Lok Sabha, Rajya Sabha Adjourned Till Monday Amid Opposition Protests Over Adani Stock Row

Lok Sabha, Rajya Sabha Adjourned Till Monday Amid Opposition Protests Over Adani Stock Row

New Delhi: Both Lok Sabha and Rajya Sabha were adjourned till Monday after Opposition MPs continues to protest on the House floors over the allegations against the Adani Group. The opposition parties have demanded a Joint Parliamentary Committee probe or a Supreme Court-monitored committee investigation into the Adani issue while also seeking a discussion on it in the Parliament.

ALSO READ | Adani Stock: No Immediate Impact On Credit Profiles Of Rated Entities From ‘Short-Seller’ Report, Fitch Says 

Top Points On Opposition Protests Over Adani Stock Rout:

  • At least 16 Opposition parties met on Friday morning to decide on their collective strategy to step up their attack on the Modi government, demanding an immediate discussion on the issue of the Adani stock rout. Among the 16 parties whose leaders met in the chamber of Leader of Opposition in Rajya Sabha Mallikarjun Kharge include the Congress, DMK, SP, AAP, BRS, Shiv Sena, RJD, JDU, CPIM, CPI, NCP, NC, IUML, Kerala Congress (Jose Mani), KC (Thomas), and the RSP.
  • The previous day the parties unitedly led the charge against the Centre over the issue and stalled both houses of Parliament. On Friday, leaders of several opposition parties continued to submit adjournment notices in both houses of Parliament demanding an immediate discussion on the Adani Group issue as well as the border situation with China.
  • Prominent among those MPs who have given adjournment notices include Congress chief Whip in Rajya Sabha Naseer Hussain and the party’s Whip in Lok Sabha Manickam Tagore. BRS leader K Keshava Rao and Shiv Sena (UT) MP Priyanka Chaturvedi also gave notices under Rule 267 on the same issue. Congress MPs in Rajya Sabha Amee Yajnik, Pramod Tiwari, Kumar Ketkar, and Neeraj Dangi also gave similar notices on the issue under Rule 267.

    Rule 267 allows for the suspension of the day’s business to debate issues suggested by members. 

    Congress MP Manish Tewari, in his notice in Lok Sabha, demanded a discussion on the border situation with China.

  • The Congress alleged that the LIC and SBI have been “forced” to invest in the Adani Group.

    “Floor leaders of Opposition parties will be meeting at 10 am in chamber of LoP @kharge-ji in Parliament House to coordinate strategy. The demand remains the same. Only an independent investigation will save LIC, SBI and other institutions FORCED by PM to invest in the Adani Group,” Congress MP Jairam Ramesh tweeted ahead of the Opposition meeting.

  • As per the opposition, the drastic fall in Adani group shares on Indian exchanges has put public money in danger as public sector LIC and SBI have invested in the Adani Group.
  • Sharing his views on the issue, Congress MP Manish Tewari said: “SEBI has increased the margin money on Adani derivatives to 100%. The normal market rule is 10%- 15%. This collusion between regulator & a particular industrial group raises questions about institutional integrity of the regulator & that’s why a JPC is important”, news agency ANI reported.
  • TMC MP Mahua Moitra also questioned SEBI officer’s links to billionaire Gautam Adani’s family as she tweeted: “Greatest respect for ace lawyer Cyril Shroff but his daughter is married to Gautam Adani’s son.  Shroff serves on SEBI’s Committee on Corporate Governance & Insider Trading. If at all @SEBI_India is examining Adani issue, Shroff should recuse himself. Perceptions are Reality”.
  • Earlier in the day, both houses of parliament were adjourned till the afternoon amid sloganeering by opposition to discuss the matter of Adani Group stocks. 
  • According to news agency PTI, at the opposition meeting on Thursday, a section of leaders were of the view that the attack on the government should be targeted on “forcible” investments by public sector institutions in corporate entities having questionable business practices that have led to massive losses.

    These leaders were also of the view a reference to the Hindenburg Research should be avoided as it would amount to taking the issue out of the context of India.

  • While Kharge made the demand for a Joint Parliamentary Committee (JPC) investigation or a Supreme Court-monitored probe, a section of the leaders also favoured an inquiry by the Securities and Exchange Board of India (SEBI). “Different parties will express their views on the floor of both Houses about what the mode of inquiry should be conducted to expose and unravel this scam,” said Derek O’Brien, the TMC’s Parliamentary party leader in Rajya Sabha, as quoted by PTI.

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