Union Home Minister Amit Shah on Tuesday said that the Bharatiya Janata Party (BJP) has nothing to "hide or be afraid of" while reacting to the allegations of 'favouritism' towards the Adani group. The statement comes amid the massive showdown in Parliament this week when Congress leader Rahul Gandhi and party chief Mallikarjun Kharge accused Prime Minister Narendra Modi and his government of giving favours to the Adani group.

While Gandhi had said industrialist Gautam Adani's close association with PM Modi resulted in the former's rapid rise in wealth, Kharge accused the PM of "feeding" a few businessmen.

Moreover, in recent weeks, the Adani group has been said to be the beneficiary of the three controversial farm reform laws. The group has denied all allegations of favouritism.

A slew of allegations against the Adani group by US-based Hindenburg Research triggered the Opposition's attack on PM Modi and the BJP-led government.

In a report released last month, Hindenburg Research alleged that the Adani Group had "engaged in a brazen stock manipulation and accounting fraud scheme over decades". The disclosure sparked a USD 51-billion sell-off in shares of the group companies over two trading sessions.

The Adani group rubbished the charges and termed the report a "malicious combination of selective misinformation and stale, baseless and discredited allegations". It said the allegations made by the short seller are a "calculated attack" on India, its institutions and its growth story, adding that the accusations are "nothing but a lie".

Following this, the Opposition said the recent meltdown in Adani Group shares is a "scam" that involves common people's money as public sector State Bank of India (SBI) branches and Life Insurance Corporation (LIC) have invested in them.

However, Finance Minister Nirmala Sithraman said SBI and LIC told her their exposure to the conglomerate is well within permissible limits.

India's market regulator, the Securities and Exchange Board of India (Sebi), is also investigating Adani Group's links to some of the investors in the conglomerate's aborted $2.5 billion share sale, two sources aware of the information told Reuters.

A case in this regard is also pending before the Supreme Court. The pleas filed before the court demands a committee- or a court-monitored probe into the Hindenburg Research report against Adani Group.

Meanwhile, when questioned about the allegation of the government "controlling" the central agencies, Shah dared the Opposition to fight it in the court. "Why don’t they go to court? When Pegasus issue was raised, I had said go with a proof to a court, but they didn't. They only know how to create noise. Court toh humaare kabze mein nahin hai (the court isn't in our control)," Shah said.

First Published:Feb 14, 2023 11:32 AM IST