New Delhi: Senior Congress leader Jairam Ramesh has requested an investigation into financial irregularities and stock manipulation allegations against the Adani Group by writing to Reserve Bank of India (RBI) Governor Shaktikanta Das and Securities and Exchange Board of India (SEBI) Chairperson Madhabi Puri Buch.
Ramesh wrote to Das on Wednesday, and the tweet was shared on Twitter, asking the RBI to prevent "excessive debt exposure" by the Adani Group from destabilising India's financial system. "The Adani Group has been described as 'deeply over-leveraged' - if the Adani Group has artificially inflated the value of its stock through manipulation by offshore shell companies and raised funds by pledging those overvalued shares, the recent sell off in stock prices is creating vulnerabilities for the Adani Group to find financing, and by implication for India's banking system," the Congress MP wrote on February 14.
Ramesh has requested that the RBI investigate two issues: first, the extent to which the Indian banking system is exposed to the Adani Group, and second, the extent to which the Adani Group has been assured, either explicitly or implicitly, that it will be bailed out by Indian banks in the event that it loses access to overseas funds.—Inputs from Agencies
