After the Supreme Court, the case has now reached the Madras High Court against 8 people, including Adani Group Chairman Gautam Adani, for cheating and giving bribes worth billions of rupees. A petition has been filed in the Madras High Court seeking directions to the Home Ministry to conduct an investigation by a Special Investigation Team (SIT), Enforcement Directorate (ED) or the Central Bureau of Investigation (CBI).
Advocate and President of Desiya Makkal Shakti Kutch ML Ravi has filed this petition in the High Court. Through the petition, he said Adani was accused of being involved in a scheme to bribe Indian government officials to secure solar power supply contracts with industrialists, power distribution companies and Indian institutions in several Indian states, including Tamil Nadu.
The advocate argued that even after a foreign country exposed corruption in India, Indian investigative agencies remained silent. She is acting like a mere spectator, which is an insult to the entire country and its 140 crore citizens. He said that corruption has eroded public confidence in government institutions and hindered the country's development.
An application was filed in the Supreme Court on November 24 to investigate the matter Earlier on Sunday i.e. November 24, Advocate Vishal Tiwari filed a petition in the Supreme Court and demanded an investigation into the matter. The petitioner said that the US Justice Department's order and the United States Securities and Exchange Commission's complaint had exposed the irregularities of the Adani group.
He said that the allegations are so serious that the matter should be investigated by Indian agencies in the interest of the country. Advocate Vishal Tiwari filed a petition in the Supreme Court in January 2023 seeking an inquiry into the allegations leveled by Hindenburg.
All 10 shares of Adani Group tumbled All 10 shares of Adani Group are seeing a decline amid all these news. Adani Green Energy shares fell the most by 6.35%. At the same time Adani Enterprises is down 2.74% and Adani Ports is down 2.27%.
The case was filed on 24 October 2024 in a federal court in New York In fact, on November 21, the United States Attorney's Office said that Adani paid or planned to pay bribes of $265 million (about Rs 2,200 crore) to Indian officials to secure contracts related to solar power in India.
The entire matter is related to Adani Group company Adani Green Energy Limited and another firm. The case was filed in federal court in New York on October 24, 2024. Gautam Adani, his nephew Sagar Adani, Vineet S Jain, Ranjit Gupta, Cyril Cabenis, Saurabh Agarwal, Deepak Malhotra and Rupesh Agarwal have been made accused in the hearing held on Wednesday i.e. November 20.
According to a Reuters report, arrest warrants have also been issued against Gautam Adani and Sagar. Sagar is an officer of Adani Green Energy Limited.
Pictured are Gautam Adani (seated on chair, first from right) and Sagar Adani (standing back, first from left).
Understand, what is The whole case of manipulation and bribery… According to a US Justice Department filing, Solar Energy Corporation of India or SECI had signed a contract to supply 12 gigawatts of energy to the country. SECI is a renewable energy company of the Government of India, which aims to increase the use of solar energy in the country.
Adani Green Energy Limited (AGEL) and a foreign company won the contract between December 2019 and July 2020. A Letter of Award (LOA) was issued to him.
A problem arose here. SECI was not getting customers for electricity purchased from AGEL and foreign companies. In such a situation it is not able to purchase electricity from AGEN and foreign companies. This would have hurt Adani's company and the foreign firm.
According to the chargesheet, Gautam Adani and his nephew Sagar Adani, Vineet Jain and 7 others conspired to bribe officials. So that state governments can enter into power sale agreements with SECI and find buyers for their solar power contracts.
According to the charge sheet, 'Gautam Adani met senior Andhra Pradesh officials several times between 7 August 2021 and 20 November 2021. So that solar power agreement is signed between Andhra Pradesh Vidyut Distribution Company (APEPDCL) and SECI.
After this an agreement was signed between APEPDCL and SECI. AGEL and a foreign firm were awarded the contract. After this the State Electricity Distribution Boards of Chhattisgarh, Tamil Nadu, Odisha, Jammu and Kashmir signed agreements for purchase of electricity.
Two official documents were released in this whole matter
1. Indictment filed by American prosecutors in the Clerk's Office of the Eastern District Court of New York. There is no mention of an arrest warrant.
2. Press release issued from the US Attorney's Office for the Eastern District of New York. It also does not mention the 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 arrest warrants for Gautam Adani and Sagar Adani. Prosecutors are preparing to hand over the warrant to foreign law enforcement.
Adani Group declared all the allegations baseless Adani Group has dismissed all the allegations as baseless. In a statement issued on November 21, the group said- 'Directors of Adani Green Energy Limited v. United States Department of Justice and United States Securities and Exchange Commission. The allegations made by the Exchange Commission are baseless. We refute them.
The US Justice Department itself said that these are only allegations at this time. Accused are presumed 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 the Adani Group in 2015. Sagar manages the group's energy business and finance. It focuses on the 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 GW Adani Green Energy Limited has a clean energy portfolio of more than 20 GW, including the world's largest solar power plant in the country's southern state of Tamil Nadu. Adani Group aims to become the country's largest company in this sector by 2030. The market cap of the company is Rs 1.85 lakh crore.
Image Credit: (Divya-Bhaskar): Images/graphics belong to (Divya-Bhaskar).
