Adani Row: RBI asks banks for more information?...

Adani Enterprises' decision to withdraw its fully subscribed Follow-on Public Offer (FPO) has only increased attention on the alleged "biggest corporate fraud" perpetrated by billionaire gautam adani and his flagship company. 

A belligerent Opposition demanded on thursday that the matter be investigated by a Joint Parliamentary Committee (JPC) or a committee under the direction of the Chief Justice of india (CJI).

The FPO was cancelled late last night, a day after the offer was fully subscribed and only hours after the annual Union budget presentation.

Here are the latest developments:

(1) According to reports, the bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>reserve bank of india (RBI) has asked banks for information about their exposure to the adani Group. The information requested by the central bank includes information about the collateral used to support loans as well as any potential indirect exposure that banks may have.

2. The two Houses of parliament were repeatedly adjourned as a result of opposition MPs' disruption of the proceedings. Both the rajya sabha and the lok sabha ended up adjourning for the day.

(3.) Earlier, at a joint press conference, opposition parties demanded the creation of a JPC to look into the industrialist's alleged wrongdoings. 

They suggested that, in the absence of a JPC, a team working under the direction of the CJI look into this matter.

(4.) This morning, the billionaire gave shareholders a rare video message in which he detailed the reasons the FPO was withdrawn. 

"Our board strongly believed that moving forward with the FPO wouldn't have been morally right given the market volatility observed yesterday. 

The interests of my investors come first and foremost for me, the 60-year-old added.

(5.) According to sources, Citigroup has followed the Credit Suisse Group in refusing to accept securities from Adani's companies as collateral for margin loans.

(6.) He was the third-richest person in the world and the richest Asian just a week ago; as of february 2, 2023, he is ranked thirteenth on Bloomberg's and sixteenth on Forbes' real-time billionaire index. 

He has already ceded to his countryman mukesh ambani the title of Asia's richest man.

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