Indian multibillionaire Gautam Adani has denied that his financial achievements were related to Prime Minister Narendra Modi. AFP
Indian multibillionaire Gautam Adani has denied that his financial achievements were related to Prime Minister Narendra Modi. AFP
Indian multibillionaire Gautam Adani has denied that his financial achievements were related to Prime Minister Narendra Modi. AFP
Indian multibillionaire Gautam Adani has denied that his financial achievements were related to Prime Minister Narendra Modi. AFP

Indian parliament adjourns for second day over Gautam Adani scandal


Taniya Dutta
  • English
  • Arabic

Indian parliamentary proceedings have been adjourned until next week after opposition parties stepped up pressure on Prime Minister Narendra Modi’s government for a parliamentary investigation into the stock market rout in billionaire Gautam Adani’s companies.

Members from political parties led by Indian National Congress, the main opposition party, have been demanding a debate on alleged financial fraud by Mr Adani following a report by US short-seller Hindenburg Research.

As soon as the session opened on the second day of the Budget session, Congress and DMK members stormed to the well — the area where the speaker sits.

They called for a joint parliamentary investigation into allegations of purported corporate malpractice, “brazen” market manipulation and accounting fraud in Mr Adani's port-to-energy business empire.

Opposition members had demanded a discussion on the alleged fraud on Thursday as well, but the speakers of both houses rejected the request and adjourned parliament.

Earlier on Friday, 16 political parties met Congress chief Mallikarjun Kharge to devise a joint strategy.

Congress has also planned nationwide protests on Monday to highlight alleged fraud that could affect millions of small investors in the country.

Fears for small investors

The Adani Group has received billions of dollars in investment from public-sector banks such as the State Bank of India and the country’s largest insurance company, Life Insurance Corporation of India, triggering fears that the slump in its shares over the past week will affect millions of small Indian investors.

But India’s Finance Minister Nirmala Sitharaman told a news channel on Friday that despite the free-fall in Adani Group's stock, public sector institutions were sitting on profits and that the country had a robust financial regulatory system.

“They [the SBI and LIC] have very clearly said that their exposure is very well within the permitted limits and that they are even now with the valuation falling as well, are still sitting over profits,” she said, in an interview with News18.

Opposition leaders have accused Mr Modi’s government of “forcing” the LIC and State Bank of India to invest in Adani companies.

“All the opposition parties unitedly want to discuss this extremely important issue as it affects the citizens of this country,” Congress parliamentarian Shashi Tharoor said.

“Our government doesn't see the merit of it. So they are stalling. As a result, now we have lost two days.”

Mr Modi has long been accused of being close to Mr Adani and critics have claimed that he has supported the conglomerate's mercurial rise over the past few years.

Mr Adani, who did not finish formal education, on Friday denied that his achievements were related to Mr Modi, saying his “professional success is not because of any individual leader”.

“These allegations are baseless,” the tycoon told India Today, adding that their shared origins made him an “easy target” for such claims.

Both Mr Modi and Mr Adani are from western Gujarat state.

Meanwhile, Mr Adani, who was the third richest person in the world before the Hindenburg report was released, tumbled out of the world’s top 20 richest people list on Friday after shedding another $10.7 billion of his net worth, as the market value of his Group companies has halved in a rout that started last week, according to the Bloomberg Billionaires Index.

The%20Roundup
%3Cp%3EDirector%3A%20Lee%20Sang-yong%3Cbr%3EStars%3A%20Ma%20Dong-seok%2C%20Sukku%20Son%2C%20Choi%20Gwi-hwa%3Cbr%3ERating%3A%204%2F5%3C%2Fp%3E%0A
The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

The specs

Engine: 1.5-litre 4-cyl turbo

Power: 194hp at 5,600rpm

Torque: 275Nm from 2,000-4,000rpm

Transmission: 6-speed auto

Price: from Dh155,000

On sale: now

Museum of the Future in numbers
  •  78 metres is the height of the museum
  •  30,000 square metres is its total area
  •  17,000 square metres is the length of the stainless steel facade
  •  14 kilometres is the length of LED lights used on the facade
  •  1,024 individual pieces make up the exterior 
  •  7 floors in all, with one for administrative offices
  •  2,400 diagonally intersecting steel members frame the torus shape
  •  100 species of trees and plants dot the gardens
  •  Dh145 is the price of a ticket
The Perfect Couple

Starring: Nicole Kidman, Liev Schreiber, Jack Reynor

Creator: Jenna Lamia

Rating: 3/5

How to report a beggar

Abu Dhabi – Call 999 or 8002626 (Aman Service)

Dubai – Call 800243

Sharjah – Call 065632222

Ras Al Khaimah - Call 072053372

Ajman – Call 067401616

Umm Al Quwain – Call 999

Fujairah - Call 092051100 or 092224411

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Switch%20Foods%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202022%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Edward%20Hamod%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Abu%20Dhabi%2C%20UAE%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Plant-based%20meat%20production%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%2034%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%246.5%20million%3Cbr%3E%3Cstrong%3EFunding%20round%3A%3C%2Fstrong%3E%20Seed%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Based%20in%20US%20and%20across%20Middle%20East%3C%2Fp%3E%0A
The specs: 2019 BMW X4

Price, base / as tested: Dh276,675 / Dh346,800

Engine: 3.0-litre turbocharged in-line six-cylinder

Transmission: Eight-speed automatic

Power: 354hp @ 5,500rpm

Torque: 500Nm @ 1,550rpm

Fuel economy, combined: 9.0L / 100km

It Was Just an Accident

Director: Jafar Panahi

Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr

Rating: 4/5

Tree of Hell

Starring: Raed Zeno, Hadi Awada, Dr Mohammad Abdalla

Director: Raed Zeno

Rating: 4/5

Tips for SMEs to cope
  • Adapt your business model. Make changes that are future-proof to the new normal
  • Make sure you have an online presence
  • Open communication with suppliers, especially if they are international. Look for local suppliers to avoid delivery delays
  • Open communication with customers to see how they are coping and be flexible about extending terms, etc
    Courtesy: Craig Moore, founder and CEO of Beehive, which provides term finance and working capital finance to SMEs. Only SMEs that have been trading for two years are eligible for funding from Beehive.
The specs: 2019 Mercedes-Benz C200 Coupe


Price, base: Dh201,153
Engine: 2.0-litre turbocharged four-cylinder
Transmission: Nine-speed automatic
Power: 204hp @ 5,800rpm
Torque: 300Nm @ 1,600rpm
Fuel economy, combined: 6.7L / 100km

Hili 2: Unesco World Heritage site

The site is part of the Hili archaeological park in Al Ain. Excavations there have proved the existence of the earliest known agricultural communities in modern-day UAE. Some date to the Bronze Age but Hili 2 is an Iron Age site. The Iron Age witnessed the development of the falaj, a network of channels that funnelled water from natural springs in the area. Wells allowed settlements to be established, but falaj meant they could grow and thrive. Unesco, the UN's cultural body, awarded Al Ain's sites - including Hili 2 - world heritage status in 2011. Now the most recent dig at the site has revealed even more about the skilled people that lived and worked there.

La Mer lowdown

La Mer beach is open from 10am until midnight, daily, and is located in Jumeirah 1, well after Kite Beach. Some restaurants, like Cupagahwa, are open from 8am for breakfast; most others start at noon. At the time of writing, we noticed that signs for Vicolo, an Italian eatery, and Kaftan, a Turkish restaurant, indicated that these two restaurants will be open soon, most likely this month. Parking is available, as well as a Dh100 all-day valet option or a Dh50 valet service if you’re just stopping by for a few hours.
 

Match info

Australia 580
Pakistan 240 and 335

Result: Australia win by an innings and five runs

Seven tips from Emirates NBD

1. Never respond to e-mails, calls or messages asking for account, card or internet banking details

2. Never store a card PIN (personal identification number) in your mobile or in your wallet

3. Ensure online shopping websites are secure and verified before providing card details

4. Change passwords periodically as a precautionary measure

5. Never share authentication data such as passwords, card PINs and OTPs  (one-time passwords) with third parties

6. Track bank notifications regarding transaction discrepancies

7. Report lost or stolen debit and credit cards immediately

Turkish Ladies

Various artists, Sony Music Turkey 

Updated: February 03, 2023, 12:42 PM