Adani Imbroglio: Congress gives suspension of business notice in RS to discuss LIC, PSU bank investments


Congress MP Ranjeet Ranjan on Tuesday gave suspension of business notice under Rule 267 in Rajya Sabha to discuss “the issue of investment by LIC, Public Sector Banks and financial institutions in companies losing market value, endangering the hard-earned savings of crores of Indians”.

“I hereby give notice under Rule 267 of the Rules of Procedure and Conduct of Business in the Council of States (Rajya Sabha) of my intention to move the following motion for the suspension of business listed for February 7, 2023:- That this House do suspend Zero Hour and relevant rules relating to Question Hour and other businesses of the day to discuss the issue of investment by LIC, Public Sector Banks and Financial Institutions in companies losing market value, endangering the hard-earned savings of crores of Indians,” the Congress MP wrote to Rajya Sabha Chairman.

The budget session of Parliament started on January 31 this year with the joint Address by President Droupadi Murmu. Union Finance Minister Nirmala Sitharaman presented the Budget 2023-24 on February 1.

Since then there has been no business in Parliament because of the continued logjam over the Adani issue. The Opposition has demanded that the government should come up and respond in Parliament about the Adani stock issue following which disruption has been witnessed in both Houses.

Opposition parties are demanding a joint parliamentary committee probe into the allegations of stock manipulation against the Adani Group.

On Monday, opposition parties forced adjournments in Lok Sabha and Rajya Sabha on their demand for a Joint Parliamentary Committee probe into the Hindenburg-Adani row with the government insisting that debate on the motion of thanks on President’s Address should be taken up. Opposition MPs also staged a protest near the Gandhi statue in Parliament House on Monday.

Opposition parties are demanding discussion over investment by LIC, public sector banks, and financial institutions “in companies losing market value, endangering the savings of crores of Indians” following a report by a US-based short seller Hindenburg Research which made allegations against some companies of Adani group.

A report by a US-based Hindenburg Research surfaced on January 24, claiming that the Adani Group had weak business fundamentals, and was involved in stock manipulation and accounting fraud, among others. The report triggered a sell-off of shares of all Adani Group companies.

The Adani group had termed the report “nothing but a lie”.

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