Modi #Adani #issue

( With inputs from www.siasat.com )

February 3, 2023