GG News Bureau
New Delhi, 18th May. The Congress on Thursday said that only a Joint Parliamentary Committee (JPC) probe into the Adani issue will uncover “the full truth of the Modani scam”.
Senior Congress leader Jairam Ramesh, in a tweet, mentioned a news report that has alleged a “cover up”.
The Congress has claimed that money from LIC policyholders was invested in the Adani Group. It also claims that LIC share prices have plummeted after the release of the Hindenburg Research report, which accused the Adani Group of stock price manipulation.
The charges have been refuted by the Adani Group.
Ramesh shared a link to a report on Twitter, calling it a “expose of the anatomy of a Modani cover-up.”
He stated, citing the report, “Hire a tiny accounting firm to audit gigantic companies. Get auditors to make identical ‘qualified opinions’, the minimum needed to comply with the law, without saying why or how it affects investors.
“Claim an ‘independent review’ has been done by an unnamed law firm but without disclosing any details. Avoid a forensic audit at all costs that could expose what actually happened. No one is any wiser as to how you used related-party transactions to launder money and inflate earnings.” “This is why we need a JPC. Everything will be investigated, the full truth of the Modani scam will be revealed,” Ramesh added.
The Congress has been demanding a Joint Parliamentary Committee (JPC) investigation into the Adani case and has even halted proceedings in both Houses of Parliament during the Budget Session.
On Wednesday, Ramesh voiced concern over the 35% drop in LIC’s market capitalisation and blamed “Modani” for the severe drop.
“Exactly a year ago today, LIC was listed in the stock market. Its market capitalisation then stood at Rs 5.48 lakh crore. Today, this is down to Rs 3.59 lakh crore — a fall of a whopping 35 per cent,” the AICC general secretary said on Twitter.
“There is only one reason for this steep fall — Modani,” he added.
The senior Congress leader further alleged, “In the process, lakhs and lakhs of policyholders have taken a serious hit.”
