सीधे मुख्य सामग्री पर जाएं

Adani episode has created concern amongst project promoters in India

By NS Venkataraman* 

The recent Adani episode , when a US based short seller, ( who claims to be a financial research entity), made various allegations against Adani group and which has caused huge furore in Indian stock market and which was widely publicized by Indian media and caused furious national debate particularly amongst politicians, has created considerable alarm amongst the Indian project promoters.
In spite of the wide allegations by US based short seller against Adani group , discerning thinkers are of the view that Adani group has been sinned against rather than sinning.
The fact is that financial institutions who have extended loan to Adani group and equity holders have no complaint to voice against the group. The group has not defaulted in payment of Interest or repayment of loan as per the terms of agreement. The equity share holders have been benefited over the years , as the share value have been at good level.
Recently, when Adani group announced FPO (Follow on public offer ) to the level of Rs.20,000 crore, it was fully subscribed, which indicate the confidence level of the financing institutions in India and abroad, who have responded to the FPO.
Several of projects implemented by Adani group such as in the field of renewable energy or coal mining or port have been operating at reasonably efficient level. In implementing new projects, Adani group enjoys the reputation of strictly adhering to the schedules, except in the cases where the projects have been deliberately blocked by agitators , having vested interests.
Further, watchdogs in India such as Securities and Exchange Board of India (SEBI ) and Reserve Bank of India ( RBI) have not evinced any concern about the performance of Adani group. Major organisations in India like Life Insurance corporation of India (LIC), State Bank of India (SBI) who have invested in Adani group, have not expressed any concern about Adani group.

Living in glass house and throwing stones

The US based short seller Hindenburg , which has expressed concern about Adani group’s performance and style of operations and alleged irregularities, has no particular reputation to lose. It is reported that there are three criminal charges against this entity and it has been banned from commenting about the companies that are registered in the New York Stock Exchange.
This is the case of those of sitting at the glass house and throwing stones at others. Should not those who make such allegations have adequate credibility? Are the shortseller and critics in the same page?
The various charges levelled against Hindenburg against Adani group have been vehemently denied by Adani group and it’s Chairman has assured the financiers and share holders that the performance of the group is reasonably at acceptable standards and the allegations of the short seller are false.
What causes concern is that several critics in India seem to have more faith in the allegations of US based short seller rather than the pronouncements of watchdogs like SEBI and RBI and other organisations in India who have invested in Adani group. In such circumstances, one wonders whether US based short seller and critics in India have similar attitude towards Adani group.
Critics in India are adding more criticism against Adani group than the US based short seller, by stating that the equity holders and financing companies involved with Adani group face calculated risk, since projects of Adani group have long gestation period and proposed projects such as green hydrogen face uncertainty due to high cost of production and so on.
All over the world , several leading organisations are feverishly now working to optimize green hydrogen process technology and scientists are likely to succeed in their efforts. Several world governments including Government of India have promised to provide adequate support for the green hydrogen projects in several ways.
It is not true that all Adani’s projects have long gestation period, as it’s port operations, mining operations, airport operations are ongoing activities.
Adani group is certainly one of the very few organisations in India who target to become a multinational company, as evident by Adani’s coal mining operations in Australia , recent acquisition of port in Israel and so on. One would think that Indian government and people should encourage Adani group in such bold and forward looking global project activities.
The allegations about financial management of Adani group are again not valid.
There are several options for raising finances for the projects and so long the methods are lawful and legal , there should be no complaint. It is common practice in all global organisations to carry out fund transfer between one group company to other group company, if it would be in the larger interest of the projects of the group.
So long as the fund transfer proposals are approved by the duly constituted board of the companies , it should be considered as appropriate and legitimate.

Fear of the project promoters

The Adani episode has created concern amongst the project promoters in India, as to whether this is a new trend of short sellers and blackmailers spreading false allegations against new projects for any ulterior reason.
When such allegations are considered as breaking news by the media who extensively publicise the allegations without any investigation, such developments can upset several meaningful projects.
With the Government of India fixing the target of 5 trillion US dollar economy in the next few years , large capital investments are required by project promoters and funds have to be raised from the market. As more such large projects are likely to be announced, such blackmailers can cause serious problems and impediments for India.
Government of India should find some way to prevent the short sellers and blackmailers from having a field day with the baseless allegations.
Of course, Indian media should also equip itself with greater technical knowledge to assess the projects in appropriate manner , so that the short sellers and blackmailers cannot misuse the media to spread their false and motivated propaganda.
---
*Trustee, Nandini Voice For The Deprived, Chennai

टिप्पणियाँ

ट्रेंडिंग

हिंदी आलोचना जैसे पिछड़ चुके अनुशासन की जगह हिंदी वैचारिकी का विकास जरूरी

- प्रमोद रंजन*   भारतीय राजनीति में सांप्रदायिक व प्रतिक्रियावादी ताकतों को सत्ता तक पहुंचाने में हिंदी पट्टी का सबसे बड़ा योगदान है। इसका मुख्य कारण हिंदी-पट्टी में कार्यरत समाजवादी व जनपक्षधर हिरावल दस्ते का विचारहीन, अनैतिक और  प्रतिक्रियावादी होते जाना है। अगर हम उपरोक्त बातों को स्वीकार करते हैं, तो कुछ रोचक निष्कर्ष निकलते हैं। हिंदी-जनता और उसके हिरावल दस्ते को विचारहीन और प्रतिक्रियावादी बनने से रोकने की मुख्य ज़िम्मेदारी किसकी थी?

ગુજરાતના સ્થાપના દિવસે યાદ કરીએ ભારતના વિશ્વપ્રસિદ્ધ ગુજરાતી પુરાતત્વવિદ્ ને

- ગૌરાંગ જાની*  આજે કોઈ ગુજરાતી એ કલ્પના પણ ન કરી શકે કે વર્ષ ૧૮૩૯ માં જૂનાગઢમાં જન્મેલા એક ગુજરાતી વિશ્વ પ્રસિદ્ધ બની શકે! પણ આપણે એ ગુજરાતીને કદાચ વિસરી ગયા છીએ જેમણે ગિરનારના અશોક શિલાલેખને દોઢસો વર્ષ પૂર્વે ઉકેલી આપ્યો.આ વિદ્વાન એટલે ભગવાનલાલ ઈન્દ્રજી. ૭ નવેમ્બર, ૧૮૩૯ ના દિવસે જૂનાગઢના પ્રશ્નોરા નાગર બ્રાહ્મણ પરિવારમાં તેમનો જન્મ થયો હતો. જૂનાગઢના એ સમયે અંગ્રેજી શિક્ષણની સગવડ ન હોવાને કારણે તેમને અંગ્રેજી ભાષાનું જ્ઞાન ન હતું પણ પાછળથી તેમણે ખપ પૂરતું અંગ્રેજી જાણી લીધું હતું.

Under Modi, democracy is regressing and economy is also growing slowly

By Avyaan Sharma*   India is "the largest democracy in the world", but now its democracy is regressing and its economy is also growing slowly. What has PM Modi's ten years in power brought us? Unemployment remains high. Joblessness is particularly high among India's youth - with those aged 15 to 29 making up a staggering 83% of all unemployed people in India, according to the "India Employment Report 2024", published last month by the International Labour Organisation (ILO) and the Institute of Human Development (IHD). The BJP-led government did not provide jobs to two crore youth in a year as was promised by Modi in the run up to the 2014 general elections.

नफरती बातें: मुसलमानों में असुरक्षा का भाव बढ़ रहा है, वे अपने मोहल्लों में सिमट रहे हैं

- राम पुनियानी*  भारत पर पिछले 10 सालों से हिन्दू राष्ट्रवादी भारतीय जनता पार्टी (भाजपा) राज कर रही है. भाजपा आरएसएस परिवार की सदस्य है और आरएसएस का लक्ष्य है हिन्दू राष्ट्र का निर्माण. आरएसएस से जुड़ी सैंकड़ों संस्थाएँ हैं. उसके लाखों, बल्कि शायद, करोड़ों स्वयंसेवक हैं. इसके अलावा कई हजार वरिष्ठ कार्यकर्ता हैं जिन्हें प्रचारक कहा जाता है. भाजपा के सत्ता में आने के बाद से आरएसएस दुगनी गति से हिन्दू राष्ट्र के निर्माण के अपने एजेण्डे को पूरा करने में जुट गया है. यदि भाजपा को चुनावों में लगातार सफलता हासिल हो रही है तो उसका कारण है देश में साम्प्रदायिकता और साम्प्रदायिक मुद्दों का बढ़ता बोलबाला. इनमें से कुछ हैं राम मंदिर, गौमांस और गोवध एवं लव जिहाद. 

Laxmanpur Bathe massacre: Perfect example of proto-fascist Brahmanical social order

By Harsh Thakor  The massacre at Laxmanpur-Bathe of Jehanabad in Bihar on the night of 1 December in 1997 was a landmark event with distinguishing features .The genocide rightly shook the conscience of the nation in the 50th year of Indian independence. The scale of the carnage was unparalleled in any caste massacre. It was a perfect manifestation of how in essence the so called neo-liberal state was in essence most autocratic. 

ભારતમાં જિસસ ક્રાઈસ્ટના દર્શન, ખ્રિસ્તી ધર્મના આગમનને કારણે સમાજ વ્યવસ્થામાં પરિવર્તન

- ઉત્તમ પરમાર  મારી કિશોર અવસ્થામાં કેટલાક ચિત્રો અને મૂર્તિઓએ હૃદયમાં એવું સ્થાન જમાવ્યું છે કે આજદિન પર્યંત  ઉત્તરોઉત્તર વિકસતું જ રહ્યું છે. પ્રેમ કરુણાના મૂર્તિમંત અવતાર  જિસસ ક્રાઈસ્ટને વધુસ્તંભે ચઢાવેલી મૂર્તિ  મારી કોઈપણ ધર્મ વિશેની સમજ નહોતી ત્યારથી મારા હૃદયમાં સ્થાપિત થયેલી છે. મારા ઘરની દિવાલ પર વધસ્તંભે ચઢેલા જીસસની પ્રતિમા જોઈને કોઈ મને પૂછી બેસતું કે તું ક્રિશ્ચન છે?

रैंकिंग: अधिकांश भारतीय विश्वविद्यालयों का स्तर बहुत गिरा, इस साल भी यह गिरवाट जारी

- प्रमोद रंजन*  अप्रैल, 2024 में भारतीय विश्वविद्यालयों की अंतर्राष्ट्रीय स्तर पर उच्च रैंकिंग की चर्चा रही। मीडिया ने इसका उत्सव मनाया। लेकिन स्थिति इसके विपरीत है। वैश्विक विश्वविद्यालय रैंकिग में अच्छा स्थान मिलने की खबरें, कुछ संस्थानों को इक्का-दुक्का विषयों में मिले रैंक के आधार पर चुनिंदा ढंग से प्रकाशित की गईं थीं। वास्तविकता यह है कि हाल के वर्षों में हमारे अधिकांश विश्वविद्यालयों का स्तर बहुत गिर गया है। इस साल भी यह गिरवाट जारी रही है।

नोएडा में मैन्युअल स्कैवेंजर्स की मौत: परिवारों को मुआवजा नहीं, प्राधिकरण ने एफआईआर नहीं की

- अरुण खोटे, संजीव कुमार*  गत एक सप्ताह में, उत्तर प्रदेश में सीवर/सेप्टि क टैंक सफाई कर्मियों की सफाई के दौरान सेप्टिक टैंक में मौत। 2 मई, 2024 को, लखनऊ के वज़ीरगजं क्षेत्र में एक सेवर लाइन की सफाई करते समय शोब्रान यादव, 56, और उनके पत्रु सशुील यादव, 28, घटुन से हुई मौत। एक और घटना 3 मई 2024 को नोएडा, सेक्टर 26 में एक घर में सेप्टि क टैंक को सफाई करते समय दो सफाई कर्मचर्मारी नूनी मडंल, 36 और कोकन मडंल जिसे तपन मडंल के नाम से जानते हैं, की मौत हो गई। ये सफाई कर्मचर्मारी बंगाल के मालदा जिले के निवासी थे और नोएडा सेक्टर 9 में रहते थे। कोकन मडंल अपनी पत्नी अनीता मडंल के साथ रहते थे। इनके तीन स्कूल जाने वाले बच्चे हैं जो बंगाल में रहते हैं। नूनी मडंल अपनी पत्नी लिलिका मडंल और अपने पत्रु सजुान के साथ किराए पर झग्गी में रहते थे। वे दैनिक मजदरूी और सफाई कर्मचर्मारी के रूप में काम करते थे।

प्राचीन भारत के लोकायत संप्रदाय ने कुछ परजीवियों की खूब खबर ली: प्रमुख प्रस्थापनायें

- राणा सिंह   भारत में परजीवियों का एक विशाल समूह है जो बोलता है कि “सब कुछ माया है”,  लेकिन व्यवहार में यह समूह सारी जिंदगी इसी “माया” के पीछे पागल रहता है।  प्राचीन भारत के लोकायत संप्रदाय ने इन परजीवियों की खूब खबर ली थी।

बिहार के ऐतिहासिक विक्रमशिला विश्वविद्यालय के खंडहरों की परिक्रमा का रोमांचक अवसर

- सुमन्त शरण  कुछ दिन पहले एक सुदूर ग्रामीण अंचल (पीरपैंती)  से तकरीबन डेढ़-दो घंटे की दूरी पर अवस्थित ऐतिहासिक बौद्ध विक्रमशिला विश्वविद्यालय (के अवशेषों) की परिक्रमा का अवसर मिला। विक्रमशीला विश्वविद्यालय की स्थापना पाल वंश के राजा धर्मपाल ने की थी। 8वीं शताब्दी से 12वीं शताब्दी के अंत तक यह विश्वविद्यालय भारत के प्रमुख शिक्षा केंद्रों में से एक हुआ करता था। कहा जाता है कि यह अपने कुछेक अत्यंत अनूठे नवाचार के चलते उस समय नालंदा विश्वविद्यालय का सबसे बड़ा प्रतिस्पर्धी था। हालांकि, मान्यता यह भी है कि अल्प अवधि के लिए दोनों विश्वविद्यालय के बीच शिक्षण एवं प्रबंधन के क्षेत्रों में घनिष्ठ पारस्परिक संबंध एवं शिक्षकों के आदान-प्रदान का सिलसिला भी रहा था। यह विश्वविद्यालय तंत्रशास्त्र की पढ़ाई के लिए सबसे ज्यादा विख्यात था। इस विषय का एक सबसे विख्यात छात्र अतीसा दीपनकरा था, जो बाद में तिब्बत जाकर बौद्ध हो गया। इसके प्रथम कुलपति ज्ञान अतिस थे।