Fresh plea in Supreme Court over Adani issue

Nov 25, 2024 04:20 AM IST

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filed by advocate Vishal Tiwari who is one of the petitioners in the case related to the earlier Adani-Hindenburg matter.

A plea was filed in the Supreme Court on Sunday to bring on record charges of bribery and fraud against Adani Group chairman Gautam Adani and seven associates, as alleged by US prosecutors.

FILE PHOTO: Indian billionaire Gautam Adani speaks during an interview with Reuters at his office in the western Indian city of Ahmedabad April 2, 2014. REUTERS/Amit Dave/File Photo

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Adani, 62, along with seven executives of his vast conglomerate, including his nephew Sagar Adani, was recently indicted in a New York court for allegedly orchestrating a $265 million bribery scheme. US prosecutors allege that the bribes were paid to secure lucrative solar energy contracts in India, expected to generate $2 billion in profits over two decades.

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Separately, the US Securities and Exchange Commission (SEC) has charged the Adani Group and Azure Power Global executive Cyril Cabanes with securities fraud, accusing them of issuing false statements to secure $2 billion in loans and bonds. The US Attorney’s Office unveiled these charges last week, highlighting a conspiracy to defraud US investors by raising capital on false premises.

The Adani Group has denied all allegations, describing them as “baseless.”

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The fresh plea, filed by advocate Vishal Tiwari who is one of the petitioners in the case related to the Adani-Hindenburg matter, comes amid markets regulator Sebi’s ongoing investigation into allegations of stock manipulation and market irregularities by the Adani Group, initially flagged in the Hindenburg Research report of January 2023. The report accused the group of “brazen accounting fraud” and “stock manipulation,” triggering a $140 billion rout in Adani stocks and the cancellation of a planned ₹20,000 crore share sale. The Adani Group had rejected the report as “unresearched” and “maliciously mischievous”. In January 2024, the Supreme Court dismissed pleas seeking a special investigation team to probe the Hindenburg allegations.