{"id":341998,"date":"2023-02-16T03:03:30","date_gmt":"2023-02-16T08:33:30","guid":{"rendered":"http:\/\/tehelka.com\/?p=341998"},"modified":"2023-02-17T03:12:09","modified_gmt":"2023-02-17T08:42:09","slug":"rahul-takes-on-pm-over-adani-bjp-hides-behind-cong-regime-scams","status":"publish","type":"post","link":"https:\/\/tehelka.com\/rahul-takes-on-pm-over-adani-bjp-hides-behind-cong-regime-scams\/","title":{"rendered":"Rahul takes on PM over Adani, BJP hides behind Cong regime scams"},"content":{"rendered":"\n

Parliament witnessed unprecedented exchange of harsh and critical comments between the treasury and opposition benches after Congress leader Rahul Gandhi sought to link PM Modi\u2019s relationship with Adani Group to the company\u2019s phenomenal growth, writes Mudit Mathur<\/em><\/strong><\/p>\n\n\n\n

After three consecutive days of complete logjam, the budget session of Parliament of India witnessed unprecedented exchange of harsh and critical comments between the treasury and opposition benches over the questions raised with regard to proximity of Prime Minister Narendra Modi behind the meteoric rise of Adani Group conglomerate after 2014. Unruly scenes marred when the opposition demanded setting up a joint parliamentary committee (JPC) or Supreme Court-led probe into the Hindenburg Research report \u2013 that alleges fraud and irregularities in the business of the Adani Group companies.<\/p>\n\n\n\n

Prime Minister Narendra Modi did not reply to the questions raised by rejuvenated Congress leader Rahul Gandhi, after his Bharat Jodo Yatra from Kanyakumari to Kashmir. Taking the pot shots at Congress leader Rahul Gandhi, Modi said, \u201cI have the protective shield of the trust of 140 crore countrymen and you cannot pierce this protective shield with your lies.\u201d<\/p>\n\n\n\n

While participating in the debate over motion of thanks on presidential address, Rahul Gandhi launched a frontal attack on PM Modi linking his inextricable relationship with Adani Group to the company\u2019s phenomenal growth. Rahul made scathing remarks against Modi as he posed tough questions after domestic investors suffered huge losses owing to the report of Hindenburg Research.<\/p>\n\n\n\n

Hindenburg report accused Adani conglomerate of stock manipulation, accounting fraud and using offshore shell entities in tax havens allegedly routing his own money through machinations of his brother. It also accused Adani of pulling off the \u201clargest scam in corporate history\u201d.<\/p>\n\n\n\n

Though Adani hit back saying the research report is \u201cmalicious\u201d, \u201cbaseless\u201d and a \u201ccalculated attack on India\u201d threatening to take a legal action against the short seller, Hindenburg stuck to its guns saying that it\u2019ll welcome any action and will demand documents in the legal process. The Financial Times reported that Adani Group has hired New York-based law firm Wachtell, Lipton, Rosen & Katz to challenge the allegations raised by short-seller Hindenburg Research against it, as the shares of the group\u2019s listed firms continued to take a beating on the Indian stock market on Friday(10th February).<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

A \u2018Forbes\u2019 analysis revealed that three investment funds with ties to the Adani Group committed to buying up shares as investors in the Adani Enterprises\u2019 share sale. The three firms are: Mauritius-based funds, Ayushmat Ltd and Elm Park Fund, and India-based Aviator Global Investment Fund. These three firms together agreed to buy 9.24% of all shares available to anchor investors. Anchor investors are allotted shares a day before the share sale opens and that builds the tempo of investment among the common investors.<\/p>\n\n\n\n

According to Forbes valuation estimates, Gautam Adani\u2019s current net worth stands at $58.2 billion \u2014 down nearly $7 billion on 10th<\/sup> February \u2014 making him the 22nd richest person in the world from the position of number two. Adani has seen his fortunes drop by more than 50% since Hindenburg\u2019s allegations became public in the last week of January.<\/p>\n\n\n\n

Nation saw live debate on Sansad TV on 7th February how the Congress leader Rahul Gandhi led the Opposition attack over the Adani-Hindenburg issue questioning the complicity of Prime Minister Narendra Modi and his government of pulling strings in his favour? \u201cHow many times did you (PM) travel together with Adani on foreign trips? How many times did Adani  join you later on a visit? How many times did Adani travel to a country immediately after you did? How many of these countries after you visited Adani got a contract\u2026Also, an important question is how much money has Adani given to the BJP in the last 20 years\u2026 through electoral bonds,\u201d Gandhi quizzed.<\/p>\n\n\n\n

Sharing his experience of the recently concluded \u201cBharat Jodo Yatra\u201d, Rahul said, \u201cFrom Tamil Nadu to Kerala, Maharashtra, Madhya Pradesh\u2026everywhere we heard one name, Adani\u2026. Adani, Adani\u2026People asked me how it is possible that Adani tastes success in whichever sector he enters, he never fails. And they asked how Adani is entering every sector, he used to be in one or two sectors. Now, he is in eight-ten sectors: airports, data centres, cement, solar energy, wind energy, aerospace and defence, consumer finance, renewables, media, ports. They asked how the Adani Group\u2019s net worth rose from US $ 8 billion to US $140 billion, taking him from 609 in the richest persons\u2019 list in 2014 to 2 in 2022.\u201d<\/p>\n\n\n\n

\u201cHow to use government power to build individual businesses should be a case study in business schools and Modi should be given a gold medal in this,\u201d he sarcastically remarked. Displaying old photographs of the Prime Minister sitting with Adani in an aircraft and boarding a plane carrying an Adani logo, Rahul alleged, \u201cAdani was ranked 609 in the list of richest people in 2014. I don\u2019t know through what magic\u2026he has reached No. 2 now\u2026so people asked how has he become successful, how he has entered so many businesses and, most importantly, what is his relationship with India\u2019s Prime Minister?\u201d<\/p>\n\n\n\n

\u201cThe relationship began many years ago when Narendra Modi was the Chief Minister of Gujarat and when most of India\u2019s business was asking questions of the Prime Minister, was against the Prime Minister\u2026one man stood shoulder to shoulder with the Prime Minister. That is commendable, he was loyal to the Prime Minister and he helped Modi construct the idea of a resurgent Gujarat\u2026the result of that was tremendous growth of his business in Gujarat, expansion of his businesses,\u201d he said.<\/p>\n\n\n\n

Gandhi said the \u201creal magic\u201d started after Modi moved to Delhi in 2014. \u201cThere was a rule that anybody who does not have prior experience in airports cannot be involved in development of airports. The Government changed this rule\u2026and Adani was given six airports. After that, India\u2019s most strategic airport, profitable airport\u2026 Mumbai airport was taken away from GVK\u2026hijacked by using agencies. By pressurising the GVK using CBI and ED\u2026the Government gave that airport to Adani,\u201d he alleged. However, GVK Group vice president denied the charge of transaction under duress .<\/p>\n\n\n\n

Rahul said 24 per cent of the air traffic and 31 per cent of the freight traffic is handled by airports operated by Adani group. \u201cThe Indian government and the Prime Minister facilitated this,\u201d he charged. Similarly, in the defence sector, Gandhi said, the Adani group had no experience but now makes drones in collaboration with an Israel firm. \u201cAdani has never done this before. HAL and other companies in India had been doing this but the Prime Minister visited Israel and immediately after that Adani got the contract,\u201d Gandhi said.<\/p>\n\n\n\n

He alleged the Adani group\u2019s defence companies are involved in making \u201csmall arms which include Tavor which is used by our special forces, Galil sniper rifle.\u201d He attributed this to the PM\u2019s visit to Israel after which \u201c90 percent of the India-Israel weapons business goes to Adani after one visit.\u201d<\/p>\n\n\n\n

Referring to the controversy surrounding Adani\u2019s coal mining in Australia, Gandhi said: \u201cThe Prime Minister goes to Australia and by magic SBI gives a $1 bn loan to Adani. The Prime Minister goes to Bangladesh, his first trip, decides to sell electricity to Bangladesh and after some days Bangladesh Power Development Board signs a 25-year contract with Adani.\u201d<\/p>\n\n\n\n

Gandhi also flagged the allegations regarding award of a project to Adani in Sri Lanka in June 2022. \u201cThe Chairman of the Sri Lanka\u2019s Electricity Board informed a Parliamentary committee in an open hearing that he was told by then President (Gotabaya) Rajapaksa that Prime Minister Modi pressured him to give the wind power project directly to Adani\u2026. So, this is your foreign policy\u2026this is not India\u2019s foreign policy. This is a foreign policy to build Adani\u2019s businesses,\u201d Gandhi said. On the other hand, the Sri Lankan government denied the allegation as the corporation’s chairman resigned and withdrew his statement.<\/p>\n\n\n\n

Referring to the exposure of LIC and public sector banks to the Adani group, Rahul said, the Hindenburg report had spoken about shell companies in Mauritius. He further stated that given Adani\u2019s sprawling network across strategic sectors, its opacity was an issue of national interest. \u201cWhy does the government not question these shell companies? Who are these people, whose money is it?\u201dHe said Adani had announced last year that he would invest $ 50 billion to build the world\u2019s largest green hydrogen ecosystem. \u201cAnd in this Budget, Nirmala Sitharaman announces huge incentives for green hydrogen\u2026Rs 19,700 crore.. which means it will be given to Adani,\u201d he said.<\/p>\n\n\n\n

Treasury benches repeatedly interrupted the allegations of Gandhi asking him to authenticate his claims, saying that such allegations cannot be levelled against the Prime Minister without documentary evidence to which Gandhi claimed he would do so. The assertions invited retaliatory political attack from the BJP leaders who recounted the scandals that had rocked the UPA government, with some of them linked to the Gandhi family. Senior BJP leader Ravi Shankar Prasad said Rahul Gandhi was not able to digest India\u2019s development under PM Modi and his attack on the government hurt \u2018the credibility of India in the economic world\u2019.<\/p>\n\n\n\n

 \u201cGandhi\u2019s speech in the House on Tuesday was echoing frustration, agony, anger and the sense of entitlement,\u201d Prasad said. \u201cWe could see the sense of entitlement that the governments have to be run by him, but this Modi came and is ruling this country. And that his party has lost 2014, 2019 and (is) going to lose 2024 also,\u201d Prasad remarked.<\/p>\n\n\n\n

Prasad recalled the scams during the UPA regime and alleged that the Congress governments had tried to facilitate Bofors accused Ottavio Quattrocchi\u2019s exit from India and later backed him to clear his accounts in a London bank. Prasad also referred to Gandhi\u2019s brother-in-law Robert Vadra and the alleged land deals he was involved in.<\/p>\n\n\n\n

Parliamentary Affairs Minister Pralhad Joshi accused Gandhi of making statements in the House without basis or documentary evidence. Joshi objected in the House that the Speaker has to take note of the fact that Gandhi had not authenticated the allegations nor had he given any notice to make the allegations. \u201cThose have to be expunged and a privilege notice has to be sent to him,\u201d he demanded. Speaker Om Birla said he would look into it and later he expunged the critical references of Rahul Gandhi against Prime Minister Modi.<\/p>\n\n\n\n

The Speaker Om Birla conceded the demand of BJP ministers and expunged Rahul Gandhi\u2019s remarks on Modi-Adani nexus.<\/p>\n\n\n\n

In his concluding reply to debates on the motion of thanks to the presidential address, Prime Minister Narendra Modi countered Rahul Gandhi in his unique oratorial style and said,\u201cThose sunk in arrogance feel that their way will come out by abusing Modi. The way will emerge through mudslinging of false allegations on Modi. The country\u2019s faith in Modi has not been built by newspaper headlines or by gleaming faces on TV.\u201d He said the trust the nation had in him is something \u201cbeyond\u201d the Opposition\u2019s understanding.<\/p>\n\n\n\n

Taking a dig at the allegation that agencies overwhelmingly target Opposition leaders, Modi said he thought poll results would foster Opposition unity but it was the Enforcement Directorate that had these people come together on a common platform. Criticising what he called was an attempt to insult him, \u201cAfter some people\u2019s remarks yesterday in Lok Sabha, the entire ecosystem and their supporters were jumping with joy.\u201d<\/p>\n\n\n\n

Modi during his 87-minute speech, interrupted by calls of \u201cAdani, Adani,\u201d and \u201cJPC, JPC\u201d from the Opposition, made no direct reference to the allegations made by Gandhi regarding the Adani group. He invoked the UPA years and listed the scams that had riddled them. Terming the 2004-2014 \u201cthe lost decade,\u201d Modi remarked that the UPA had a tendency for converting every opportunity into a misfortune. So the I-T boom got enmeshed in the 2G scam, the India-US nuclear deal in the cash-for-vote scandal, the energy blackout with the coal scam.<\/p>\n\n\n\n

In his speech, he mainly cited the achievements of his flagship schemes. \u201cWill the 80 crore countrymen getting free ration believe them ever?,\u201d he asked. \u201cTheir abuses and allegations will have to pass through those crores of Indians whom they had forced to live in trouble for decades,\u201d he said, without going into details of the allegations by Gandhi.<\/p>\n\n\n\n

SC seeks Centre, SEBI views on improving the regulatory mechanism<\/strong><\/p>\n\n\n\n

Expressing concerns about protecting Indian investors in the wake of the Adani-Hindenburg issue, the Supreme Court has sought the views of the Centre and the Securities and Exchange Board of India (SEBI) on improving the regulatory mechanism.<\/p>\n\n\n\n

The bench headed by Chief Justice of India DY Chandrachud also proposed the constitution of a committee to give suggestions on strengthening the regulatory framework to safeguard the interests of shareholders. The bench, which also comprised Justices PS Narasimha and JB Pardiwala, was hearing two public interest petitions which sought a probe into the report of a US-based short-selling firm, Hindenburg Research, which accused the Adani Group of stock manipulation and accounting fraud. The conglomerate has denied the charges.<\/p>\n\n\n\n

However, Hindenburg\u2019s accusations upset investors, with shares of listed firms of the conglomerate losing over USD 100 billion in value.<\/p>\n","protected":false},"excerpt":{"rendered":"

Parliament witnessed unprecedented exchange of harsh and critical comments between the treasury and opposition benches after Congress leader Rahul Gandhi sought to link PM Modi\u2019s relationship with Adani Group to the company\u2019s phenomenal growth, writes Mudit Mathur After three consecutive days of complete logjam, the budget session of Parliament of India witnessed unprecedented exchange of […]<\/p>\n","protected":false},"author":40,"featured_media":342001,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[23,2205],"tags":[4268,701,579],"_links":{"self":[{"href":"https:\/\/tehelka.com\/rest-api\/wp\/v2\/posts\/341998"}],"collection":[{"href":"https:\/\/tehelka.com\/rest-api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tehelka.com\/rest-api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tehelka.com\/rest-api\/wp\/v2\/users\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/tehelka.com\/rest-api\/wp\/v2\/comments?post=341998"}],"version-history":[{"count":1,"href":"https:\/\/tehelka.com\/rest-api\/wp\/v2\/posts\/341998\/revisions"}],"predecessor-version":[{"id":342003,"href":"https:\/\/tehelka.com\/rest-api\/wp\/v2\/posts\/341998\/revisions\/342003"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tehelka.com\/rest-api\/wp\/v2\/media\/342001"}],"wp:attachment":[{"href":"https:\/\/tehelka.com\/rest-api\/wp\/v2\/media?parent=341998"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tehelka.com\/rest-api\/wp\/v2\/categories?post=341998"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tehelka.com\/rest-api\/wp\/v2\/tags?post=341998"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}