Last week U.S. authorities accused Adani, his nephew and executive director Sagar Adani and managing director of Adani Green (ADNA.NS), opens new tab, Vneet S. Jaain, of being part of a scheme to pay bribes of $265 million to secure Indian power supply contracts and misleading U.S. investors.
The ports-to-power conglomerate denied the charges as "baseless" and vowed to seek "all possible legal recourse".
India's opposition, especially the Congress party, accuse Prime Minister Narendra Modi and his Bharatiya Janata Party (BJP) of shielding Adani and blocking investigations against him in India, accusations that have been denied.
Parliament proceedings were disrupted for the second day since the winter session began this week, with MPs shouting slogans and demanding discussion of the Adani allegations.
Congress leader Rahul Gandhi, who has been a vocal critic of Adani, said Gautam Adani should be arrested.
"The gentleman has been indicted in the United States ... and the government is protecting him," Gandhi told reporters outside parliament.
The government has made no comment on the indictment but the ruling BJP has distanced itself from the controversy.
The BJP had no reason to defend Gautam Adani, a spokesperson said, adding that the party was not against industrialists, but rather considered them partners in nation-building efforts.
"Let him defend himself," the spokesperson, Gopal Krishna Agarwal said on Tuesday, adding that the law would take its own course in case of wrong-doing.
On Wednesday, Adani Green, the company at the center of the indictment, said Gautam Adani had been charged in the United States for alleged violations of securities law and faced potential fines but had not been charged under the U.S. Foreign Corrupt Practices Act.
In a stock exchange filing, Adani Green said a complaint by U.S. regulator the Securities and Exchange Commission (SEC) sought "an order directing the defendants to pay civil monetary penalties (but) it does not quantify the amount of penalty".
The civil action launched by the SEC runs in parallel to U.S. federal prosecutors' indictment against Adani and others.
STOCK REBOUND
Shares of 10 listed Adani Group firms recovered about $9 billion in market value on Wednesday, after having shed up to $34 billion since the indictments, up to Tuesday's close.
Adani Green, the hardest hit by the accusations, jumped 9%, but is still down some $8 billion in value.
The indictments are seen as the biggest setback for Gautam Adani, 62, and his conglomerate.
French oil major TotalEnergies (TTEF.PA), opens new tab, which has a 20% stake in Adani Green, has said it will not make any more investments in the group, adding that it was not informed of the U.S. bribery allegations against Gautam Adani.
Kenya has also cancelled a procurement process of more than $2 billion that had been expected to give control of its main airport to the Adani Group.
A lawyer for an Indian unit of German carmaker Volkswagen, said on Monday the country's $1.4 billion tax demand could become a matter of survival for its business in the country, as it continues to contest the order.
New Delhi, February 17, 2025 – India and Qatar have agreed to elevate their bilateral relations to a "strategic partnership," according to an official statement from the Indian Foreign Ministry.
India has postponed its national winter games due to an unprecedented lack of snow in Gulmarg, the ski resort town in Jammu and Kashmir where the event was scheduled to take place later this month.
A tragic crowd crush at New Delhi Railway Station on Saturday night left 18 dead and 10 injured as thousands of people, many heading to the Kumbh Mela festival, attempted to board delayed trains. The incident highlights the ongoing risks of overcrowding at public transportation hubs in India.
Armenian and Indian top defence officials have explored opportunities to step up military cooperation between the two nations.
Germans head to the polls in a national election expected to return Friedrich Merz’s conservatives to power while giving the far-right Alternative for Germany (AfD) its best-ever result, marking a significant rightward shift in Europe’s largest economy.
Polish President Andrzej Duda called for a stronger U.S. presence in Poland and Central Europe during a meeting with Donald Trump in Washington. Trump, however, assured Duda of U.S. support, saying Poland is a credible ally.
Pope Francis' health has worsened, with the Vatican describing his condition as "critical" for the first time. He has received supplemental oxygen and blood transfusions.
A knife attack in Mulhouse has left one person dead and three injured. France’s Interior Minister says migration issues played a role in the incident.
Cupertino, CA, February 17, 2025 – Apple today released the first developer beta for iOS 18.4, unveiling a new “Priority Notifications” feature powered by Apple Intelligence.
A tragic crowd crush at New Delhi Railway Station on Saturday night left 18 dead and 10 injured as thousands of people, many heading to the Kumbh Mela festival, attempted to board delayed trains. The incident highlights the ongoing risks of overcrowding at public transportation hubs in India.
A Delta Air Lines regional jet flipped upside down upon landing at Toronto Pearson Airport on Monday, injuring 18 people. Officials are investigating whether strong winds and snow played a role in the incident.
Berlin, February 21, 2025 – German citizens will head to the polls on Sunday, February 23, for a snap general election after the coalition government collapsed late last year.
Germans head to the polls in a national election expected to return Friedrich Merz’s conservatives to power while giving the far-right Alternative for Germany (AfD) its best-ever result, marking a significant rightward shift in Europe’s largest economy.
Polish President Andrzej Duda called for a stronger U.S. presence in Poland and Central Europe during a meeting with Donald Trump in Washington. Trump, however, assured Duda of U.S. support, saying Poland is a credible ally.
Pope Francis' health has worsened, with the Vatican describing his condition as "critical" for the first time. He has received supplemental oxygen and blood transfusions.
A knife attack in Mulhouse has left one person dead and three injured. France’s Interior Minister says migration issues played a role in the incident.
BERLIN, Feb 22 (Reuters) - NATO is planning to build a pipeline system from Germany to Poland and the Czech Republic to ensure a rapid supply of jet fuel for fighter aircraft in the event of a war with Russia, weekly German magazine Der Spiegel reported.
Germans head to the polls in a national election expected to return Friedrich Merz’s conservatives to power while giving the far-right Alternative for Germany (AfD) its best-ever result, marking a significant rightward shift in Europe’s largest economy.
Polish President Andrzej Duda called for a stronger U.S. presence in Poland and Central Europe during a meeting with Donald Trump in Washington. Trump, however, assured Duda of U.S. support, saying Poland is a credible ally.
Pope Francis' health has worsened, with the Vatican describing his condition as "critical" for the first time. He has received supplemental oxygen and blood transfusions.
A knife attack in Mulhouse has left one person dead and three injured. France’s Interior Minister says migration issues played a role in the incident.
Cupertino, CA, February 17, 2025 – Apple today released the first developer beta for iOS 18.4, unveiling a new “Priority Notifications” feature powered by Apple Intelligence.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment