Supreme Court Petition Seeks Investigation into US Bribery Allegations Against Gautam Adani
A recent plea has been filed in the Supreme Court, calling for an investigation into allegations of bribery against Gautam Adani, following an indictment by the United States Department of Justice. The accusation suggests that the Adani Group paid $265 million in bribes to Indian officials to secure favorable terms in solar power contracts across four states.
Advocate Vishal Tiwari submitted the petition, linking it to the ongoing Adani-Hindenburg controversy surrounding claims of stock price manipulation. Tiwari argues that the new charges from US prosecutors reveal unethical practices by the conglomerate, prompting the need for an independent inquiry by Indian authorities.
Despite the serious accusations, the Adani Group has vehemently denied any wrongdoing, labeling the allegations as unfounded and asserting their compliance with all regulations. The conglomerate has expressed its commitment to pursuing all legal avenues to address the accusations.
The petition also emphasizes the importance of transparency from the Securities and Exchange Board of India (SEBI) in swiftly concluding its investigations and making the findings public to maintain investor confidence. It suggests that SEBI’s ongoing probe into allegations of short selling and market manipulation may shed light on the concerns raised by US authorities.
Following the Hindenburg Research report earlier this year, which accused the Adani Group of stock price manipulation and accounting irregularities, the recent indictment has once again brought the conglomerate under scrutiny. Questions have been raised regarding corporate governance and trust from investors.
