Supreme Court Petition Calls for Investigation Into US Bribery Allegations Against Gautam Adani
A recent request has been made to the Supreme Court, asking for an investigation into allegations of corruption against Gautam Adani, the billionaire industrialist. This request follows accusations from the United States Department of Justice that Adani’s group paid $265 million in bribes to Indian officials to secure favorable terms in solar power contracts in four states.
The petition, filed by advocate Vishal Tiwari, is part of the ongoing Adani-Hindenburg controversy surrounding claims of stock price manipulation. Tiwari argues that the new allegations from US prosecutors highlight unethical practices by the conglomerate and warrant an independent investigation by Indian authorities.
The Adani Group has denied these charges, calling them unfounded and asserting that they comply with all laws. They have pledged to explore all legal options to challenge these accusations.
However, the petition also emphasizes the need for transparency from SEBI, urging the regulatory body to swiftly conclude its investigations and share its findings to maintain investor confidence. It suggests that SEBI’s ongoing probe into allegations of short selling and market manipulation could shed light on the concerns raised by US authorities.
With previous accusations from the Hindenburg Research report earlier in the year alleging stock price manipulation and accounting misconduct, this latest indictment once again casts a spotlight on the conglomerate, raising questions about corporate governance and investor trust.
