Jairam Ramesh English news | Jairam Ramesh, Latest News & Live Updates in English | English News (Latest English News) at Lokmattimes.com

Congress leader Jairam Ramesh has written to Reserve Bank of India Governor Shaktikanta Das and SEBI chairperson Madhabi Puri Buch, in two separate letters, seeking an investigation on the allegations levelled against the Adani Group by Hindenburg Research.Citing the Adani Group's large size, his letter to the SEBI chief said investigations must be "fair and complete, with no favour"."Any failure to do so will cast a shadow on Indian corporate governance and on India's financial regulators, and could affect our ability to raise funds globally," the letter read.He reiterated that a full-fledged independent investigation must be carried out on the numerous allegations levelled against the Adani Group.Further, in his letter, he raised questions in what he said is why financial institutions of national importance such as the Life Insurance Corporation of India and the State Bank of India have heavily bought Adani Group equity when most private funds were severely underweight."LIC, which 30 crore Indians trust with their life savings, has lost thousands of crores in Adani Group stock in recent days. Should we not ensure that such public sector financial institutions are more conservative in their investments than their private sector counterparts and free from pressure from above?" he questioned.In the letter to the RBI governor, he said the central bank must look into two aspects -- what is the true Adani Group exposure of the Indian banking system and the possible bail-out plan if foreign funding to the group declines."The RBI must look into two aspects: One, what is the true Adani Group exposure of the Indian banking system? Two, what are the explicit and implicit guarantees that the Adani Group has been given that it will be bailed out by Indian banks if foreign funding dries up?" he said in the letter.Over the past two odd weeks, share prices of companies in the Adani Group have dropped significantly. The short seller's report alleged stock manipulation and fraud by the conglomerate.The US-based firm, in its report on January 24, raised concerns about shares of Adani group companies having a possibility of declining from their current levels owing to high valuations, "brazen stock manipulation", and "accounting fraud", among others.The Adani Group has attacked Hindenburg as "an unethical short seller" and stated that the report by the New York-based entity was "nothing but a lie".The continued sell-offs in the group's stocks led its flagship firm, Adani Enterprises Limited, to cancel a fully subscribed Rs 20,000 crore follow-on public offer. A follow-on public offering (FPO) is the issuance of shares to investors by a company listed on a stock exchange after its initial public offerings.Adani Group on January 29, in a long 413-page report, said the recent report by Hindenburg Research was not an attack on any specific company but a "calculated attack" on India, its growth story, and ambitions.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Jairam RameshFOLLOW

Jairam ramesh, Latest News

Raipur, Feb 23 Congress General Secretary Jairam Ramesh thanked the Supreme Court for granting relief to party leader ... ...

New Delhi, Feb 21 After senior Congress leader and party spokesperson Pawan Khera could not spell Prime Minister ... ...

Reacting to the raids by the Enforcement Directorate against Congress leaders in Chhattisgarh, senior party leader Jairam Ramesh on ... ...

New Delhi, Feb 20 The Congress is likely to set up an alliance committee to reach out to ... ...

The Congress' 'Hum Adani Ke Hain Kaun' campaign against the government on the Adani-Hindenburg matter entered Day 12. The ... ...

Senior Congress leader Jairam Ramesh on Friday said a democratic revival in India depends entirely on the Congress, Opposition ... ...

New Delhi, Feb 15 The Congress on Wednesday asked it's series of question on the tenth day and ... ...

Congress leader Jairam Ramesh has written to Reserve Bank of India Governor Shaktikanta Das and SEBI chairperson Madhabi Puri ... ...