Recently, the chairman of the Adani Group, Gautam Adani, met with Sharad Pawar, the Nationalist Congress Party (NCP) chief, at his residence in Mumbai. The meeting, which lasted close to two hours, took place amid opposition parties’ calls for a Joint Parliamentary Committee (JPC) investigation into the Adani Group’s alleged deceptive business practices and stock price manipulation.
Sharad Pawar calls for Supreme Court committee to investigate Adani group, amid tensions with Congress and BJP-dominated JPC
Earlier this month, Sharad Pawar declared his support for the Adani group following allegations made by a US-based short-seller, Hindenburg Research. However, this stance put him at odds with his ally, the Congress party. The JPC investigation is expected to be dominated by the BJP due to its numerical advantage in parliament, which may raise questions about the validity of such an investigation. To address this, Pawar has expressed his preference for a Supreme Court committee to investigate the claims against the Adani company.
The Supreme Court has already ordered the formation of a six-person committee, headed by a retired Supreme Court judge, to investigate several stock market regulation concerns, including the recent decrease in the Adani Group’s share price caused by the Hindenburg accusations. The Adani Group has denied the allegations and stated that it act in accordance with all laws and disclosure standards.
The encounter between Adani and Pawar has sparked rumors about a potential working relationship between the two in the economic and political worlds. The Adani Group’s significant holdings in ports, airports, power, and other industries make it a prominent player in the Indian economy. Pawar, a seasoned politician with extensive political experience in India, is renowned for his practical outlook. The meeting between Adani and Pawar is significant as the Indian economy seeks measures to boost growth while also dealing with the effects of the Covid-19 outbreak. The Adani Group’s partnership with Pawar and the NCP may contribute to the economy’s revival.
Despite not supporting the request for a JPC investigation, Sharad Pawar has declared that his party would back the anti-BJP parties’ position in favor of a united opposition.