Centre says Adani-Hindenburg row had 'no major impact at systemic level'
1 min read 13 Mar 2023, 05:14 PM ISTThe remarks came amid repeated calls from the Opposition for the formation of a Joint Parliamentary Committee to probe the Hindenburg report.
PremiumThe Finance Ministry said on Monday that it had no plans to form a committee to probe the Adani Group. MoS Pankaj Chaudhary also told the Parliament that stock volatility in the wake of the Hindenburg report had not had any ‘significant impact at the systemic level’. The remarks came amid repeated calls from the Opposition for the formation of a Joint Parliamentary Committee to probe the Hindenburg report.
Responding to a slew of questions from the Opposition, the Centre said that the Securities and Exchange Board of India was currently investigating the market allegations against Adani Group. Chaudhary added that the Centre had not constituted any Committee to investigate the allegations.
“The Hon’ble Supreme Court has constituted an expert committee for the assessment of the extant regulatory framework and for making recommendations to strengthen it," he added.
Meanwhile, the Directorate of Revenue Intelligence has concluded its investigation into the import of power generation, power transmission and infrastructure equipment by the Adani Group.
The Finance Ministry informed the Parliament on Monday that the DRI probe into Indonesian coal import by Adani Group was still underway. A written reply from Minister of State Pankaj Chaudhary added that the information sought from the exporting countries was ‘under litigation’.
The Finance Ministry also shared details about Life Insurance Corporation of India's (LIC) debt exposure to Adani group companies. According to Finance Minister Nirmala Sitharaman, the state-owned insurer's debt exposure to the billionaire Gautam Adani-led port-to-power conglomerate fell marginally to ₹6,183 crore (as of March 5).
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