What is status of investigation in companies linked to Adani Group: Cong

In more posers for the government over the Adani issue, the Congress on Tuesday asked it about the status of the investigation into the alleged practice of stock parking by shells and entities related to the conglomerate.

The Congress has been targeting the government over the Adani issue and has been demanding a joint parliamentary committee probe into the Hindenburg report on the Gautam Adani-led group On Tuesday, it put forth three more questions to Prime Minister Narendra Modi as part of the ”Hum Adani Ke Hain Kaun (HAHK) series” on Twitter. Congress general secretary Jairam Ramesh said his posers relate to a ”global kleptocratic network” involving other firms with deep political connections.

The Congress leader, in a statement, named Russian and Indian state-owned companies and alleged there is ”a suspicious pattern in which public sector units overpay a Russian firm for an oil asset, which in turn overpays a politically-connected private Indian firm for another energy asset”.

The Adani Group’s stocks had taken a beating on the bourses after US-based short seller Hindenburg Research made a litany of allegations, including fraudulent transactions and share-price manipulation, against it. The group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.

Ramesh also referred to transactions of several other international companies.

”Since we know that SEBI has had these firms on its radar for some time now, what is the status of the investigation into the illegal practice of stock parking by shells and entities related to the Adani Group?” the Congress leader said.

Ramesh urged the prime minister to break his ”silence” on the issue.