CPI(M) on Monday demanded a Supreme Court-monitored probe against Adani group in the wake of sensational allegations levelled by a foreign research firm Hindenburg.

“A high-level inquiry is essential on the allegations levelled by Hindenburg Research against the Adani group, monitored on a day-to-day basis by the Supreme Court. The Economy is in dire straits with a massive rise in inequality,” party general secretary Sitaram Yechury.

The CPI(M) central committee in a statement said that the party will coordinate with other secular Opposition parties to raise the issue in the forthcoming Budget Session of Parliament. The Left party said common man’s savings are at stake, as LIC investments in Adani group is above Rs.80,000 crore and Gautam Adani led companies got more than 40 percent of the loans fromSBI and other nationalized banks.

“Till this inquiry is completed and the truth is known the interests of India and our people must be protected. Around Rs. 80,000 crores of LIC are invested in Adani companies and 40 per cent of all loans taken by the group from national banks are through the SBI. Both the LIC and the SBI are institutions where crores of Indians park their life long savings for their future security. 

“Since this report became public Adani groups capitalization in the stock market dropped by over $50 billion. This cannot lead to the ruination of people’s life long savings in these public sector institutions. The CPI(M) will coordinate with other secular opposition parties and raise his issue in the forthcoming budget session of the Parliament,” said the central committee in a statement.