Centre must clear air over allegations against Adani Group: Mayawati
Bahujan Samaj Party chief Mayawati on Saturday said the Centre should clear the air over allegations of financial irregularities levelled by Hindenburg Research against the Adani Group.
Hindenburg Research, a US-based investment research firm that specialises in activist short-selling, has alleged that Adani Group was “engaged in a brazen stock manipulation and accounting fraud”, a charge the conglomerate described as malicious and unsubstantiated.
Mayawati said: “For the past two days, a negative report of American firm Hindenburg in relation to Adani Group and its effects on stock market is in discussions more than the Republic Day. The hard-earned money of crores of people of the country is involved but the government is silent.”
“After the allegation of cheating in shares, Adani’s property and world ranking has decreased, but people are more worried about what will happen to the huge investment made by the government in his group. What will happen to the economy? Restlessness and worry are natural. The solution is needed,” she said in a series of tweets in Hindi.
The Life Insurance Corporation (LIC), into which millions of Indians have poured their savings, has invested in the Adani Group. Besides, government-owned banks have lent to the group.
The BSP chief asked the government to clear the air by issuing a statement to “address the worries of the people”.
“At the beginning of the budget session of Parliament starting from January 31, the government should issue a detailed statement on this matter in both the Houses so that the restlessness, especially among the urban middle class, is reduced,” she added.
Hindenburg said its twoyear investigation revealed that “the Rs 17.8 trillion ($218 billion) Indian conglomerate Adani Group has engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades”.
The Adani Group said the report was a combination of “selective misinformation” and “baseless and discredited allegations”.