2 weeks Ago By Varnika Srivastava
A fresh application was submitted to the Supreme Court on Sunday, urging it to consider bribery and fraud charges brought by US authorities against billionaire Gautam Adani and seven associates. The petition criticizes the Securities and Exchange Board of India (Sebi) for alleged shortcomings in its investigation into allegations by Hindenburg Research against the Adani Group, raising questions about the regulator’s credibility. “Despite the deadline given by the Honourable Supreme Court in its order dated January 3, 2024, Sebi has not filed any report or conclusions of the investigations till now.
In the present scenario, when the investigation report is not brought on record, it reduces confidence in the regulatory authority Sebi,” the application states. The application follows Sebi’s recent inquiry into US allegations that Adani Green Energy, a subsidiary of the Adani Group, failed to disclose an investigation into an alleged bribery scheme. Sebi is reportedly waiting for detailed reports from Indian stock exchanges before deciding on a formal probe.
This week, Adani, 62, and seven executives of his conglomerate, including his nephew Sagar Adani, were indicted in a New York court on charges of orchestrating a $265 million bribery scheme. Prosecutors claim the scheme aimed to secure lucrative solar energy contracts in India, expected to yield $2 billion in profits over two decades. Additionally, the US Securities and Exchange Commission (SEC) has accused the Adani Group and Azure Power Global executive Cyril Cabanes of issuing false statements to secure $2 billion in loans and bonds.
The Adani Group has denied all allegations, calling them “baseless.” These charges have intensified scrutiny of the Adani Group, which was previously accused by Hindenburg Research of misusing offshore tax havens. In August 2024, Hindenburg alleged that Sebi chairperson Madhabi Puri Buch had ties to offshore funds linked to the conglomerate, suggesting a conflict of interest in the investigation.
Buch and Sebi have denied these allegations, describing them as baseless and reaffirming that the regulator thoroughly investigated the claims against the Adani Group..
