Page 26 - Adani Group

US agency conducting due diligence on Adani's Sri Lanka project: Report

Last November, the agency said it would provide $553 million in financing for the port terminal project in Colombo, the capital of Sri Lanka. The project is partly owned by India's Adani Group

Adani notice to go via 'proper channel'; US SEC has no jurisdiction: Report

US SEC will have to serve the summons on Adani Group Founder and Chairman Gautam Adani and his nephew Sagar in the alleged USD 265 million (Rs 2,200 crore) payoffs through proper diplomatic channels as it has no jurisdiction to summon a foreign national directly, according to sources. US Securities and Exchange Commission (SEC) wants Adanis to explain their stand on allegations of paying bribes to secure lucrative solar power contracts but that request will have to follow the established protocol of routing it through the Indian Embassy in the US and following other diplomatic formalities, two sources aware of the matter said. The US SEC has no jurisdiction over foreign nationals and cannot send anything by post to them. The 1965 Hague Convention and the Mutual Legal Assistance Treaty between India and the US governs such matters. These clearly lay out the established procedure to be followed in such requests. The summons, which are part of the legal docket that SEC filed before a

US SEC summons Gautam Adani, nephew Sagar in alleged bribery case

Adani group founder and chairman Gautam Adani and his nephew Sagar have been summoned to explain their stand on the US Securities and Exchange Commission (SEC) allegation of paying USD 265 million (Rs 2,200 crore) in bribes to secure lucrative solar power contracts. Summons have been sent to Adani's Shantivan Farm residence in Ahmedabad and his nephew Sagar's Bodakdev residence in the same city for a reply to SEC within 21 days. "Within 21 days after service of this summons on you (not counting the day you received it)...you must serve on the plaintiff (SEC) an answer to the attached complaint or a motion under Rule 12 of the Federal Rules of Civil Procedure," said a November 21 notice sent through the New York Eastern District Court. "If you fail to respond, judgment by default will be entered against you for the relief demanded in the complaint. You also must file your answer or motion with the court," it added. Gautam Adani, 62, and seven other defendants, including his nephew .

Adani Group to respond to US bribery allegations after legal review

Adani Group has denied any wrongdoing and said it would seek all possible legal recourse to defend itself

'No indictments against our 11 public companies': Adani CFO on US report

Adani Group CFO Jugeshinder Singh dismissed the allegations as 'baseless,' assuring stakeholders of no direct involvement by any Adani entity in unlawful acts

Centre must arrest Adani to save India's reputation, says DK Shivakumar

There is no point in protecting Adani, government has to protect the people of the country who have invested thousands of crores in Adani's companies, he urged

Green energy stocks fail to benefit from selloff in Adani Green Energy

The stocks command a market capitalisation between Rs 5 560 crore and Rs 89,058 crore

Adani group: State Bank of India has Rs 33,800 cr exposure, shows data

Meanwhile, among private banks, who only 4 per cent share in Adani group's debt, Yes Bank, ICICI Bank, IDBI Bank, and IndusInd Bank, and others have substantial exposure to the group

Adani US Indictment: Banks' risk management units begin stock-taking

May escalate matter for board-level discussion

Most Adani shares rebound as six of 10 group companies post gains

Post Hindenburgh's allegation, the group's market capitalisation declined to Rs 6.8 trillion on February 27, 2023. But it recovered later

Adani group row may test resilience of project exports from India

The government has been pushing to promote project exports and sees it as a next big opportunity

Adanis knew of US probe when they sold assets to TotalEnergies: Prosecutors

TotalEnergies bought a 20% stake in Adani Green Energy in January 2021 - after the Indian company won what was then the world's largest solar order

Global lenders may freeze fresh credit to Adani firms, await govt reaction

The banker said most of the group firms have stable cash flows and are not in "desperate need" to raise capital

S&P Global revises its outlook on three Adani entities to 'negative'

S&P Global Ratings in a statement said US indictment of three board representatives of Adani Group entity could affect investor confidence in other group entities

Adani group firms' debt to equity ratio at 15-year low in H1 FY25

In post-Covid period, their net worth has grown at a faster clip than borrowing

Will act on 'irregularities': Andhra Pradesh CM on Adani Group case

Congress demands JPC probe; BJP says DMK, BJD, YSRCP are 'close to Cong'

Adani's reckoning: Sebi probes, political uproar, and foreign capital woes

Sebi may now launch fresh inquiries. Parliament will open to uproar, and Adanis' access to foreign capital will become impossible. The damage this time will be deeper and longer-lasting

Settlement may shield Adani Group from further public scrutiny: Experts

Lawyers added that while the US laws allow for settlements in bribery cases, governed by the Foreign Corrupt Practices Act, India does not have any law for settlement of bribery charges

Exchanges seek clarification on disclosure violations by Adani Group firms

Stock exchanges have sought clarification on violation of disclosure norms by Adani Group entities regarding the alleged bribery case in the US and subsequent cancellation of Kenya's airport expansion deal. In its response to the case in the US, Adani Group firms on Thursday had said "there are no allegations made against the company". On clarification with regard to Kenya cancelling airport expansion and energy deals following the US bribery and fraud indictments, the group is yet to respond to the bourses. While there was no word from Sebi officials, experts pointed out the regulator will have to definitely look into it if there are any disclosure and other violations and take necessary action. Billionaire Gautam Adani, his nephew Sagar Adani, and others have been charged by US prosecutors with allegedly being part of an elaborate scheme to pay USD 265 million (about Rs 2,200 crore) bribe to Indian officials in exchange for favourable terms for solar power contracts. The United

Adani Group faces funding concerns after US indictment against founder

Research firm CreditSights highlighted refinancing for the conglomerate's green energy business, which is at the centre of the allegations, as its biggest near-term concern