Following the publication of the report of a US-based investment research firm that made a litany of allegations, including fraudulent transactions and share price manipulation at the Adani Group, the CPI (M) on Monday demanded that a court-monitored highest-level investigation be ordered into the issue.
CPI (M) general secretary Sitaram Yechury also asked on the basis of what assessment PSU banks and financial institutions including LIC provided loans to the business conglomerate.
“A central government must order a court-monitored highest-level investigation into the Adani Group shares issue,” he said during a public meeting of the CPI (M) at Esplanade after the conclusion of a three-day Central Committee meeting of the party here.
He demanded that those found responsible be brought to book and that the people’s assets be secured.
The US-based firm Hindenburg Research last week released a report alleging that the Adani Group had “engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades”.
Adani group’s listed companies have lost over USD 70 billion since the January 24 report that flagged high debt levels at the ports-to-energy conglomerate and the alleged use of offshore entities in tax havens.
Adani group has however denied all charges and threatened to sue the US firm.
With the Union Budget scheduled to be placed in Parliament on February one, Yechury demanded that the BJP-led government announce public investments that, he said, will lead to job creation. He also demanded that GST be removed on essential goods and that the rich be taxed on their accumulated wealth.
