Congress Demands Urgent JPC Probe into Adani Issue

The Congress reiterated its demand for a Joint Parliamentary Committee to investigate corruption and regulatory lapses concerning the Adani Group. Citing a media report, Congress leader Jairam Ramesh highlighted the swift financial recovery of Diamond Power Infra Ltd under Adani family ties, raising concerns about regulatory loopholes and market integrity.

The Congress on Wednesday reiterated its demand for an urgent Joint Parliamentary Committee probe into the Adani issue, citing the need to uncover the full extent of corruption, monopolisation, and significant gaps in the country's regulatory system.

Jairam Ramesh, Congress general secretary in-charge of communications, referred to a media report highlighting the rapid transformation of Diamond Power Infra Ltd. The power infrastructure firm went from bankruptcy in 2018 to being significantly valued in 2023, largely due to business from the Adani Group. According to Ramesh, the company's remarkable recovery raises questions about regulatory oversight.

Transactions between Diamond Power Infra Ltd, led by Gautam Adani's brother-in-law, and Adani Group aren't classified as related-party deals, thereby bypassing disclosure in annual reports. Ramesh stressed the importance of a JPC in investigating these regulatory gaps and ensuring market transparency and integrity, especially post allegations from Hindenburg Research, which Adani Group denies.

(With inputs from agencies.)