On Adani case, Finance Minister said- FPOs have been withdrawn earlier also, country’s image, situation not affected

Union Finance Minister Nirmala Sitharaman reacts to the Adani crisis while talking to media persons after her post-Budget interaction with stakeholders on Saturday. Adani Enterprises Ltd on Wednesday evening abruptly decided to withdraw its ₹20,000 crore FPO. He said the withdrawal of the FPO (Follow-on Public Offer) of Adani Enterprises had no impact on the country’s macroeconomic fundamentals and reputation. On FPO withdrawal Union Finance Minister Nirmala Sitharaman said that how many times FPOs have not been withdrawn from this country and how many times India’s image has been tarnished due to this and how many times FPOs have not come back?

On the issue of Adani controversy and corporate governance, Union Finance Minister N Sitharaman said that therefore the regulators will do their job. Indeed, in order to keep the market well regulated in dominant position, SEBI is the authority and it has the means to maintain that dominant position. It will be the regulators who will do their job. Before RBI made a statement, banks, LIC came out and told about their exposure (to Adani group). Regulators independent of the government, left to themselves to do what is appropriate so that the market is well regulated.