Hindenburg report exposes dangers Indians, economy are subjected to: BRS MP demands discussion on Adani issue

Rao gave the Suspension of Business Notice in the lower house of parliament, during its ongoing Budget Session, under rule 267.

New Delhi: Bharat Rashtra Samithi (BRS) MP K Keshava Rao on Wednesday gave a Suspension of Business Notice in Rajya Sabha demanding a discussion on the Hindenburg Report on Adani Enterprises and other companies of Adani Group.

Rao gave the Suspension of Business Notice in the lower house of parliament, during its ongoing Budget Session, under rule 267.

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In the notice to the Rajya Sabha Chairman, he said that the report had revealed the dangers to which the country and its economy have been exposed to.

“I desire to move the following Motion…That this House suspend the Rules, pertaining to Business listed in today’s (8.2.2023) Agenda and take up discussion of Hindenburg Report on M/s Adani Enterprises and other companies of his group. Sir, The report exposes the dangers to which the Indian people and economy are subjected to and merit immediate discussion, adjourning today’s list of Business in the House, as sought,” it read.

The concerned report is from US-based Hindenburg Research that surfaced on January 24 and claimed that the Adani Group had weak business fundamentals, and was involved in stock manipulation and accounting fraud, among others.

According to a statement by the Adani Group, the Adani portfolio and the Adani verticals are focused on bringing India into the global economy and nation-building. In the summary of the long response by Adani Group, it said the report was “nothing but a lie”.

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

Earlier claiming that Hindenburg Research has “exploited innocent investors”, advocate Manohar Lal Sharma filed a public interest litigation in the Supreme Court seeking a probe against the US-based firm, whose report has led to shares of Adani group plunging on the bourses.

The PIL by a lawyer sought an inquiry to prosecute short sellers Nathan Anderson, a resident of US and founder of the Hindenburg Research [which published a report recently leading to a huge dent in the Adani Group firms’ assets], and his Indian entities. The plea also sought to register an FIR against Anderson and his associates for exploiting and duping lakhs of innocent investors.

Notably, the Opposition has been continuously demanding a discussion on the Adani-Hindenburg row and is seeking the response of Prime Minister Narendra Modi on the issue.

Opposition parties are also demanding a joint parliamentary committee probe into the allegations of stock manipulation against the Adani Group.

The budget session of Parliament started on January 31 this year with the joint Address by President Droupadi Murmu. Union Finance Minister Nirmala Sitharaman presented the Budget 2023-24 on February 1.

Since then there has been no business in Parliament because of the continued logjam over the Adani issue. The Opposition has demanded that the government should come up and respond in Parliament about the Adani stock issue following which disruption has been witnessed in both Houses.

Congress is continuously cornering the government over the issue in Parliament forcing the adjournments of both Houses during the Budget Session.