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.
U.S. consumer prices rose at their fastest pace in five months in June, signaling the early impact of tariffs on inflation. However, subdued demand an...
Kyrgyzstan's GDP surged 11.7 percent year on year in the first half of 2025, driven by gains in services, construction and production, despite a decli...
The American leader stated that if an agreement between Russia and Ukraine is not achieved within that timeframe, "it will be very bad."...
A new London exhibition invites visitors into the vibrant world of late Italian designer Gianni Versace, showcasing over 450 iconic pieces worn by cel...
Apple and mining company MP Materials announced a joint $500 million investment to develop a rare earth magnet recycling facility, with plans to bolst...
Tesla's highly-anticipated entry into India has finally happened with the opening of its first showroom — nine years after CEO Elon Musk first hinted at its launch.
Peggy Whitson, NASA retiree turned private astronaut, headed for splashdown in the Pacific on Tuesday after her fifth trip to the International Space Station, joined by crewmates from India, Poland, and Hungary returning from their countries’ first ISS mission.
India’s aviation regulator has instructed all airlines to inspect fuel switch systems on Boeing aircraft following a deadly crash in Gujarat last month that killed 241 people.
India’s foreign Minister told his Chinese colleague in Beijing on Monday that India and China must settle tension along their border, withdraw troops and avoid “restrictive trade measures” to normalise their relationship.
A series of earthquakes have struck Guatemala on Tuesday afternoon, leading authorities to advise residents to evacuate from buildings as a precaution against possible aftershocks.
Authorities in North Carolina are investigating three potential storm-related deaths linked to severe flooding from the remnants of Tropical Storm Chantal, officials said Tuesday.
Start your day informed with AnewZ Morning Brief: here are the top news stories for 10th July, covering the latest developments you need to know.
China and the Association of Southeast Asian Nations will send an upgraded ‘version 3.0’ free-trade agreement to their heads of government for approval in October, Chinese Foreign Minister Wang Yi said on Saturday after regional talks in Kuala Lumpur.
Two student pilots were killed when two single-engine training aircraft collided mid-air in southern Manitoba, Canadian authorities confirmed on Tuesday.
NATO Secretary General Mark Rutte is warning that major economies like Brazil, China, and India could face serious consequences if they continue trading with Russia, as the U.S. steps up pressure with fresh sanctions and weapons support for Ukraine.
The American leader stated that if an agreement between Russia and Ukraine is not achieved within that timeframe, "it will be very bad."
The European Union did not reach agreement on its 18th sanctions package against Russia on Tuesday, EU foreign policy chief Kaja Kallas confirmed following a meeting of foreign ministers in Brussels.
Russia, Iran, and China are increasingly involved in life-threatening activities on British soil—including attacks and kidnappings—often carried out by criminal networks or, in some cases, by children, according to two senior UK counterterrorism officials.
Australian Prime Minister Anthony Albanese met with Chinese President Xi Jinping in Beijing, affirming that both countries will keep communication channels open and explore cooperation opportunities despite ongoing strategic rivalry in the Indo-Pacific region.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment