CPI(M) General Secretary Sitaram Yechury addressing a press conference at the party office in Kolkata on January 29, 2023 | Photo Credit: ANI
The CPI (M) on Sunday demanded a high-level inquiry into the matter. Alleged irregularities leveled by a US-based investment research firm against the Adani group, which though denied the allegations,
Left general secretary Sitaram Yechury insisted that the investigation should be monitored by the Supreme Court.
“The CPI(M) today demands that the Center constitute a high-level inquiry team involving all relevant ministries. The investigation should be monitored by the Supreme Court on a day-to-day basis till the investigation is completed. In the interest of protecting the country is,” Mr Yechury told reporters here.
US-based firm Hindenburg Research released a report earlier this week alleging that the Adani group “engaged in a brazen stock manipulation and accounting fraud scheme spanning decades”.
The disclosure triggered a sell-off of $51 billion in shares of group companies over two trading sessions.
However, the Adani Group has rejected the allegations and termed the report as a “malicious combination of selective misinformation and stale, baseless and discredited allegations”.
The veteran CPI(M) leader alleged “involvement of the finance and external affairs ministries” in the issue.
Mr Yechury noted that the government would have to “take steps to ensure that all allegations are properly investigated”.
It is also alleged that life insurer LIC and the country’s largest bank SBI have “lost over Rs 78,000 crore” in market capitalization of their shares due to exposure in the Adani group.
“SEBI and RBI, as regulators, should do their job to investigate what is happening. But there should be a high-level probe team, which needs to be constituted because everyone is involved… from the finance ministry Up to the Ministry of External Affairs,” he said.
Noting that the Left party’s motto is “to save the economy and people’s lives”, Mr Yechury said, “Hopefully in the coming Parliament (Budget) session, this (matter) will be taken up. Before the end of the budget session, such an inquiry team should come out with its findings and place it before the Parliament and the country so that an appropriate decision can be taken.”
The budget session of Parliament will begin on January 31.