How opposition unity is falling apart over the Adani JPC issue?

Rahul Gandhi, the head of the Congress, and the opposition parties have attempted to keep the pressure on the government on the Adani Group in the wake of the Hindenburg Report on the company. However, recent remarks by Sharad Pawar, the leader of the Nationalist Congress Party (NCP), and Ghulam Nabi Azad, a former Congressman, will draw attention to Rahul Gandhi himself and the falsity of his accusations.

The claims made in the Adani JPC case are mostly based on those made by the short seller Hindenburg Research. This sent shockwaves through the financial markets and caused a dramatic decrease in the stock prices of numerous Adani Group firms.  The opposition parties request an investigation into these claims by the Joint Parliamentary Commission (JPC) to uncover the “truth”. Even worse, they have protested nationwide and halted the legislative process.

Contrarily, the Adani Group has addressed the accusations in the Adani Hindenburg Research and has described them as malicious and baseless.

Sharad Pawar says the allegations by Rahul Gandhi on the Adani JPC case lacks

Recent comments released by former Congressman Ghulam Nabi Azad and Nationalist Congress Party (NCP) leader Sharad Pawar called attention to Rahul Gandhi personally and the unjustified allegations he has leveled against the Adani JPC case.  The Indian National Congress has also made 100 charges against the Adani Group. These charges are primarily based on the ones made by short-seller Hindenburg Research. The allegations are sending shockwaves across the financial markets and resulting in a dramatic decrease in the stock prices of several Adani Group firms. The major focus of the unified opposition will be proving Narendra Modi’s “links” to the Adani “scam” up to the general elections in 2024.

The Adani Hindenburg Report, according to Jugeshinder Singh, CFO of the Adani Group, “betrays a brazen” attitude.

The Adani Group’s CFO, Jugeshinder Singh, asserted that the timing of the report’s publication demonstrateds a bold, malicious purpose to damage the Adani Group’s reputation with the main objective of jeopardising the FPO from Adani Enterprises, the largest FPO ever in India. He claimeds the investing community had consistently trusted the Adani Group due to in-depth evaluations and studies conducted by reputable national and international credit rating agencies and financial specialists.

Biased, self-serving, or baseless comments did not sway their informed and savvy investors. He asserted that the Group had consistently complied with all laws and supported the highest standards of corporate governance, regardless of the country.

The opposition is taken aback by Sharad Pawar’s tenacious support of the Adani JPC

Sharad Pawar, the leader of the NCP, shocked his colleagues in the Opposition on Friday by vehemently defending the Adani Group in an appearance on a television channel run by the conglomerate and rejecting the need for a Joint Parliamentary Committee (JPC) investigation. Pawar questioned the Hindenburg Report and expressed displeasure over disruptions in Parliament over the issue even as it fought for Opposition unity.

His party has avoided the Opposition protests on Adani, which included a joint complaint to the Enforcement Directorate (ED) against the company. The NCP may have its own opinions, but 19 like-minded parties are “convinced that the PM-linked Adani Group issue is real and very serious,” an astonished Congress noted shortly after.

In a statement, Jairam Ramesh, the party’s general secretary in charge of communications, said that all 20 Opposition parties, including the NCP, are united and will work together to save the Constitution and our democracy from the BJP’s assaults, as well as to defeat the BJP’s divisive and destructive political, social, and economic agenda.

Regarding the Hindenburg Report, he told NDTV, “Such assertions were made before by other people as well, and there was an uproar in Parliament for a few days, but this time, proportion significance was given to the subject, indicating the report was merely a target.

Adani Group’s response to the “Adani Hinderberg

The opposition parties request an investigation into these claims by the Joint Parliamentary Commission (JPC) to uncover the “truth”. Even worse, they have protested nationwide and halted the legislative process. The Adani Group referred to the accusations made by Hindenburg Research as malicious and unfounded. The stock exchanges have requested them to provide a number of updates based on news articles published on several charges.

The Securities and Exchange Board of India has asked for data and information from the group, citing these concerns. Pawar, however, asserted in an interview with NDTV that he thought “outsiders and unknown entities with questionable motives” were pursuing the Adani Group. This declaration has shown the cracks in the opposition unity and effectively ends the many demands in response to the Adani conglomerate, especially the desire to create a JPC.

According to Pawar, there is no longer any justification for pressing the “Adani JPC” issue because the Supreme Court has already constituted an impartial committee to investigate it and recommend regulatory remedies.