Adani crisis: Oppn seeks probe into LIC, banks exposure ‘endangering savings’ | The Business Standard
Skip to main content
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Get the Paper
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
The Business Standard

Sunday
July 20, 2025

Sign In
Subscribe
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Get the Paper
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
SUNDAY, JULY 20, 2025
Adani crisis: Oppn seeks probe into LIC, banks exposure ‘endangering savings’

Global Economy

Hindustan Times
02 February, 2023, 12:45 pm
Last modified: 02 February, 2023, 01:21 pm

Related News

  • India's Adani denies sanctions evasion or Iran LPG trade after WSJ reports US probe
  • India threatens two offshore funds holding Adani shares with penalties, document shows
  • Adani reps meet Trump officials in push to end US bribery cases: Bloomberg
  • Indian parliament's Lower House passes controversial bill that would change Muslim endowments
  • India's Adani Group revives US investment plans: FT

Adani crisis: Oppn seeks probe into LIC, banks exposure ‘endangering savings’

Hindustan Times
02 February, 2023, 12:45 pm
Last modified: 02 February, 2023, 01:21 pm
MPs of like-minded opposition parties in a meeting at Leader of Opposition Mallikarjun Kharge's chamber in Parliament House during Budget Session, in New Delhi, Thursday, Feb. 2, 2023. Photo: Collected
MPs of like-minded opposition parties in a meeting at Leader of Opposition Mallikarjun Kharge's chamber in Parliament House during Budget Session, in New Delhi, Thursday, Feb. 2, 2023. Photo: Collected

Both Houses of the Indian Parliament were adjourned till 2pm on Thursday amid disruptions over the Opposition's demand for debate on public sector investments in "companies losing market value", an apparent reference to beleaguered Adani Group. Congress president and leader of Opposition in Rajya Sabha Mallikarjun Kharge had sent a formal letter to the chairman of upper house asking for suspension of regular business to "discuss the issue of investment by LIC, public sector banks and financial institutions in companies losing market value endangering the hard-earned savings of crores of Indians."

Kharge said the Congress and other opposition parties want a Joint Parliamentary Committee or Supreme Court-monitored probe into the investments by public sector companies amid the ongoing market crisis triggered by the Adani stock rout.

Adani calls off share sale: What is an FPO? How is it different from IPO?

"Either a Joint Parliamentary Committee or a team under the supervision of the CJI of Supreme Court should investigate this," Kharge told reporters.

The Business Standard Google News Keep updated, follow The Business Standard's Google news channel

Jairam Ramesh, Congress general secretary in charge of communications, tweeted, "Both Houses of Parliament adjourned today till 2pm because Govt did not agree to combined Opposition demand for an investigation into forced investments by LIC, SBI & other public institutions that have lost huge value in recent days endangering savings of crores of Indians."

Meanwhile, Adani, in a rare address to shareholders, said his flagship firm withdrew its $2.5 billion share sale to insulate investors from potential losses. He said the board felt it would not be "morally correct" to proceed with the follow-on public offering (FPO).

"After a fully subscribed FPO, yesterday's decision of its withdrawal would have surprised many. But considering the volatility of the market seen yesterday, our board strongly felt that it wouldn't have been morally correct to proceed with FPO," Adani said.

"For me, the interest of my investors is paramount and everything is secondary. Hence to insulate investors from potential losses we have withdrawn FPO," he added, insisting that the decision will not have an impact on the group's existing operations and future plans.

 

Top News / World+Biz / South Asia

Adani Group / Indian Parliament

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Tarique Rahman. Sketch: TBS
    Tarique urges all to stay alert against election sabotage plot
  • Tottho Apas have been protesting in front of the National Press Club in Dhaka for months, with no headway in sight. Photo: Mehedi Hasan
    From empowerment to exclusion: The crisis facing Bangladesh’s Tottho Apas
  • Economist Dr Debapriya Bhattacharya. File photo: UNB
    Autocracy removed, yet hesitation to speak freely remains: Debapriya

MOST VIEWED

  • Representational Photo: Collected
    Railway allocates special trains for Jamaat's national rally in Dhaka
  • Chief Adviser Muhammad Yunus and SpaceX Vice President Lauren Dreyer after a meeting at state guest house Jamuna on 18 July 2025. Photo: Focus Bangla
    SpaceX VP Lauren Dreyer praises Bangladesh's efficiency in facilitating Starlink launch
  • Dollar rate falling fast – what it means for the economy
    Dollar rate falling fast – what it means for the economy
  • Governments often rely on foreign loans. Russia’s loans covered 90% of the Rooppur Nuclear Power plant project's cost. Photo: Collected
    Loan tenure for Rooppur plant extended 
  • Representational image. Photo: Unsplash
    Mobile operators give 1GB free data to users observing 'Free Internet Day' today
  • Smuggled goods seized at Sylhet border on 18 July 2025. Photo: TBS
    BGB seizes smuggled Indian goods worth Tk6cr from Sylhet border areas

Related News

  • India's Adani denies sanctions evasion or Iran LPG trade after WSJ reports US probe
  • India threatens two offshore funds holding Adani shares with penalties, document shows
  • Adani reps meet Trump officials in push to end US bribery cases: Bloomberg
  • Indian parliament's Lower House passes controversial bill that would change Muslim endowments
  • India's Adani Group revives US investment plans: FT

Features

Tottho Apas have been protesting in front of the National Press Club in Dhaka for months, with no headway in sight. Photo: Mehedi Hasan

From empowerment to exclusion: The crisis facing Bangladesh’s Tottho Apas

5h | Panorama
The main points of clashes were in Jatrabari, Uttara, Badda, and Mirpur. Violence was also reported in Mohammadpur. Photo: TBS

20 July 2024: At least 37 killed amid curfew; Key coordinator Nahid Islam detained

5h | Panorama
Jatrabari in the capital looks like a warzone as police, alongside Chhatra League men, swoop on quota reform protesters. Photo: Mehedi Hasan

19 July 2024: At least 148 killed as government attempts to quash protests violently

1d | Panorama
Illustration: TBS

Curfews, block raids, and internet blackouts: Hasina’s last ditch efforts to cling to power

1d | Panorama

More Videos from TBS

After Gopalganj, the reason why NCP is facing obstacles in Cox's Bazar?

After Gopalganj, the reason why NCP is facing obstacles in Cox's Bazar?

6h | TBS Today
What does Jamaat Nayeb Ameer Abdullah Taher say about reforms?

What does Jamaat Nayeb Ameer Abdullah Taher say about reforms?

7h | TBS Today
The tendency of central banks to buy gold is increasing worldwide.

The tendency of central banks to buy gold is increasing worldwide.

7h | Others
Sarjisra’s Message at Jamaat’s Suhrawardy Udyan’s assembly

Sarjisra’s Message at Jamaat’s Suhrawardy Udyan’s assembly

7h | TBS Today
EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Advertisement
  • Privacy Policy
  • Comment Policy
Copyright © 2025
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net