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| Modi Govt’s silence on Adani issue smacks of collusion: Namrta | | |  Early Times Report
JAMMU, Feb 6: Aam Aadmi Party (AAP), J&K today accused the BJP government at the Centre of favouritism towards Adani group and sought serious investigations into the allegations of irregularities against the company.
In a statement issued here today, Namrta Sharma, President Women Wing AAP J&K said that the allegations of financial malfeasance would be bad enough, but what is worse is that the Modi government may have exposed India's financial system to systemic risks through the liberal investments in the Adani Group made by strategic state entities like Life Insurance Corporation, State Bank of India, J&K Bank and other public sector banks.
"These institutions have liberally financed the Adani Group even as their private sector counterparts have chosen to avoid investing because of concerns over corporate governance and indebtedness," she said, claiming that the Modi government's loud silence over the issue smacks of collusion.
Raising concern over the allegations made in the Hindenburg report, the senior AAP leader said that it could lead to heavy losses in banks such as SBI, saying, "If, as alleged, the Adani Group has artificially inflated the value of its stock through manipulation, and then raised funds by pledging those shares, banks such as SBI could face heavy losses in the event of a fall in those share prices. Indians are increasingly aware of how the rise of Modi's cronies has exacerbated the problem of inequality, but need to understand how this has been financed by their own hard-earned savings. Will the RBI ensure that risks to financial stability are investigated and contained"? she added.
Namrta claimed that the allegations made by United States-based short-seller Hindenburg Research had 'exposed' the functioning of Modi government in the country. She asserted that the investment of the Adani Group in public sector banks has had a big impact on the savings of the middle class.
Keeping in mind the public interest, the senior AAP leader sought inquiry over the Adani issue and there should also be daily reporting of the investigation on this issue. |
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