'Forced By PM To…': Oppn Demands Probe, Says Only Way To Save LIC, SBI

Opposition parties agreed to jointly raise the issue of public sector institutions investing "in companies losing market value". LoP Mallikarjun Kharge gave a suspension of Business Notice for the same.

File photo of Congress MP Jairam Ramesh

Source : PTI

New Delhi: Congress MP Jairam Ramesh on Friday said that Floor leaders of Opposition parties will be meeting in the chamber of Leader of Opposition Mallikarjun Kharge in Parliament to coordinate strategy over their demand for a probe into investments by Life Insurance Corporation of India (LIC) and other public sector institutions "in companies losing market value".

"Floor leaders of Opposition parties will be meeting in the chamber of LoP Mallikarjun Kharge in Parliament to coordinate strategy. Only an independent investigation will. save LIC, SBI & other institutions forced by PM to invest in Adani Group," Congress MP Jairam Ramesh tweeted.

Floor leaders of Opposition parties will be meeting at 10am in chamber of LoP @kharge-ji in Parliament House to coordinate strategy. The demand remains the same. Only an independent investigation will save LIC, SBI and other institutions FORCED by PM to invest in the Adani Group.

— Jairam Ramesh (@Jairam_Ramesh) February 3, 2023

Rajya Sabha Leader of Opposition Mallikarjun Kharge on Friday gave suspension of Business Notice under rule 267 to discuss the issue of investment by LIC, Public Sector Banks, and financial institutions in companies losing market value, news agency ANI reported.

"We wanted a discussion on that. Our notices get rejected. When we raise important issues, no time is given for discussion on them. Money of poor people is there in LIC, SBI and other national banks and it is being given to selected companies," he said on Thursday.

Opposition Discussions On "Forcible" Investments By Public Sector Institutions

Opposition parties on Thursday agreed to jointly raise the issue but were yet to agree on the mode of inquiry.

At a meeting of like-minded political parties convened by Congress President Mallikarjun Kharge, there was a general agreement on raising the issue vigorously in both Houses to force the government to take up the discussion on the Motion of Thanks on the President's Address from Monday.

According to news agency PTI, a section of the opposition leaders were of the view that the attack on the government should be targeted on "forcible" investments by public sector institutions in corporate entities having questionable business practices that have led to massive losses.

These leaders were also of the view a reference to the Hindenburg Research should be avoided as it would amount to taking the issue out of the context of India.

While Kharge made the demand for a Joint Parliamentary Committee (JPC) investigation or a Supreme Court-monitored probe, a section of the leaders also favoured an inquiry by the Securities and Exchange Board of India (SEBI).

"Different parties will express their views on the floor of both Houses about what the mode of inquiry should be conducted to expose and unravel this scam," said Derek O'Brien, the TMC's Parliamentary party leader in Rajya Sabha, as quoted by PTI.

As per the agency, all leaders of the like-minded opposition parties were unanimous that the issue of the tanking of stocks of Adani Group firms should be raised in Parliament during the discussions on the Motion of Thanks on the President's Address and the Union Budget.

"The parties are of the view that this scam of monumental proportions should be discussed on the floor of the House," PTI quoted an opposition leader s saying.

"Opposition leaders are being continuously harassed for no reason by the ED (Enforcement Directorate) and the CBI (Central Bureau of Investigation). The government must take action against the perpetrators of this monumental scam and ensure that they do not flee the country. The hard-earned money of millions of Indians is in peril," said O'Brien.

The opposition parties are also likely to meet near the Gandhi statue in Parliament on Friday and raise the Adani issue, PTI reported.