By Prabhjot Kaur
From Meteoric rise to mysterious fall, the poster boy of first generation corporate legend Gautam Adani has skinned it. The aftermath of Hindenburg research not only deprived him of the coveted crown of being the third richest person on the earth but also threw him in the ring of fire where his detractors are ready to perform a post-mortem on a live body. The reported pumping of money in his business through alleged ‘shady companies' may not be a new phenomenon in Indian business but his being close to the ‘power that be' has made him the soft target for opposition and competitors. He is facing double enemy – those who compete with him and others who are Modi challengers. His proximity with Prime Minister surely has won him laurels and riches in past 8 years, but now the same closeness is costing him heavily. Modi's political bête noire who finds it difficult to pull him down have got a soft target in Adani who is struggling to clear off the allegations of fraud levelled by the US research firm. The dent in his image is dearer that downslide in the market capitalisation of his companies.
Not the first time
This is not for the first time his way of working has raised eyebrows. His way of working and weak corporate governance in his companies have led stock exchange regulator SEBI to conduct investigation in several of his companies. Several companies belonging to the Adani group are currently under investigation, the government has informed Parliament.
In a written response to Parliament on July 19, 2021, Minister of State for Finance Pankaj Chaudhary told Parliament that several Adani group companies remain under the scanner of market regulator SEBI (Securities and Exchange Board of India) and the government's Directorate of Revenue Intelligence (DRI).
“SEBI is investigating some Adani Group companies with regard to compliance with SEBI Regulations. Further, the Directorate of Revenue Intelligence (DRI) is investigating certain entities belonging to the Adani Group of Companies under laws administered by it,” Chaudhary said.
These investigations so far have not yielded any unfavourable results for Adani. However, the US research firm has created chink in the armour.
The BuckStopper, run by a group of seasoned journalists, holds the powerful accountable. The buck stops with them, as they cannot shrug off their official responsibilities.
