The Adani issue has raised concerns about the security of money among LIC customers.
New Delhi: The Adani Group, owned by industrialist Gautam Adani, is in trouble again. On the one hand, Life Insurance Corporation of India (LIC) has decided to seek an explanation from the Adani group for the fall in share price. On the other hand, market regulator Securities and Exchange Board of India (SEBI) is looking into whether there were any irregularities or violation of relevant laws in the sale of shares of various companies of the Adani Group. SEBI has also looked into the relationship between Adani Group and two Mauritius based entities - Great International Tusker Fund and Ayushmat Limited. But the Adani Group is not sitting quietly either. Gautam Adani's company plunged into a legal battle to deal with the blow of Hindenburg Research. For this, they hires US legal consulting firms 'Wachtell', 'Lipton', 'Rogen & Katz'. In this scenario, the Supreme Court on Friday suggested the formation of an expert committee to look into the Adani controversy in view of a public interest litigation. Apart from this, the Center and SEBI are facing multiple questions in the Supreme Court on the Adani issue. Meanwhile, Dalit woman poet Sukirtharani of Tamil Nadu rejected the award as the Adani Group's name was associated with it. He has been working on Dalit literature for a long time.
The Adani issue has raised concerns about the security of money among LIC customers. Because LIC has a large investment in Adani's company. In total, LIC has an investment of Rs. 36 thousand crores in the shares of Adani's various companies. LIC wants to remove the fear created among the common people. That's why LIC sources said that Adani will be summoned to explain the whole matter. M R Kumar, head of the company, said, “The Adani group will be contacted soon in this regard. What has been going on for the past few days, how the Adani group is thinking of dealing with the situation, will be asked to know. If they explain the poison, it will help us to understand what is happening.”
According to an all-India media, SEBI is investigating Adani Group's relationship with investors in the follow-on public offering of Rs. 20,000 crore. Notably, this FPO issue was canceled by the Adani Group after it was fully booked on the last day of the issue. According to the company, the FPO has been canceled to provide confidence to the investors. According to sources, SEBI is probing Adani's relationship with two Mauritius-based firms - Great International Tusker Fund and Ayushmat, which participated as anchor investors before the FPO.
Meanwhile, the Hindenburg report not only harmed Adani but the entire country. There should be a court-monitored investigation against it. The suit was filed by lawyers ML Sharma and Vishal Tiwari. The hearing of that case was on Friday. Where the central government and SEBI have to face the Supreme Court's questioning on the Adani issue. The Supreme Court wants to know why the stock market collapsed after the Hindenburg Research Report was published? What kind of strict rules can be implemented to avoid such situations in future?
The Supreme Court bench directed the Solicitor General to prepare the report in consultation with the Center and SEBI. It has also been suggested to form an expert committee to ascertain whether any changes in the law are necessary to regulate the government market. Currently, a large section of the middle class invests in the stock market. Keeping that in mind, it has been directed to ensure that the market runs smoothly and investors are protected.
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