JPC urgent to unearth full extent of corruption in Adani matter: Congress

New Delhi: The Congress on Wednesday reiterated its demand for a Joint Parliamentary Committee probe into the Adani issue, saying it is needed urgently to unearth the full extent of the corruption, monopolisation and glaring gaps in the country's regulatory system.

. Congress general secretary in-charge communications Jairam Ramesh cited a media report and said the latest in the "Modani magic" is the rags-to-riches journey of a private power infrastructure firm.

. "Diamond Power Infra Ltd was dragged to bankruptcy court in 2018. By 2022, it was taken over by Mr Gautam Adani's brother-in-law, at the price of paying Rs 501 crore to the lenders, for a company with a market cap of Rs 1,000 crore," Ramesh said in a post on X.

.Have FPIs implicated in Adani matter revealed details of owners: Congress. "The firm had zero business in 2022, but by 2023-24, it had revenue of Rs 344 crore -- largely from orders placed by the Adani Group businesses. Thanks to Mr Adani's business, Diamond Power Infra Ltd is now valued at Rs 7,626 crore, a seven-fold increase in valuation," he added.

. Transactions with a company owned by a brother-in-law do not fall under the category of related-party deals -- the annual reports of the Adani Group's 10 publicly-listed companies and Diamond Power, therefore, do not disclose the familial relationship between their proprietors, the Congress leader claimed.

. "This is a gaping loophole in our regulatory infrastructure, coming just as the integrity and independence of India's financial markets regulator SEBI is also under deep question," he said.

. "A JPC into the Modani mega-scam becomes more urgent every passing day, to unearth the full extent of the corruption, the monopolisation, and the glaring gaps in the country's regulatory system," Ramesh added.

. The Congress has been persistent in its attack on the government since the Adani Group stocks took a beating on the bourses in the wake of US-based short-selling firm Hindenburg Research making a litany of allegations, including fraudulent transactions and share-price manipulation, on the conglomerate headed by industrialist Gautam Adani.

. The Adani Group had dismissed the charges as lies, saying it complies with all laws and disclosure requirements.

JPC urgent to unearth full extent of corruption in Adani matter: Congress

Follow us on :

Follow Us