Kerala's Leader of the Opposition, Pinarayi Vijayan, has filed a petition with the Securities and Exchange Board of India (SEBI) demanding an investigation into the proposed sale of a 49% stake in Adani Vizhinjam Port Pvt Ltd (AVPPL) to Mediterranean Shipping Company (MSC).
The move marks a significant escalation in the political and regulatory debate surrounding the transaction, which has already drawn intense scrutiny from state authorities.
Vijayan's petition alleges that the Adani Group failed to disclose the stake sale to the state government and did not obtain the necessary approvals before proceeding with the deal.
The opposition leader argues that the lack of transparency violates statutory requirements and undermines the state's oversight role in a critical infrastructure asset.
This challenge adds a new layer of complexity to the transaction, potentially delaying or complicating the transfer of ownership.
The controversy follows recent actions by the Kerala state government, which referred the proposal to its law department for legal vetting.