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Adani allegations underline the need for strong governance in India

A swift response from the Indian regulatory system will be crucial to prevent delays in India's strategic progress

Adani allegations underline the need for strong governance in India
Updated On : 04 Dec 2024 | 11:20 PM IST

US SEC has indicted Adani, but India's SECI has only given favours: Cong

The Congress on Friday accused the Solar Energy Corporation of India (SECI) of favouring the Adani Group, alleging that Adani Green is not suffering one bit even though it is yet to supply a single unit of the contracted 3 gigawatts of electricity to Andhra Pradesh. Congress general secretary in-charge communications Jairam Ramesh said Adani Green Energy's solar power project has not supplied a single unit of power to Andhra Pradesh two months after the original schedule to supply 3,000 MW. "It is amazing that even though it has yet to supply a single unit of the contracted 3 gigawatts of electricity to Andhra Pradeshdespite the alleged ?1,400 crore bribe to secure the contractAdani Green is not suffering one bit, thanks to the Central Government," Ramesh said in a post on X. Adani will start supplying one-third of the promised amount to Andhra Pradesh seven months late, he said. "But Solar Energy Corporation of India (SECI) has permitted it to sell the power on power exchanges in

US SEC has indicted Adani, but India's SECI has only given favours: Cong
Updated On : 29 Nov 2024 | 3:02 PM IST

Probe in US, protests in Australia: Global ambitions weigh on Adani Group

Indian conglomerate's rising international footprint has come with controversies

Probe in US, protests in Australia: Global ambitions weigh on Adani Group
Updated On : 29 Nov 2024 | 12:53 PM IST

Adani wipeout will hurt sentiment, not long-term outlook: Global investors

Investors expect a stronger spotlight on governance and disclosure, and perhaps some volatility, but say the affair has not challenged the reasons they are in India in the first place

Adani wipeout will hurt sentiment, not long-term outlook: Global investors
Updated On : 29 Nov 2024 | 10:02 AM IST

Gautam Adani, nephew not charged under US FCPA, says Adani Green Energy

Billionaire Gautam Adani and his nephew Sagar Adani have not been charged with any violations of the US Foreign Corrupt Practices Act (FCPA) in the indictment filed by US authorities in a court in a bribery case, the Adani Group said on Wednesday. Gautam Adani, founder chairman of the ports-to-energy conglomerate, Sagar Adani and another key executive, Vneet Jaain, have been charged by the US Department of Justice with being part of an alleged scheme to pay USD 265 million in bribes to Indian officials to win contracts for supply of solar electricity that would yield USD 2 billion profit over a 20-year period. In a stock exchange filing, Adani Green Energy Ltd, which is at the centre of the bribery allegations, said reports claiming that the three have been charged with FCPA violations "are incorrect". They have been charged with offences that are punishable with a monetary fine or penalty. "Gautam Adani, Sagar Adani and Vneet Jaain have not been charged with any violation of the F

Gautam Adani, nephew not charged under US FCPA, says Adani Green Energy
Updated On : 27 Nov 2024 | 8:40 AM IST

Charges against Adani can be withdrawn after Trump takes over: Lawyer

There remains a possibility that the USD 265 million bribery case against Indian billionaire Gautam Adani can be withdrawn if the charges against him are deemed unworthy or defective after Donald Trump takes over as the US President, a prominent Indian-American attorney has said. Attorney Ravi Batra told PTI that while every new president has a new team, President-elect Trump as the 47th President of the US, who is forgoing FBI-checks for his Cabinet, will "neuter any prosecution that's not based in good faith, but is what he has powerfully termed: lawfare. Essentially, that means the law is being applied selectively to target one's opponents, which naturally denies the target of equal protection of the law guaranteed by our Federal constitution, Batra said. He added that that is an issue Gautam Adani can raise with his government, and request them to raise bilaterally with the incoming administration of Trump, who will be sworn in as the 47th US President on January 20, 2025. "If

Charges against Adani can be withdrawn after Trump takes over: Lawyer
Updated On : 26 Nov 2024 | 11:18 AM IST

Adani Group assures 'enough cash flows' amid US allegations fallout

Cash balances exceed long-term debt repayments for the next 28 months, while portfolio level cash balances were at $6.33 billion, the port-to-power conglomerate said in a report

Adani Group assures 'enough cash flows' amid US allegations fallout
Updated On : 25 Nov 2024 | 10:09 AM IST

US development agency assessing ramifications on Adani's Sri Lanka project

US International Development Finance Corp last November said it would provide $553 million in financing for the port terminal project in Colombo, the capital of Sri Lanka

US development agency assessing ramifications on Adani's Sri Lanka project
Updated On : 25 Nov 2024 | 6:45 AM IST

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

Adani notice to go via 'proper channel'; US SEC has no jurisdiction: Report
Updated On : 24 Nov 2024 | 10:13 PM IST

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 .

US SEC summons Gautam Adani, nephew Sagar in alleged bribery case
Updated On : 23 Nov 2024 | 2:36 PM IST

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'

Adani CFO defends against US charges, says linked to one business contract
Updated On : 23 Nov 2024 | 12:01 PM IST

US judge rejects SEC's attempt to sanction Elon Musk over testimony

The SEC did not immediately respond to a request for comment after business hours. Lawyers for Musk did not immediately respond to similar requests

US judge rejects SEC's attempt to sanction Elon Musk over testimony
Updated On : 23 Nov 2024 | 10:17 AM IST

No mention of wrongdoing by SECI in Adani bribery case: CMD R P Gupta

SECI, the nodal agency for implementation of renewable projects in India, has not been mentioned for any wrongdoing in the Adani case, its CMD R P Gupta said on Thursday. 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 favourable terms for solar power contracts. "There is nothing against SECI that SECI has done anything wrong. That is no where. There is no mention of any wrongdoing or irregularity on part of SECI," he said while responding to PTI queries on developments related to the Adani case. According to US prosecutors' document, Solar Energy Corporation of India Ltd (SECI), which originally awarded the solar manufacturing-linked power tender, entered into the sale agreements with Andhra Pradesh, Odisha, Chhattisgarh, and Tamil Nadu between July 2021 and December 2021. The indictment also names New Delhi-based Azure Power, which had won a simi

No mention of wrongdoing by SECI in Adani bribery case: CMD R P Gupta
Updated On : 21 Nov 2024 | 8:27 PM IST

Adani Group sees $22 billion in value wiped off after US indictments

Adani group's 10 listed stocks had a total market capitalisation of about $147 billion at 0411 GMT, compared to $169.08 billion on Tuesday

Adani Group sees $22 billion in value wiped off after US indictments
Updated On : 21 Nov 2024 | 11:10 AM IST

Trump team considers creating first-ever White House cryptocurrency role

Discussions about the crypto role have included the person leading a small staff, and acting as a liaison between Congress, the White House and the various agencies with jurisdiction over crypto

Trump team considers creating first-ever White House cryptocurrency role
Updated On : 21 Nov 2024 | 8:20 AM IST

Adani unit tapped US bond market hours before billionaire's indictment

The indictment came shortly after units of clean-energy arm Adani Green Energy Ltd sold a 20-year green bond in the US investment-grade market

Adani unit tapped US bond market hours before billionaire's indictment
Updated On : 21 Nov 2024 | 8:12 AM IST

Adani Group scraps $600 million bond, other notes drop on US SEC charges

Billionaire Adani, one of the richest men in the world, was charged with allegedly participating in a scheme that involved promising to pay more than $250 million in bribes to Indian govt officials

Adani Group scraps $600 million bond, other notes drop on US SEC charges
Updated On : 21 Nov 2024 | 7:58 AM IST

US SEC charges Gautam Adani, 7 others in alleged bribery, fraud scheme

Gautam Adani, Sagar Adani and Jaain were charged with securities fraud, securities fraud conspiracy and wire fraud conspiracy

US SEC charges Gautam Adani, 7 others in alleged bribery, fraud scheme
Updated On : 21 Nov 2024 | 6:16 AM IST

SEC's WhatsApp probe expands as Moody's, S&P, Fitch hit with $48 mn fine

The Securities and Exchange Commission said Tuesday that Moody's and S&P will each pay $20 million to settle the cases, while Fitch will pay $8 million

SEC's WhatsApp probe expands as Moody's, S&P, Fitch hit with $48 mn fine
Updated On : 04 Sep 2024 | 8:21 AM IST

SEC targets its own staff's texting, nixes WhatsApp office phones

The regulatory crackdown extracted at least $200 million apiece from Wall Street giants such as Bank of America Corp., JPMorgan Chase & Co and Goldman Sachs Group Inc, while also fining others

SEC targets its own staff's texting, nixes WhatsApp office phones
Updated On : 17 Apr 2024 | 7:33 AM IST