Adani-MSC Vizhinjam port stake transfer: Pinarayi Vijayan says Opposition to challenge legally and politically
Kerala’s Opposition Leader Pinarayi Vijayan has said the Opposition LDF would oppose the proposed transfer of stake in the Vizhinjam port project through both legal
Kerala’s Opposition Leader Pinarayi Vijayan has said the Opposition LDF would oppose the proposed transfer of stake in the Vizhinjam port project through both legal and political means, alleging that the State government had failed to protect Kerala’s interests. Addressing a press conference at Pinarayi in Kannur on Saturday, Mr. Vijayan urged the State government to “stop acting as a spokesperson” for the Adani Group and instead take immediate steps to safeguard the State’s interests.
He alleged that developments surrounding the proposed 49% stake transfer to Switzerland-based MSC Group suggested that the process had been pre-planned and structured as a business arrangement. “The State government has failed to exercise the vigilance required in such a matter,” he said. Vijayan said the State government had the right to examine the necessity and legality of any stake transfer, but alleged that the Adani Group was proceeding in violation of these provisions.
He further claimed that the application submitted by the Adani Group to the Securities and Exchange Board of India (SEBI) did not comply with the prescribed norms. “The question now is whether the government will go out of its way to protect the Adani Group,” he said. Noting that the Chief Minister, V.D. Satheesan, handles all departments connected with the issue, Mr. Vijayan said the matter required scrutiny at multiple levels. He also alleged that actions “which should not be taking place” were being allowed in the State and that the government was failing to discharge its legal responsibilities.
Referring to the concession agreement, he said it clearly stipulated that prior approval of the State government was mandatory for such a stake transfer. “How did the Adani Group gain the confidence to proceed despite such a contractual provision?” Mr. Vijayan asked.
The BriefWire