Baseless wealth.

"Shares of several Adani Group listed companies have bounced back strongly on the stock market, a day after the Adani-owned conglomerate prepaid loans worth $1.1 billion to release pledged shares of group companies." "After getting hammered for eight trading sessions following the release of a negative report by Hindenburg Research, Adani Group stocks...staged a smart recovery with Adani Enterprises hitting its 20% upper circuit limit." ET. "Adani Group is considering independent evaluation of issues relating to legal compliance, related party transactions and internal controls following a US short-seller's critical report on its businesses. disclosures showed." ET. In an interview with CNBC-TV18, "JN Gupta, former ED of SEBI (Securities and Exchange Board of India), stated that there is nothing new in the Hindenburg report." What does it mean? Does it mean that whatever Adani is doing has the blessing of regulators because, 1. everything is completely legal and ethical, or 2. the regulators are turning a blind eye to what he is doing because of his connections? Adani is from Gujarat and has said that allegations of his friendship with Prime Minister Narendra Modi is "baseless". HT. Opposition members of the Lok Sabha have been raising slogans of "Adani Sarkar" (government of Adani) and want an investigation by a Joint Parliamentary Committee. The Wire. "As per Gupta, there is no debt pressure in most Adani Group companies and he expressed confidence in the fact that the Indian market regulator having a sound risk management system in place." However, BJP member Subramanian Swamy tweeted on 15 January 2021, "Trapeze Artist Adani now owes Rs 4.5 lakh crores (Rs 4.5 trillion) as NPA (non-performing assets) to banks." "Yet his wealth is doubling every two years since 2016." In an interview with Bloomberg Quint, lawyer Cyrus Shroff said,"Today, our policy-making is increasing the cost of compliance and reducing the cost or not doing much to the cost of non-compliance." "There is an implicit distrust in a lot of legislation that is almost like sab chor hain (everyone is a thief). You cannot take the country from now till 2047 (100th anniversary of Independence) on the assumption of sab chor hain. You have to have a higher level of trust in your citizens." If the government brands everyone a thief, the people will follow. "A disturbing arbitrariness has crept into policymaking, institutions have decayed and the economy's structural deficiencies have worsened," wrote Andy Mukherjee. "Zombie business groups are perched atop the debris of debt-fueled expansion, waiting for politicians to signal what role they have, if any." Mr Modi is the most popular leader in the world, with a popularity of 78%. ET. Everyone is a thief. But Adani stocks are rising. Because he is perceived to be safe.