Tightening grip on Adani: US SEC summons Gautam Adani, nephew Sagar
#News Bureau India, Adani Group Chairman Gautam Adani and his nephew Sagar have been summoned by the US Securities and Exchange Commission (SEC) in the solar power contract bribery case. Both of them have been called to clarify their stand in this case. The summons have been sent to Adani’s Shantivan Farm residence in Ahmedabad and his nephew Sagar’s Bodakdev residence in the same city to respond to the SEC within 21 days. Both of them are accused of paying 265 million US dollars (Rs 2,200 crore) in bribes to get the contract. The November 21 notice sent through the New York Eastern District Court said- “Within 21 days of the service of this summons on you (not counting the day when you received it) … you must respond to the plaintiff (SEC) to the attached complaint or a motion under Rule 12 of the Federal Civil Rules.”November 23,2024
Gautam Adani, 62, and his nephew Sagar, who is a director of Adani Group’s power unit Adani Green Energy Ltd, along with seven other accused are accused of allegedly paying bribes to Indian government officials between around 2020 and 2024. They are accused of paying Rs 2200 crore. According to the indictment filed in a New York court on Wednesday, they received solar power supply contracts on such terms, which are expected to generate profits of US $ 2 billion over 20 years.
Separately from the indictment brought by the US Justice Department, the US SEC has also accused the two and Cyril Cabanes, an executive of Azure Power Global, of “participating in a massive bribery scheme”.
The Adani Group, which has a business ranging from ports, airports to power, has denied the allegations and said it will fight the charges with the help of all possible legal resources.
The Adani Group said in a statement, “The Adani Group has always been strongly committed to maintaining the highest standards of governance, transparency and regulatory compliance in all jurisdictions where it operates. We assure our stakeholders, partners and employees that we are a law-abiding group that fully complies with all laws.”
Separately from the indictment brought by the US Justice Department, the US SEC has also accused the two and Cyril Cabanes, an executive of Azure Power Global, of “participating in a massive bribery scheme”.
The Adani Group, which has a business ranging from ports, airports to power, has denied the allegations and said it will fight the charges with the help of all possible legal resources.
The Adani Group said in a statement- “The Adani Group has always been strongly committed to maintaining the highest standards of governance, transparency and regulatory compliance in all jurisdictions where it operates. We assure our stakeholders, partners and employees that we are a law-abiding group that fully complies with all laws.
Separately from the indictment brought by the US Justice Department, the US SEC has also accused the two and Cyril Cabanes, an executive of Azure Power Global, of “participating in a massive bribery scheme”.
The Adani Group, which has a business ranging from ports, airports to power, has denied the allegations and said it will fight the charges with the help of all possible legal resources.
The Adani Group said in a statement- “The Adani Group has always been strongly committed to maintaining the highest standards of governance, transparency and regulatory compliance in all jurisdictions where it operates. We assure our stakeholders, partners and employees that we are a law-abiding group that fully complies with all laws.
However, Adani’s denial or the Indian media’s flexible attitude towards the Adani Group is not going to weaken the case going on in the US. If any charge of corruption case comes in the US court, then it is difficult for the accused to escape. The US Justice Department has said on the basis of the FBI investigation that the Adani Group raised US $ 2 billion in loans and bonds from US companies under the guise of false and misleading statements. The Adani Group firms lied to investors and the market that they do not get projects by paying bribes. They also claimed that no investigation is going on against them anywhere. Whereas the FBI had already seized Sagar Adani’s mobile in the US. Last year, the SEC had sent a notice to Gautam Adani informing him about the investigation.
When Bloomberg published this news, the Adani Group immediately denied Bloomberg’s news. Adani again reiterated that he did not give any bribe to get the project nor is any investigation going on against him anywhere. But this lie of Adani Group has now been exposed.
