Adani-Pawar meet as opposition presses demand for Hindenburg row JPC: Report

Meeting came after Pawar said that he did not have any objection with a Joint Parliamentary Committee to probe into the Hindenburg-Adani row

Billionaire industrialist Gautam Adani — battling controversy after short seller Hindenburg Research's report alleging financial malpractice and stock manipulation by the Adani Group - met Nationalist Congress Party chief Sharad Pawar at his Mumbai residence Thursday, sources told news agency PTI.

Last week, Pawar had said that he did not favour the formation of a JPC to probe into the issue and that Adani was being targetted over the Hindenburg report. (File)

The two spoke for nearly two hours, the same sources indicated.

The meeting took place after Pawar last week seemed to back down from an earlier statement - that allegations against Adani be probed by a Supreme Court-monitored team - and said he had 'no objection' to the Congress-led opposition's call for inquiries by a joint parliamentary committee.

"I believe a probe should be conducted… but a JPC will be constituted based on the strength of political parties in Parliament. So, if a 21-member JPC is formed… 14-15 will be from BJP as it has over 200 MPs in the Lok Sabha… (only) the remaining six-seven (will be) from the opposition. The question is - how effectively can these six people work in that committee?" Pawar had reasoned.

"Despite that, if all opposition parties want a JPC to be formed… I have no objection to it."

Read Here: After Adani bomb, Hindenburg Research teases 'another big' report

The difference of opinion between Sharad Pawar and the Congress (his ally in Maharashtra) on how best to investigate the charges against Gautam Adani and his conglomerate erupted in April, after the former said a panel appointed by the top court, by the Chief Justice of India, would be more effective at uncovering the truth than one that could be influenced by the ruling Bharatiya Janata Party.

The opposition has repeatedly alleged improper links between the BJP and Adani; those links were, in fact, the subject of a fiery speech - expunged - by now-disqualified Lok Sabha MP Rahul Gandhi.

The Supreme Court last month set up a six-member committee led by a former judge to probe regulatory aspects of stock markets and make necessary recommendations and suggestions.

The Congress was less than impressed by Pawar's statement. The party's Maharashtra leader Prithviraj Chavan called it 'baseless' and Lok Sabha MP Shashi Tharoor, although he acknowledged the comment as 'logical', stressed, “… opposition will be able to ask questions… ask for documents.”

The comments were also not received fourably by his other Maharashtra ally either; Sanjay Raut from ex-chief minister Uddhav Thackeray's faction of the Shiv Sena, made it clear 'it (a parliamentary probe) is the demand of the united opposition and Shiv Sena is part of it…'

Pawar also came under attack after an interview to national broadcaster NDTV in which he referred to the accusations against Adani as 'targeted'. In that same interview he also seemed to defend Adani (and Reliance Industries Limited chairperson Mukesh Ambani) from attacks by the Congress.

Gautam Adani's business group has lost, by some accounts, over $20 billion since the Hindenburg report was released in January; his personal fortune has plummeted by over 60 per cent - he was then the second richest man in the world - after share prices tanked.

The Adani Group has denied all claims by Hindenburg and has stressed its innocence.