Page 7 - Latest Updates on Gautam Adani SEC indictment

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

Solar sector caught in a haze as Adani storm to hit funding, project plans

Sector majors are likely to shy away from SECI tenders, stating that Letters of Allocation (LoA) are no longer a gold standard

Adani-Hindenburg case: SC plea to take US charges against Adani on record

The petitioner has also called for the conclusive report by the Securities and Exchange Board of India (Sebi) on the probe carried out till now

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

All-party meet: Govt appeals to ensure smooth functioning of Parliament

The customary all-party meet convened by the government ahead of the Winter session of Parliament on Sunday saw the Congress demanding a discussion on bribery charges against the Adani Group. The opposition party also sought a discussion on the Manipur issue, pollution in north India and train accidents. Congress leader Pramod Tiwari told reporters that his party urged the government to allow a discussion on Adani bribery scandal in the session. He said his party wanted the issue to be taken up in Parliament as the first thing when it meets on Monday. It is a grave issue involving the country's economic and security interests as over Rs 2,300 crore were allegedly paid by the company to politicians and bureaucrats to get favourable deal for its solar energy projects, the Rajya Sabha MP said. Billionaire Gautam Adani has been charged by US prosecutors for allegedly being part of a scheme to pay USD 265 million (about Rs 2,200 crore) bribe to Indian officials in exchange of favourabl

Never entered into agreement to operate airport in Kenya: Adani Group

The group was responding to notices sent by stock exchanges to confirm reports of Kenyan President William Ruto ordering the cancellation of a procurement process

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

Adani CFO defends against US charges, says linked to one business contract

Group CFO Jugeshinder Singh sought to defend allegations saying none of Adani's 11 public companies 'are subject to indictment' or 'are accused of any wrongdoing in the said legal filing'

'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

Sebi asks exchanges to look into disclosure concerns on Adani Group

Exchanges have sought clarification from the group entities on LODR-related lapses, if any

Markets bounce back sharply on bargain hunting; Sensex rises 1,961 points

Benchmarks register third-best day of this year

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

Adani saga: SECI, NTPC top power contractors for Adani Green Energy

AGEL's plans to increase its capacity more than five-fold to 50 GW by 2030