New Delhi: The Congress is the taking the Adani row on its toes. General secretary in-charge of communications of Congress, Jairam Ramesh on Wednesday said he has written letters to Reserve Bank of India (RBI) governor Shaktikanta Das, and Securities and Exchange Board of India (SEBI) chairperson Madhabi Puri Buch, demanding an inquiry into the allegations leveled against the Adani group.
In his letter, Ramesh urged the central bank to look into two aspects of the issue: “One, what is the true Adani exposure of the Indian banking system? Two, what is the explicit and implicit guarantee to the Adani group that if foreign funding stops, it will be bailed out by Indian banks?”
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Here are my letters to the RBI Gov & Chaiperson of SEBI expressing the hope that a full-fledged independent investigation will be carried on the numerous allegations against the PM- blessed Adani Group. pic.twitter.com/U7L8QLRb5f
---Advertisement---— Jairam Ramesh (@Jairam_Ramesh) February 15, 2023
Jairam Ramesh has written that the RBI must ensure that risks to financial stability are examined and controlled. Jairam Ramesh’s letter said that any failure to do so would reflect badly on Indian corporate governance and India’s financial regulators. It can also affect our ability to raise funds globally.
Ramesh also questioned why Life Insurance Corporation (LIC) and State Bank of India (SBI) have bought Adani Group’s equity in huge amounts. He wrote that LIC, on which 300 million Indians rely for their life savings, has lost thousands of crores of rupees in Adani Group shares in the recent past. Should we not ensure that such public sector financial institutions are more conservative in their investments than their private sector counterparts and are free from pressure from above?
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Following the Hindenburg Report alleging stock manipulation and fraud by the group, the share prices of the Adani group companies fell significantly. The Adani group has denied all the allegations and accused Hindenburg of being an “unethical short seller”. The Ajani group has called the Hindenburg Report a “lie”.
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