CPI MP Binoy moves Suspension of Business notice in RS over Adani issue

Communist Party of India (CPI) MP Binoy Viswam o moved a Suspension of Business Notice in Rajya Sabha under rule 267 demanding a discussion on the Adani group of companies crisis

Communist Party of India (CPI) MP Binoy Viswam on Monday moved a Suspension of Business Notice in Rajya Sabha under rule 267 demanding a discussion on the Adani group of companies crisis and "huge public money belonging to the common people of India at serious risk of being wiped out in the unfolding crisis."

Earlier on Friday, the Congress and 16 opposition parties demanded a joint parliamentary committee (JPC) or Supreme Court-monitored probe into the Hindunberg report against the Adani Group, alleging a scam.

A report by a US-based Hindenburg Research surfaced on January 24, claiming that the Adani Group had weak business fundamentals, and was involved in stock manipulation and accounting fraud, among others.

 

The report triggered a sell-off of shares of all Adani Group companies.

Meanwhile, Congress will launch a countrywide protest in front of Life Insurance Corporation (LIC) offices and State Bank of India (SBI) branches today to protest against the alleged Adani scam.

Congress MPs will protest near the Gandhi statue in Parliament House on Monday.

Although the Congress is getting the support of other Opposition parties on the Adani issue, it has to be seen whether the parties such as the Bharat Rashtra Samithi, Aam Aadmi Party and Trinamool Congress, which are seen together in the meetings, will join the Congress demonstration or extend moral support.

However, the Bahujan Samaj Party (BSP) and Janata Dal (Secular) have kept their distance from the Congress on this issue.

It is being argued by the Opposition that the investment of the Adani group in public sector banks such as the SBI and LIC has had a big impact on the savings of the middle class.

Opposition MPs said the government was not allowing the issue to be discussed in Parliament. After the uproar in Parliament, the proceedings of both Houses of Parliament were adjourned till February 6.