Page 53 - Adani Group

Adani-Hindenburg row: Plea in SC seeks contempt action against Sebi

A plea has been filed in the Supreme Court for initiation of contempt proceedings against the Securities and Exchange Board of India (SEBI), alleging it has violated the timeline for completing the investigation and submitting its report on the allegations of stock price manipulation by the Adani group. An application has been filed by PIL petitioner Vishal Tiwari saying that despite the deadline given to the SEBI it has failed to comply with the direction of the court and has not submitted the final conclusion/report as was directed by the court. It said by the order dated May 17, 2023, the apex court directed SEBI to submit its report till August 14, 2023. It said on August 25, 2023, SEBI filed the status report regarding its investigation stating that overall it has done 24 investigations, out of which 22 investigations have achieved finality and two are of interim nature. The application also referred to the latest report by the Organised Crime and Corruption Reporting Project

Favouritism allegations are an attempt to delay Dharavi project: DRP

Adani Group-helmed Dharavi Redevelopment Project (DRP) on Saturday refuted allegations of favouritism in the issue. In a statement, DRP, which also has the Maharashtra government as a stakeholder, said "vested interests" are attempting to derail or delay the project with a revenue potential of Rs 20,000 crore. The Opposition Congress had on Friday alleged that the BJP government is 'benefitting' Adani Group by relaxing norms for the Dharavi redevelopment project in Mumbai. Its general secretary Jairam Ramesh levelled an allegation that the Maharashtra Urban Development Department, which had originally expressed its reservations about relaxing the rules, "has been compelled to issue a notification that removes the provision of indexation in Dharavi's real estate Transferable Development Rights (TDR), and made it mandatory for all Mumbai builders to buy the first 40 per cent of their TDRs from Adani". The DRP statement termed the attempts to "manufacture a controversy" around TDR ...

Coal imports case: SC to hear in Feb Centre's appeal against Bombay HC

The top court is likely to consider a fresh rejoinder filed by the DRI in the case

Centre looking to restart probe into Adani coal imports from Indonesia

The Directorate of Revenue Intelligence since 2016 has been trying to procure transaction documents related to Adani's dealings from Singapore authorities

BJP govt 'benefitting' Adani with another 'revdi': Cong on Dharavi project

The Congress on Friday accused the BJP government of benefitting the Adani Group by relaxing norms for the Dharavi redevelopment project in Mumbai. Congress general secretary Jairam Ramesh alleged that as per reports the Maharashtra Urban Development Department which had originally expressed its reservations about relaxing the rules "has been compelled to issue a notification that removes the provision of indexation in Dharavi's real estate Transferable Development Rights (TDR) and made it mandatory for all Mumbai builders to buy the first 40 percent of their TDRs from Adani." "This has the effect of greatly increasing the value of TDRs accruing to Adani and Adani alone from the Dharavi project," he alleged. There was no immediate response from the Adani Group. In a statement, the Congress leader said the party had in its "Hum Adani ke Hain Kaun (HAHK) series" raised questions on the matter on February 27 and April 23 this year. "We asked the prime minister questions about how

CWIT first phase likely to be operational by Dec 2024: Karan Adani

The first phase of Colombo West International Terminal (CWIT) is likely to be operational by December 2024, Adani Ports and Special Economic Zone (APSEZ) Whole Time Director and CEO Karan Adani has said. The US International Development Finance Corporation (DFC) will provide USD 553 million in financing to Colombo West International Terminal Pvt Ltd a consortium of India's largest port operator Adani Ports and SEZ Ltd, Sri Lanka's leading enterprise John Keells Holdings (JKH) and the Sri Lanka Ports Authority. "So, on the Colombo port, we expect commissioning and operationalizing of Phase 1 by December of 2024. Now, we have already given our...capex guidance," Adani said in a conference call. DFC is the US government's development finance institution. "As you know, in Colombo port, we have a JV partner as well, where we have 51 per cent and 49 per cent shared by the other two partners, SLPA and John Keells. So, they bring in their respective equity into that project as well," he .

Opposition parties slam govt on Adani group role in ministry panel

Opposition parties on Tuesday attacked the Modi government for "appointing" Janardhan Chaudhary as a member of the Centre's Expert Appraisal Committees (EAC) under the Environment Ministry, alleging he is an employee of the Adani group. Chaudhary was appointed in September to the all-important panel, which has to clear several power projects, including some of the Adani Group, according to media reports. "Adani Pradhan Sevak appointed Adani employee Janardhan Choudhury as a member of EAC under Environment Ministry. This committee has to approve 6 Adani projects (10,300 MW)," the Kerala Congress claimed on its official X account. It also said that recently Adani's 1500 MW Satara plant was approved by him. "Eej of doing bujiness," the party said. Reports claimed that a key advisor to Adani Green Energy Limited (AGEL)Chaudhary, is now a member of one of the Centre's Expert Appraisal Committees (EAC) before which the company's hydro project proposals come up for clearance. The EAC

With US funding in pocket, Adani plans expansion of overseas port empire

The announcement marked a welcome reprieve for India's Adani Group following a damaging short-seller attack and a number of corporate fraud allegations leveled against it this year

Modi govt wants to gag anyone who talks about Adani's coal 'scam': Mahua

Trinamool Congress MP Mahua Moitra on Friday claimed that the Ethics Committee's recommendation to expel her from Lok Sabha stems from Prime Minister Narendra Modi's desperation' to keep the Adani group's alleged coal scam under wraps and he wants to gag anyone who flags this issue. In an interview with PTI Video, Moitra who is embroiled in the cash for query' row asserted that the issue is how not to allow a lawmaker not to raise questions in the House. Adani has a Rs 13,000 crore coal scam. In any other country, this would have brought down the government. Mr Modi deep in his heart knows this. So they are desperate to keep this hidden as long as possible. Modi and Adani are running the government... Anyone who questions and calls them out is in panic. We are one of the few people who are doing this. So their idea is shut them up, put them in jail..., Moitra claimed. The Krishnanagar MP described the saffron party as a factory of liers. Every day they put out fake news and the ..

Article on Adani cos: SC grants protection to reporters summoned by police

The Supreme Court on Friday granted protection from arrest to two journalists who have challenged the summons issued to them by the Gujarat Police in connection with an article allegedly written by them on Adani Group. A bench of Justices B R Gavai and P K Mishra directed the journalists to cooperate in the investigation and issued notice to the Gujarat government on the pleas filed by the duo. "Till next date of hearing, we direct that no coercive steps be taken against the petitioners, however, they should cooperate with the enquiry," the bench said. The top court was hearing a plea filed by Benjamin Nicholas Brooke Parkin and Chloe Nina Cornish challenging the summons issued to them. The counsel appearing for them argued that the petitioners are not the ones who wrote the report in question. Earlier this week, the apex court had granted interim protection to journalists Ravi Nair and Anand Mangnale in connection with an article written by them on the Adani-Hindenburg row.

Adani's Colombo port terminal to get $553 million funding from US DFC

Move seen as US bid to curtail China's influence

Coal blocks put on sale through transparent mechanism, says govt

The coal ministry on Wednesday clarified that post-cancellation of 204 blocks in the year 2014, the mines are being put on auction via a "transparent" mechanism. The clarification comes a day after Congress alleged that the Narendra Modi government reversed the long-standing policy of competitive auction for coal block allocation and gave away lucrative fields to the Adani Group. "Ministry of Coal has clarified that after cancellation of 204 coal mines in 2014, coal mines are being auctioned through a transparent mechanism and for various end uses power and non-regulated sectors," the ministry said in a release. The coal ministry further said that no correlation has been established between Cavill Mining Pvt Ltd and Adani Group. "Also, as per the provisions of the tender document, the affiliate shall mean, a person who, directly or indirectly controls such bidder; is Controlled by such Bidder; is Controlled by the same person, who directly or indirectly, controls such Bidder; or i

Adani Green aims to achieve operational capacity of 11 GW in FY24: CEO

Adani Green Energy Limited (AGEL) has a planned capex of Rs 14,000 crore and aims to achieve operational capacity of 11 GW in FY24, its CEO Amit Singh said. The company has an operating renewable energy (RE) portfolio of 8.4 GW across solar, wind and hybrid capacity, the company official said in an investor presentation. "With plans to deliver 2.8-3 GW capacity in FY24, the company's operating portfolio will increase to 11 GW. In FY24, the company has indicated a capex of Rs 14,000 crore," Singh said. A large part of the capacity addition will come in Khavda in Gujarat where the company has deployed a workforce of more than 5,000 people. The company plans is to add 5 GW of RE portfolio every year from FY25 onwards, he added. "We have the largest operating renewable portfolio in India. We are ramping up our execution capabilities as we prepare for our next phase of growth. We are working extensively on our next milestone of developing the largest RE cluster in the world in Khavda

Adani Group to begin Dharavi redevelopment with Rs 12,500 cr investment

A special purpose vehicle (SPV), jointly owned by the Adani Group (80%) and the Maharashtra government (20%), has been established for this purpose

Adani vs Hindenburg: Supreme Court to consider plea for listing of PILs

The Supreme Court on Monday said the apex court registry will look into the issue of listing for hearing PILs related to allegations of stock price manipulation by the Adani group. A bench comprising Chief Justice D Y Chandrachud and justices J B Pardiwala and Manoj Misra was told by lawyer Prashant Bhushan, appearing for one of the PIL petitioners, that the pleas were to be listed on August 28. The matter was to be listed on August 28, but it has been deferred, deferred, deferred, Bhushan said. I will check with the registry, the CJI said. On July 11, the top court had asked the Securities and Exchange Board of India (SEBI) about the status of its ongoing investigation into the allegations of stock price manipulation by the Adani group. The court, which had granted time till August 14 for probe by the SEBI, had said the inquiry has to be concluded expeditiously. Later, the capital markets regulator filed a status report on Adani-Hindenburg probe and said it was awaiting informat

Adani Energy Q2 result: Net profit jumps 46% to Rs 284 cr; income up 11%

The total income for Q2FY24 came in at Rs 3,766.46 crore, compared to Rs 3,376.57 crore year-on-year

Adani group said to be in talks to exit FMCG joint venture with Wilmar

This comes at a time when Adani Wilmar Ltd has been posting losses for two consecutive quarters

Adani Ports & SEZ total cargo volumes rise 48% Y-o-Y to 37 MMT in October

The total cargo volume of the company's ports in India touched 36 MMT, recording a 43 per cent Y-o-Y growth

Adani buys remaining 51% stake in BQ-publisher Quintillion Business Media

Billionaire Gautam Adani's group has acquired the remaining 51 per cent stake in Quintillion Business Media Pvt Ltd to take full control of the Raghav Bahl-curated digital business news platform for an undisclosed amount. Adani Enterprises Ltd, the ports-to-energy conglomerate's flagship firm, in a stock exchange filing, said its subsidiary AMG Media Networks Ltd "has executed a share purchase agreement for the acquisition of remaining 51 per cent stake in QBML", the firm which operates the business and financial news digital media platform BQ Prime. It, however, did not disclose the financial details of the transaction. Quintillion was Adani's first bet in the Indian news industry before taking about 65 per cent stake in broadcaster NDTV in December last year. AMG Media had previously bought a 49 per cent stake in Quintillion Business Media Ltd (QBML) for Rs 47.84 crore. BQ Prime was earlier known as Bloomberg Quint, a former joint venture between US-based financial news agency .

Adani Green in talks to borrow $1.8 billion loan from foreign lenders

The loan proceeds will be used to build new capacity in solar and wind projects, said the people, who asked not to be named as the matter is private