Fresh Plea in Supreme Court Seeks Probe Into US Allegations of Bribery Against Gautam Adani: 'Serious Malpractices Unveiled'.
NEW DELHI: A fresh plea has been filed in the Supreme Court urging investigation into alleged scam against billionaire industrialist Gautam Adani, following the United States Department of Justice indictment that accused him of bribery and fraud. The case is related to allegations that the Adani Group paid $265 million (approximately ₹2,200 crore) in bribes to Indian officials for securing favorable terms in four states' solar power contracts.
The petition, filed by advocate Vishal Tiwari, has been introduced as an interlocutory application in the ongoing Adani-Hindenburg controversy concerning allegations of stock price manipulation. In his plea to the Supreme Court, Tiwari argued that the fresh allegations from US prosecutors "unveil malpractices carried out by the conglomerate" and necessitate an independent probe by Indian authorities.
Adani Group Denies Charges
The Adani Group has refuted the allegations, describing them as baseless and asserting its compliance with all laws. The conglomerate has vowed to pursue all available legal remedies to counter the accusations.
Call for SEBI’s Transparency
However, the plea also reminded the court that SEBI must expedite its ongoing investigations in this regard and throw light on the matter. "The SEBI must conclude its probes and publish the findings to ensure investor confidence," said the petition. It also suggested that the ongoing probe by SEBI on allegations of short selling and market manipulation could probably give rise to the questions raised by the US authorities.
Legal and Financial Consequences
In the wake of the Hindenburg Research report on the Adani Group earlier in the year, accusing the company of stock price manipulation and accounting malpractices, this fresh indictment once again brings the conglomerate into focus. Questions have been raised regarding corporate governance and investor trust.
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