According to Forbes Real Time Billionaires List, 62 year old Gautam Adani's wealth is $ 56.8 billion (Rs 4.79 lakh crore).
It is not within the power of the US Securities and Commission (SEC) to send summons to Adani Group Chairman Gautam Adani on charges of bribery and fraud worth billions of rupees. This claim has been made in some media reports. It says that the summons will have to be sent through proper diplomatic channel.
This case related to 8 people including Gautam Adani has now reached the Supreme Court. Advocate Vishal Tiwari has filed a petition in the Supreme Court demanding investigation into this matter. The petition also alleges shortcomings in the investigation conducted by market regulator SEBI into the allegations by short seller Hindenburg Research against Adani Group and raises concerns over the credibility of the Securities Exchange Board of India.
Petitioner Vishal Tiwari 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 has filed a petition in the Supreme Court demanding investigation into the allegations made by Hindenburg.
Adani Green Energy is setting up a solar plant of 30 thousand MW capacity at a single place in Khavra, Gujarat.
SEC does not have the authority to send summons directly to Adani According to media reports, the US Securities and Commission (SEC) will have to send summons to Gautam Adani and his nephew Sagar through proper diplomatic channel, as it is not within its jurisdiction to send summons directly to a foreign national. The US SEC has no jurisdiction over foreign citizens and cannot send them anything by mail. The 1965 Hague Convention, a mutual legal assistance treaty between India and the US, regulates such cases.
Earlier on Saturday, news had come that the US SEC had summoned Gautam Adani and his nephew Sagar Adani to clarify their stand on the allegations of bribery and fraud against them. 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 reply to the SEC within 21 days.
The notice, sent through the New York Eastern District Court, states that 'Within 21 days after service of this subpoena (not including the date on which you receive this subpoena), you must respond to the attached complaint to the Plaintiff (SEC) or the Federal A motion must be served under Rule 12 of the Rules of Civil Procedure. If it fails to respond, judgment will be taken against Adani for the relief sought in the complaint. The reply will have to be filed in the court.
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.
Vishal Tiwari has already filed a petition Earlier, Vishal Tiwari had filed a petition in the Supreme Court to investigate the allegations made by Hindenburg. That case was of January 2023. Gautam Adani's flagship company Adani Enterprises announced a follow-on public offer of Rs 20,000 crore. This offer was to open on January 27, 2023, but just before that, on January 24, 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 reduced by about $ 12 billion (about Rs 1 lakh crore). Adani, however, denied allegations of any wrongdoing. In such a situation, Adani Group also canceled 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 case.
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.'
Graphics Source: VaskarAssets
