Editor's Pick: Opposition seeks answers on Adani ‘stock fudge’

A day before the Budget Session of Parliament, Opposition parties raised demands for debates on alleged stock manipulation and tax evasion by the Adani Group. Parties at the meeting included the Aam Aadmi Party, the Rashtriya Janata Dal, the Bharat Rashtra Samithi, the Communist Party of India (Marxist) and the Communist Party of India. Last week, U.S.-based short seller Hindenburg Research released findings of a detailed investigation, reportedly carried out over two years, raising concerns about the Adani Group’s “substantial debt” and accusing them of stock manipulation and fraud over decades. The allegations led to an exchange of ripostes between Hindenburg Research and the Adani Group, with the latter invoking nationalism and likening the attack on the conglomerate to an attack on India. The Opposition parties have demanded a reply from the government on the allegations made by the Hindenburg Research, since public institutions such as the State Bank of India (SBI) and Life Insurance Corporation of India (LIC) have high exposure to the Adani Group. LIC, however, said its exposure to the Adani Group was less than 1% of the total assets under management (AUM) at book value. Trinamool Congress (TMC) was the only leading Opposition party to not demand a debate on the Hindenburg Report. Instead, it demanded a discussion on “dismantling of cooperative federalism”. The meeting was attended by 37 leaders from 27 parties. Congress representatives were not present due to the finale of the Bharat Jodo Yatra in Srinagar. Addressing the media on the demands laid out by the Opposition, Parliamentary Affairs Minister Prahlad Joshi said, “We have no objection to discuss any issue under the rules and procedures as permitted by the Chair.” Mr. Joshi, however, did not give a conclusive assurance on whether the debate will be held. The Hindenburg report caused a plunge in the prices of Adani Group’s stocks, and led to a loss of $48 billion across its companies. The Hindu’s Editorials Water woes: On negotiations to amend the Indus Waters Treaty Miles to go: On Congress’ Bharat Jodo Yatra The Hindu’s Daily News Quiz Novak Djokovic beat Stefanos Tsitsipas to claim a 10th Australian Open title, now putting him on par with Rafael Nadal with how many Grand Slam crowns? 21 24 22 20 To know the answer and to play the full quiz, click here. [logo] Editor's Pick 31 JANUARY 2023 [The Hindu logo] In the Editor's Pick newsletter, The Hindu explains why a story was important enough to be carried on the front page of today's edition of our newspaper. [Arrow]( [Open in browser]( [Mail icon]( [More newsletters]( Opposition seeks answers on Adani ‘stock fudge’ A day before the Budget Session of Parliament, [Opposition parties raised demands]( for debates on alleged stock manipulation and tax evasion by the Adani Group. Parties at the meeting included the Aam Aadmi Party, the Rashtriya Janata Dal, the Bharat Rashtra Samithi, the Communist Party of India (Marxist) and the Communist Party of India. Last week, U.S.-based short seller Hindenburg Research released findings of a detailed investigation, reportedly carried out over two years, raising concerns about the Adani Group’s “substantial debt” and accusing them of stock manipulation and fraud over decades. The allegations led to an exchange of ripostes between Hindenburg Research and the Adani Group, with the latter invoking nationalism and likening the attack on the conglomerate to an attack on India. The Opposition parties have demanded a reply from the government on the allegations made by the Hindenburg Research, since public institutions such as the State Bank of India (SBI) and Life Insurance Corporation of India (LIC) have high exposure to the Adani Group. LIC, however, said its exposure to the Adani Group was less than 1% of the total assets under management (AUM) at book value. Trinamool Congress (TMC) was the only leading Opposition party to not demand a debate on the Hindenburg Report. Instead, it demanded a discussion on “dismantling of cooperative federalism”. The meeting was attended by 37 leaders from 27 parties. Congress representatives were not present due to the finale of the Bharat Jodo Yatra in Srinagar. Addressing the media on the demands laid out by the Opposition, Parliamentary Affairs Minister Prahlad Joshi said, “We have no objection to discuss any issue under the rules and procedures as permitted by the Chair.” Mr. Joshi, however, did not give a conclusive assurance on whether the debate will be held. The Hindenburg report caused a plunge in the prices of Adani Group’s stocks, and led to a loss of $48 billion across its companies. The Hindu’s Editorials [Arrow][Water woes: On negotiations to amend the Indus Waters Treaty]( [Arrow][Miles to go: On Congress’ Bharat Jodo Yatra Â]( The Hindu’s Daily News Quiz Novak Djokovic beat Stefanos Tsitsipas to claim a 10th Australian Open title, now putting him on par with Rafael Nadal with how many Grand Slam crowns? - 21 - 24 - 22 - 20 To know the answer and to play the full quiz, [click here](. Are you a book lover looking for your next literary adventure? Look no further than “The Hindu On Books” weekly newsletter! 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