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Fresh plea in Supreme Court seeks bribery, fraud charges against Adani

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Fresh plea in Supreme Court seeks bribery, fraud charges against Adani

Supreme Court on Sunday seeking the registration of bribery and fraud charges against industrialist Gautam Adani

 A new application was filed in the Supreme Court on Sunday seeking the registration of bribery and fraud charges against industrialist Gautam Adani and seven associates, as brought forth by US authorities. The petition raised concerns over the Securities and Exchange Board of India (SEBI)’s handling of the Hindenburg Research allegations against the Adani Group, citing delays in its investigative findings.
 
“Despite the deadline set by the Supreme Court in its January 3, 2024, order, SEBI has not submitted any investigation report, undermining confidence in the regulatory body,” the application stated. This development coincides with SEBI's probe into US allegations against Adani Green Energy for failing to disclose a bribery investigation. SEBI awaits detailed inputs from stock exchanges before proceeding further. Adani, and seven executives of the Adani Group, including his nephew Sagar Adani, were recently indicted by a New York court for a $265 million bribery scheme to secure solar energy contracts in India.
 
The contracts reportedly had a potential profit of $2 billion over two decades. Additionally, the US Securities and Exchange Commission (SEC) accused the Adani Group and Azure Power Global executive Cyril Cabanes of misrepresentation to obtain $2 billion in loans and bonds. The Adani Group has dismissed the allegations as “baseless,” maintaining its stance against claims of misconduct. 
 
 
 
Tags Supreme Court Adani plea
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