Billionaire industrialist Gautam Adani met Nationalist Congress Party chief Sharad Pawar at his Mumbai residence Thursday, according to sources. Adani is embroiled in a controversy following a report by short-seller Hindenburg Research alleging financial malpractice and stock manipulation by the Adani Group.
According to the same sources, the two spoke for nearly two hours.
The meeting came after Pawar appeared to back down from an earlier statement – that allegations against Adani be investigated by a Supreme Court-monitored team – and said he had ‘no objection’ to the Congress-led opposition’s call for joint parliamentary committee investigations.
“I believe an investigation should be conducted… However, a JPC will be formed based on the number of political parties represented in Parliament. So, if a JPC of 21 people is formed… 14-15 will be from the BJP, which has over 200 Lok Sabha MPs… the remaining six seven will be from the opposition. The question is, how well can these six people work together in that committee?” Pawar had argued.
“However, if all opposition parties want a JPC to be formed… I have no objections.”
The disagreement between Sharad Pawar and the Congress (his ally in Maharashtra) over how to best investigate the charges against Gautam Adani and his conglomerate erupted in April when the former stated that a panel appointed by the Supreme Court, by the Chief Justice of India, would be more effective at uncovering the truth than one influenced by the ruling Bharatiya Janata Party.
The opposition has repeatedly accused the BJP of improper ties to Adani; those ties were, in fact, the subject of a fiery speech – now deleted – by now-disqualified Lok Sabha MP Rahul Gandhi.
Last month, the Supreme Court established a six-member committee led by a former judge to investigate regulatory aspects of stock markets and make necessary recommendations and suggestions.
Pawar’s statement did not impress Congress. The party’s Maharashtra leader, Prithviraj Chavan, called it “baseless,” and Lok Sabha MP Shashi Tharoor, while acknowledging the comment was “logical,” emphasized that “…opposition will be able to ask questions… ask for documents.”
Sanjay Raut, a member of the Shiv Sena’s faction led by former chief minister Uddhav Thackeray, stated categorically that “it (a parliamentary probe) is the demand of the united opposition and Shiv Sena is part of it.” His other Maharashtra ally did not take the remarks well either.
Pawar was also chastised following an interview with national broadcaster NDTV in which he called the allegations against Adani “targeted.” In the same interview, he appeared to defend Adani (and Reliance Industries Limited chairman Mukesh Ambani) from Congress criticism.
According to some accounts, Gautam Adani’s business group has lost over $20 billion since the Hindenburg report was released in January; his fortune has plummeted by more than 60% – he was the world’s second richest man at the time – after share prices tanked.
The Adani Group has denied all of Hindenburg’s allegations and has emphasized its innocence.
