Adani Group Chairman Gautam Adani and his nephew Sagar Adani have been summoned by the US Securities and Commission (SEC) on Saturday. The US SEC has summoned Adani to clarify his stand on the allegations of bribery and fraud against him. According to the news agency, summons have been sent to Adani’s Shantivan Farm House in Ahmedabad and his nephew Sagar’s Bodakdev Residency in the same city to respond to the SEC within 21 days. The notice sent through the New York Eastern District Court states that ‘Within 21 days of service of this summons (excluding the day you receive this summons) you must respond to the attached complaint to the plaintiff (SEC) or serve a motion under Rule 12 of the Federal Rules of Civil Procedure. If you fail to respond, a decision will be taken against Adani for the relief sought in the complaint. The answer has to be filed in the court. Gautam Adani and 8 others accused of fraud worth billions of rupees
In fact, on November 21, 8 people including industrialist Gautam Adani have been accused of fraud worth billions of rupees in the US. The United States Attorney’s Office says that Adani gave or was planning to give a bribe of $265 million (about Rs 2200 crore) to Indian officials to get a contract related to solar energy in India. This entire matter is related to Adani Group company Adani Green Energy Limited and another firm. The case was registered in the Federal Court of New York on 24 October 2024. In its hearing on Wednesday, Gautam Adani, his nephew Sagar Adani, Vineet S Jain, Ranjit Gupta, Cyril Cabanis, Saurabh Agarwal, Deepak Malhotra and Rupesh Agarwal have been made accused. According to a Reuters report, an arrest warrant has also been issued against Gautam Adani and Sagar. Sagar is an officer of Adani Green Energy Limited. Money of American investors, hence the case there
Adani is accused of lying to American investors and banks to raise this bribe money. The case was registered in America because the money of American investors was invested in the project and under American law, giving that money as a bribe is a crime. Understand the case like this: Rs 1,750 crore bribe was given to Andhra officials to buy electricity from the central company. Adani Group has called all the allegations baseless
Adani Group has called all the allegations baseless. Issuing a statement on November 21, the group had said- ‘The allegations leveled by the United States Department of Justice and the United States Securities and Exchange Commission against the directors of Adani Green Energy Limited are baseless. We deny them. The US Justice Department itself said that these are just allegations right now. The accused are considered innocent until they are proven guilty. Sagar Adani manages the energy business. Gautam Adani’s nephew, Sagar has a degree in Economics from Brown University US. Sagar joined the Adani Group in 2015. Sagar manages the group’s energy business and finance. He focuses on renewable energy business and plans to make the company the world’s largest renewable energy producer by 2030. Adani Green Energy has a clean energy portfolio of over 20 gigawatts Adani Green Energy Limited has a clean energy portfolio of over 20 gigawatts, including one of the world’s largest solar power plants in the southern state of Tamil Nadu. The Adani Group aims to become the country’s largest company in this sector by 2030. The company’s market cap is Rs 1.85 lakh crore. Controversies related to Gautam Adani… First controversy: Hindenburg Research alleges money laundering: January 2023. Gautam Adani’s flagship company Adani Enterprises announced a follow-on public offer of Rs 20,000 crore. The offer was to open on 27 January 2023, but just before that, on 24 January 2023, Hindenburg Research released a report, in which Adani Group was accused of money laundering and share manipulation. By January 25, the market value of the group’s shares fell by about $ 12 billion (about Rs 1 lakh crore). However, Adani denied allegations of any wrongdoing. In such a situation, Adani Group also cancelled its follow-on public offer of Rs 20,000 crore. The Supreme Court formed a 6-member committee to investigate the case and SEBI also investigated the matter. After the court’s decision, Adani Group Chairman Gautam Adani had said, ‘The court’s decision shows that truth has won. Satyamev Jayate. I am grateful to those who stood with us. Our contribution to India’s growth story will continue. Jai Hind.’ Second controversy: Accusation of selling low-grade coal as high-grade: A month ago, the Financial Times, citing a report by the Organized Crime and Corruption Reporting Project, claimed that in January 2014, the Adani Group bought ‘low-grade’ coal from an Indonesian company at an alleged price of $28 (about Rs 2360) per tonne. The report alleges that this shipment was sold to the Tamil Nadu Generation and Distribution Company (TANGEDCO) as high-quality coal at an average price of $91.91 (about Rs 7750) per tonne. The Adani Group was earlier accused of rigging coal import bills… Some interesting facts related to Gautam Adani and his journey… Tried luck in the diamond industry: Born on 24 June 1962, college dropout Gautam Adani is from Gujarat. In the early 1980s, he tried his luck in the diamond industry of Mumbai. After this, Adani Group was started in 1988 with a small agri trading firm. It has now turned into a group that extends to coal trading, mining, logistics, power generation and distribution. Adani Group is also in green energy, airports, data centers and cement industry. Gautam Adani has committed to invest $70 billion (Rs 590848 crore) by 2030 to make his group the world’s largest renewable energy producer. Adani Foundation created in 1996: Adani Foundation was established in 1996 under the leadership of Gautam Adani’s wife Preeti. Adani Foundation is working in rural areas of India. Currently, the foundation is helping to improve the lives of 34 lakh people annually in 18 states of the country. Preeti is a doctor by profession, she has graduated in Dental Surgery (BDS). ……………………………………………………………………….. Read this news related to Gautam Adani too… Case against Adani Group in America: Now it is also on the radar of SEBI, asked for answer for hiding information; investigation of violation of rules also After a case was registered in the US court on charges of giving bribe, the problems of Adani Group in India may increase. SEBI is investigating whether the group has violated the rules of disclosing information affecting the market? Meanwhile, SEBI has also sought clarification from the group. SEBI has sought a response regarding the cancellation of the airport expansion deal in Kenya and the case in America. However, the group has not yet responded. Read full news… Loan of Rs 2.41 lakh crore on Adani companies: They have Rs 59791 crore in cash, enough to pay the loan for 30 months. Adani Group, surrounded by allegations of allegedly giving bribe for a big contract, has a debt of Rs 2.41 lakh crore. 55% stake in this is of international capital market (foreign bonds) and global banks. 33% stake is held by domestic financial institutions, NBFCs and government banks. As of Friday, the market cap of all 10 listed companies of Adani Group is Rs 11.94 lakh crore. This means that the company has a debt of 20.10% of its total assets. The outstanding loan of government banks is 15% of the total debt. Read full news…
