{
 "no": 41,
 "id": "case-41",
 "sk": 20230124,
 "year": 2023,
 "date": "24 Jan 2023",
 "cat": "Crony capital (alleged)",
 "sev": "amber",
 "title": "Adani-Hindenburg. And the JPC that was refused",
 "stamp": "Alleged. JPC probe refused.",
 "human": {
  "v": "Retail investors and LIC and SBI stakeholders exposed to the 2023 market rout",
  "est": true
 },
 "cost": {
  "v": "Tens of billions of dollars in market value wiped out in the 2023 sell-off (<b>contested</b> cause)",
  "est": true
 },
 "what": "A short-seller's report accused the Adani Group, a conglomerate widely seen as close to the government, of stock manipulation and accounting fraud, triggering a huge sell-off.",
 "dodge": "With public-sector LIC and SBI exposed, the opposition demanded a Joint Parliamentary Committee to examine the ties between political power and corporate rise. The government refused, leaving the proximity questions to a narrow regulatory process rather than open parliamentary scrutiny.",
 "ministers": [
  {
   "n": "Union Finance Ministry",
   "r": "Oversight of markets and PSU exposure"
  }
 ],
 "pos": "The government denied favouritism; an SC-appointed panel found no conclusive regulatory failure, and SEBI continued its probe.",
 "alleg": "The manipulation and crony-capitalism claims are <em>allegations</em>, denied by the group and not established by courts. The accountability point is the refusal of independent parliamentary scrutiny.",
 "alt": "Grant a JPC or an equivalent independent probe, and ring-fence public financial institutions from politically sensitive exposures.",
 "sources": [
  {
   "label": "The Hindu on Hindenburg claims and Adani denial",
   "url": "https://www.thehindu.com/business/Industry/adani-group-to-explore-legal-options-against-hindenburg-in-india-and-us/article66435173.ece",
   "tier": 2,
   "archiveUrl": "http://web.archive.org/web/20240525021041/https://www.thehindu.com/business/Industry/adani-group-to-explore-legal-options-against-hindenburg-in-india-and-us/article66435173.ece"
  },
  {
   "label": "Supreme Court, Vishal Tiwari v Union of India 2024",
   "url": "https://indiankanoon.org/doc/188573380/",
   "tier": 1
  }
 ],
 "caseUrl": "https://whoisresponsible.xyz/case/case-41/"
}