Opposition rocks Parliament on LIC, SBI exposure in Adani Group, demands JPC or SC probe

In the Lok Sabha, members raised slogans and interrupted the Question Hour, following which Speaker Om Birla adjourned the House till 2 pm

A united Opposition on Thursday put the Narendra Modi government on the mat over investments by LIC and SBI in Adani Group, which is facing allegations of stock manipulation and fraud, by rocking Parliament and demanding an investigation by a Joint Parliamentary Committee or Supreme Court (SC).

Both Lok Sabha and Rajya Sabha could not initiate the debate on the Motion of Thanks, as Opposition MPs vociferously raised the issue, prompting the adjournment of the Houses without transacting any business. Lok Sabha functioned for 9 minutes in morning and afternoon sessions while Rajya Sabha sat for 7 minutes.

The Opposition had come prepared to insist on a debate in both Houses after a meeting of 13 parties, including Trinamool Congress and AAP, chaired by Congress president Mallikarjun Kharge where it was decided to unitedly raise the issue as millions of common people have investments in the two public sector giants.

Also Read | 'Why is Modi government silent?': Opposition demands probe into Adani Group 'scandal'

At the meeting, sources said, the leaders were of the view that they should force the government for a discussion on the issue and should not budge on this, even going to the extent of disrupting it but will allow the discussion on Motion of Thanks from Monday.

"What message will be sent if we don't stand for common people, we have to raise this issue and be heard. The government has to come out in the open and explain. They will have to assure people. What are they hiding and why are they hiding?" a senior leader told DH.

Opposition leaders claimed LIC has a sizable holding in Adani Group's listed companies, including 9 per cent in Adani Ports and Special Economic Zone, 3.7 per cent in Adani Transmission, 1.3 per cent in Adani Green Energy and 6 per cent in Adani Total Gas Ltd, and has invested another Rs 300 crore in buying 9,15,748 more shares in a Rs 20,000-crore new share sale by Adani Enterprises Ltd (AEL), which was recalled.

Kharge told reporters, "keeping public interest in mind, we want a thorough probe into the Adani issue either by a JPC or a Supreme Court-monitored panel. There should also be day-to-day reporting of the investigation on the issue. We want to know how the government is giving money to such a company and how they are pressured to spend money."

During the morning session, both Speaker Om Birla in Lok Sabha and Chairman Jagdeep Dhankar rejected the notices to suspend business and discuss the issue, which came to light after a US short seller Hindenburg Research published a report accusing the Adani Group of stock manipulation.

All the Opposition MPs, including those from the BRS that were not in the meeting, were on their feet in both Houses, raising their concern over the exposure of public sector LIC and SBI in Adani Group. While in Rajya Sabha, MPs raised the issue but did not rush into the Well, unlike Lok Sabha lawmakers.

Similar was the scene when the Houses re-assembled for the afternoon session at 2 PM, forcing the chair to adjourn the proceedings till Friday.

In Rajya Sabha, nine MPs -- Kharge, Elamaram Kareem and AA Rahim (CPI-M), Binoy Viswham and P Sandoshkumar (CPI), Tiruchi Siva (DMK), Sanjay Singh (AAP), K Keshava Rao (BRS) and Priyanka Chaturvedi (Shiv Sena) -- had given notices. Similarly, Congress Whip Manickam Tagore and TN Prathapan among others had also given notices in Lok Sabha.

They had sought suspension of business to discuss the Adani Group stock route and its impact on small investors as well as the savings of crores of Indians being endangered in loss of value of investments of LIC.