Derek O’Brien said that funds in LIC and SBI are “at risk”.
New Delhi:
Trinamool Congress MP Derek O’Brien reiterated his party’s demand as Parliament remained paralyzed for the fourth consecutive day today over opposition demands and the government’s insistence on Congress apologizing to Rahul Gandhi. Mr O’Brien told the media that the Trinamool has been focusing on three issues since the last session of Parliament – one of which was the Adani-Hindenburg dispute.
He questioned why central probe agencies were not probing US shortseller Hindenburg’s allegations against the Adani group. “What is stopping the CBI and ED from working overtime when it comes to opposition leaders?” he said at a press conference.
Shri O’Brien said that Trinamool has been repeatedly drawing attention to the issue of LIC, State Bank of India and Adani. He said that the funds of LIC and SBI are at risk. The opposition argues that both organizations have invested heavily in the Adani Group, whose market shares have taken a hit following Hindenburg’s allegations of financial fraud and share manipulation, a charge denied by the Adani Group.
In an exclusive interview to NDTV, Finance Secretary TV Somanathan has said that “the risk exposure of SBI and LIC to any company is well below the level where it should be a concern for any investor”.
He had said, “It is very small. The fate of one company will not significantly affect any of these institutions and hence there is no cause for concern for depositors or policyholders or investors in any of the nationalized banks or insurance companies.” ”
The Congress has alleged that SBI and LIC were “forced” to invest to save the Adani group, putting people’s life savings at risk.
Rahul Gandhi had earlier tweeted, “LIC is losing around Rs 1,000 crore every day in its investments due to fall in shares of Adani Group.
Mr O’Brien said there were differences of opinion among the opposition on whether the Adani matter should be probed by a joint parliamentary committee or a Supreme Court-appointed committee, but there was complete unity on the need for an inquiry.
He said the Trinamool had taken a “conscious decision” to demand a Supreme Court-appointed committee, as the chairman of any joint parliamentary committee is a BJP member. “We saw the history of JPC for the last 12 JPCs. It is sweeping the matter under the carpet,” he said.
Last month, the Supreme Court had said that there was a need to protect the interests of Indian investors in view of market volatility in the backdrop of fall in Adani shares. Some reports have estimated that Indian investors have lost several lakh crore rupees in the past weeks.
The court has constituted a six-member panel to look into the regulatory mechanism to protect the interests of investors. The committee, headed by retired Justice Abhay Manohar Sapre, will include veteran bankers KV Kamath and OP Bhat, Infosys co-founder Nandan Nilekani and retired Justice JP Deodhar.
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