The Finance Ministry on Monday informed Parliament that 5 state-run basic insurance coverage corporations have a complete publicity of Rs 347.64 crore, or 0.14 per cent of their complete property beneath administration (AUM), in Adani Group of corporations, PTI reported.
Minister of State for Finance Bhagwat Karad revealed the information whereas repling to a query on particulars of cash lent by banks and monetary establishments to the Adani Group, whose shares have taken a beating since US short-seller Hindenburg Analysis accused it of inventory manipulation and accounting fraud.
The Adani Group has denied any wrongdoing and has threatened to sue Hindenburg.
Within the Lok Sabha, Karad mentioned the RBI Act prohibits disclosure of credit score info submitted by a financial institution. On the publicity by insurance coverage corporations, the minister mentioned the Life Insurance coverage Company of India’s complete holding beneath fairness and debt was Rs 35,917.31 crore as on December 31, 2022, in Adani Group of corporations, PTI reported.
The publicity within the Adani group is 0.975 per cent of LIC’s complete AUM at e book worth of Rs 41.66 lakh crore.
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“As per knowledge acquired from Public Sector Basic Insurance coverage corporations, specifically New India Assurance Firm Ltd, United India Insurance coverage Firm Ltd, Nationwide Insurance coverage Firm Ltd, Oriental Insurance coverage Firm Ltd, and Basic Insurance coverage Company of India, complete publicity in Adani Group of Firms as on January 31, 2023 is Rs 347.64 crore which is 0.14 p.c of the overall AUM of all of the 5 corporations,” Karad additional mentioned.
The minister mentioned different monetary establishments like — Exim Financial institution, Small Industries Growth Financial institution of India, Nationwide Housing Financial institution, Nationwide Financial institution for Financing Infrastructure, Nationwide Financial institution for Agriculture and Rural Growth — had been sure by provisions of the involved Acts, and are prohibited from divulging any info regarding their constituents.
Shares of the Adani group corporations have misplaced billions of {dollars} in market worth after the report by Hindenburg Analysis.
