Mumbai2 days ago
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According to Forbes Real Time Billionaires List, 62 year old Gautam Adani’s wealth is $ 54.9 billion (Rs 4.42 lakh crore).
After the Supreme Court, the case against 8 people including Adani Group Chairman Gautam Adani for giving bribes worth billions of rupees and committing fraud has now reached the Madras High Court. A petition has been filed in the Madras High Court demanding instructions to the Home Ministry to conduct an investigation by Special Investigation Team (SIT), Enforcement Directorate (ED) or Central Bureau of Investigation (CBI).
Advocate and President of Desiya Makkal Shakti Katchi ML Ravi has filed this petition in the High Court. Through the petition, he said Adani has been accused of being involved in a scheme to bribe Indian government officials to secure solar power supply contracts with businessmen, power distribution companies and Indian entities in several Indian states, including Tamil Nadu. .
The advocate argued that even after a foreign country has exposed corruption in India, Indian investigative agencies are still silent. She is acting like a mere spectator, which is an insult to the entire country and 140 crore citizens. He said corruption has eroded public confidence in government institutions and hindered the country’s development.
On November 24, a petition was filed in the Supreme Court to investigate this matter. Earlier on Sunday i.e. 24th November, Advocate Vishal Tiwari had filed a petition in the Supreme Court demanding investigation into this matter. The petitioner had said that the order of the US Justice Department and the complaint of the United States Securities and Exchange Commission have exposed the irregularities of the Adani Group.
He said that the allegations are so serious that in the interest of the country, the matter should also be investigated by Indian agencies. Advocate Vishal Tiwari had also filed a petition in the Supreme Court in January 2023 demanding an investigation into the allegations made by Hindenburg.
All 10 shares of Adani Group declined Amidst all these news, all 10 shares of Adani Group saw a decline. Adani Green Energy shares fell the most by 7.26%. At the same time, there was a decline of 4.02% in Adani Enterprises and 3.03% in Adani Ports.
This case was registered in the Federal Court of New York on 24 October 2024. In fact, on November 21, the United States Attorney’s Office said that Adani had given 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. Were.
This entire matter is related to Adani Group company Adani Green Energy Limited and another firm. This case was registered in the Federal Court of New York on 24 October 2024. In its hearing on Wednesday i.e. November 20, Gautam Adani, his nephew Sagar Adani, Vineet S Jain, Ranjit Gupta, Cyril Cabenis, Saurabh Aggarwal, Deepak Malhotra and Rupesh Aggarwal have been made accused.
According to Reuters report, arrest warrants have also been issued against Gautam Adani and Sagar. Sagar is an officer of Adani Green Energy Limited.
In the picture, Gautam Adani (sitting on the chair, first from right) and Sagar Adani (standing behind, first from left).
understand, what is The whole matter of manipulation and bribery… According to the filing of the US Justice Department, Solar Energy Corporation of India i.e. SECI had taken out a contract for the supply of 12 GW of energy in the country. SECI is a renewable energy company of the Government of India, whose objective is to increase the use of solar energy in the country.
Between December 2019 and July 2020, Adani Green Energy Limited (AGEL) and a foreign firm won the contract. He was issued Letter of Award (LOA).
A problem arose here. SECI was not getting customers for the electricity purchased from AGEL and foreign firms. In such a situation, he is not able to buy electricity from AGEN and foreign firms. This would have caused losses to Adani’s company and the foreign firm.
According to the charge sheet, Gautam Adani along with his nephew Sagar Adani, Vineet Jain and 7 people conspired to bribe the officials. So that state governments enter into power sale agreements with SECI and their solar power agreements find buyers.
According to the charge sheet, ‘Gautam Adani met a senior official of Andhra Pradesh several times between 7 August 2021 and 20 November 2021. So that a solar power agreement is signed between Andhra Pradesh Electricity Distribution Company (APEPDCL) and SECI.
After this an agreement was signed between APEPDCL and SECI. AGEL and the foreign firm got the contract. After this, the State Electricity Distribution Board of Chhattisgarh, Tamil Nadu, Odisha, Jammu and Kashmir signed contracts for purchase of power.
Two official documents have been released in this entire matter…
1. Indictment filed by American Prosecutors in the Clerk Office of the Eastern District Court of New York. There is no mention of arrest warrant in this.
2. Press release issued from the US Attorney’s Office for the Eastern District of New York. In this also there is no mention of arrest warrant against Gautam Adani.
At the same time, American news agency Reuters wrote in a report on November 21, ‘According to court records, a judge has issued an arrest warrant for Gautam Adani and Sagar Adani. Prosecutors are preparing to hand over these warrants to foreign law enforcement.
Adani Group has declared all the allegations baseless Adani Group has termed all the allegations as baseless. Issuing a statement on November 21, the group had said – ‘The allegations made 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 refute them.
The US Justice Department itself said that right now these are just allegations. The accused are considered innocent until proven guilty.
Sagar Adani manages the energy business Gautam Adani’s nephew, Sagar holds a degree in Economics from Brown University US. Sagar joined 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 more than 20 GW.
Adani Green Energy Limited has a clean energy portfolio of more than 20 GW, which includes one of the world’s largest solar power plants in the country’s southern state of Tamil Nadu. Adani Group has set a target of becoming the country’s largest company in this sector by 2030. The market cap of the company is Rs 1.85 lakh crore.
