Recent media reports have alleged that certain foreign investors in Adani companies are ultimately linked back to the Adani family. The inference is that there have been breaches of a rule stipulating that publicly-listed companies must have at least 25% of their shares held by people or parties independent of the promoters of the company concerned (in this case, the Adani family).
Here, veteran Indian journalist, Paranjoy Guha Thakurta, interviews a prominent opposition member of Parliament, Jawhar Sircar (of the All India Trinamool Congress), about these allegations.
The interview also reflects on the role of India’s stock-market regulator, SEBI, and its relationship with the Indian government. Mr Sircar describes the Indian situation as having a ‘Russian-type oligarchical cosiness’ in a ‘republic of fear’.
The interviewer, Paranjoy, is the subject of numerous lawsuits by the Adani Group. Yesterday (3 October 2023), his home was raided by Delhi police. AdaniWatch is monitoring the situation closely.