'While the current pause offers temporary reprieve and alleviates any immediate legal pressure, the long-term implications remain uncertain.'
With billionaire Gautam Adani charged in the United States with alleged bribery and fraud, the Congress on Thursday said it 'vindicates' its demand for a Joint Parliamentary Committee investigation into the various 'scams' involving his conglomerate.
Fitch Ratings has removed energy infrastructure company Adani Energy Solutions Ltd (AESL) from its 'Ratings Watch Negative' list, the first upgrade by an international ratings agency since the US indictment. Fitch affirmed AESL long-term foreign and local-currency issuer default ratings (IDRs) at 'BBB-'.
The Adani Group plans to invest a record $15-20 billion across businesses over the next five years to chart out the next phase of growth, chairman Gautam Adani said on Tuesday as he touted the conglomerate's strong balance sheet and robust business to shrug off relentless scrutiny it faces. Record earnings from the businesses ranging from seaports to airports, renewable energy parks to data centres, cement to gas and electricity has built India's largest infrastructure group that not only exists just to serve the markets but to serve the nation's destiny, he said.
Billionaire Gautam Adani's group on Monday announced its exit from FMCG joint venture Adani Wilmar by selling its entire stake to the Singaporean partner and in the open market for an estimated over $2 billion in a first major deal since the US bribery indictment. In a statement, Adani Enterprises Ltd -- which held 43.94 per cent stake in Fortune brand cooking oil, wheat flour and other food product maker Adani Wilmar Ltd -- said it will sell 31.06 per cent stake to Wilmar International. About 13 per cent will be sold in the open market to meet minimum public shareholding requirements.
Hindenburg Research, the forensic financial firm that challenged the Adani Group, took its name from the infamous airship that burst into flames upon arriving in New Jersey in 1937. And the counter to its damning report against the conglomerate was dubbed 'Operation Zeppelin,' named after the German dirigible airships used for reconnaissance and bombing during the First World War.
Gautam Adani, India's second-richest man, and seven others including his nephew Sagar have been charged with paying bribes to unidentified officials of state governments in Andhra Pradesh and Odisha to buy expensive solar power, potentially earning more than $2 billion profit over 20 years.
Karnataka Chief Minister Siddaramaiah on Tuesday said tenants are also eligible to avail the 'Gruha Jyoti' scheme, under which 200 units of free power will be provided to all domestic consumers in the state from July 1.
A raft of banks could face tough questions in the sweeping US crackdown on alleged corruption in global soccer as prosecutors review how much they knew about millions of dollars in bribes flowing through the US banking system to accounts around the world.
Adani Group on Friday raised Rs 4,850 crore from the sale of 13.5 per cent of its stake in Fortune oil maker Adani Wilmar as part of a strategy to exit non-core activities to focus on main infrastructure business. The conglomerate, which last month announced its exit from Adani Wilmar by selling the bulk of its stake to a joint venture partner, had on Thursday announced sale of 17.54 crore shares (13.50 per cent equity) in the company on January 10 (to non-retail investors) and on January 13 (to retail investors) at a floor or minimum price of Rs 275 apiece.
Billionaire Gautam Adani and his nephew Sagar Adani have not been charged with any violations of the US Foreign Corrupt Practices Act (FCPA) in the indictment filed by US authorities in a court in a bribery case, the Adani Group said on Wednesday.
Unprecedented bribery charges, farewells, separation, failed union, monumental mergers and record-breaking IPOs, along with a healthy dose of online happenings in the form of spat and lessons in customer care, corporate India saw it all in 2024.
Though a settlement will provide respite from a long legal battle, legal experts say it may create a perception of guilt.
According to the PIL, the 'Ghar Ghar Guarantee Scheme' involves the distribution of guarantee cards that promise various financial and material benefits in exchange of votes.
Stock exchanges have sought clarification on violation of disclosure norms by Adani Group entities regarding the alleged bribery case in the US and subsequent cancellation of Kenya's airport expansion deal. In its response to the case in the US, Adani Group firms on Thursday had said "there are no allegations made against the company". On clarification with regard to Kenya cancelling airport expansion and energy deals following the US bribery and fraud indictments, the group is yet to respond to the bourses.
'What I will say is on the US and India relationship, we believe that it stands on an extremely strong foundation anchored in ties between our people and cooperation across a full range of global issues.'
State Bank of India, NTPC, ITC, Asian Paints, Bajaj Finance and Bajaj Finserv were also among the major laggards. In contrast, Power Grid, UltraTech Cement, HCL Technologies and Axis Bank were among the gainers.
Six US Congressmen have written to the Attorney General of the United States expressing concerns over the Department of Justice's indictment of the Adani Group, alleging it jeopardizes relations with India. The letter, signed by Lance Gooden, Pat Fallon, Mike Haridopolos, Brandon Gill, William R Timmmons, and Brian Babin, criticizes the Biden administration's decision to pursue the case, arguing that it has no real injury to US interests and could negatively impact the strategic partnership between the US and India. The Congressmen call for an investigation into the DOJ's conduct and request records pertaining to the case.
As the Bharatiya Janata Party looks set to retain Haryana, the Congress' poll campaign, which was built around various issues including unemployment, farmers' plight and Agnipath scheme, appeared to have failed to click with a majority of the voters.
Former Honduran President Rafael Callejas pleaded guilty on Monday to U.S. charges that he participated in bribery schemes that are under investigation at soccer's world governing body FIFA.
French energy giant TotalEnergies SE on Monday said it will make no new financial contribution as part of its investments in Adani group companies till the Indian firm's founder is cleared of bribery charges. The energy giant said it was not aware of the investigation into the alleged corruption. TotalEnergies is one of the biggest foreign investors in billionaire Gautam Adani's business empire and had previously taken stakes in the group's renewable energy venture Adani Green Energy Ltd (AEGL) and city gas unit Adani Total Gas Ltd (ATGL).
Bahel, who was in the field procurement unit of the procurement department of the United Nations, was investigated for bending the rules to steer millions of dollars worth of contracts to Indian firms.
A Central Bureau of Investigation team on Friday arrived at the Som Vihar residence of former Jammu and Kashmir governor Satya Pal Malik in connection with its probe in the alleged insurance "scam" in the Union territory which came to light after his statement that he was offered bribes to clear related files, officials said.
Switzerland's Federal Office of Justice (FOJ) on Wednesday handed over the first batch of evidence to US authorities for its investigation into alleged bribery schemes for soccer marketing rights.
Nayab Singh Saini on Wednesday staked claim to form the next government in Haryana, hours after he was unanimously elected as the leader of the Bharatiya Janata Party legislature party in the state.
"Less than two week back, we faced a set of allegations from the US about compliance practices. This is not the first time we have faced such challenges. What I can tell you is that every attack makes us stronger," he said addressing the 51st Gems and Jewellery Award in Jaipur.
The opposition on Sunday asked the Centre to allow discussions in the Parliament on the United States prosecutors' bribery charges against the Adani Group even as Union minister Kiren Rijiju made it clear that the matters to be taken up in the two Houses will be decided by their authorised committees with the consent of the respective Chair.
The Bharatiya Janata Party on Thursday defended the electoral bonds scheme, struck down as unconstitutional by the Supreme Court, saying it had a laudable objective of bringing transparency in poll funding.
Leaders of several opposition parties on Thursday hailed the Supreme Court verdict striking down the electoral bonds scheme and termed it an important step in ensuring transparency in electoral funding.
Rafael Callejas, the former president of Honduras, on Monday flew to the United States where he has been indicted for alleged links to a multimillion-dollar bribery scheme at the world soccer governing body FIFA.
FIFA executive committee members Juan Angel Napout and Alfredo Hawit have been suspended from football for 90 days after their arrest in Switzerland, the ethics committee of the football's governing body said on Friday.
In an act of protest against a corruption scandal that has stirred Brazil one artist has blindfolded several 100 statues, including one of Mahatma Gandhi.
Kerala Excise Minister K Babu resigned on Saturday hours after a Thrissur court ordered the vigilance department to register an FIR against him in the bar bribery scam.
A high-ranking US Navy official has been charged with accepting prostitutes, luxury travel and USD 100,000 in cash from a foreign defence contractor in exchange for classified and internal navy information.
Venezuelan soccer official Rafael Esquivel has agreed to be extradited from Switzerland to face charges in the United States in an ongoing investigation into alleged corruption in the sport, the Swiss government said on Friday.
Suspended FIFA President Sepp Blatter and European soccer boss Michel Platini were both banned for eight years on Monday by FIFA's Ethics Committee.
The former longtime president of Peru's soccer federation, Manuel Burga, has been arrested as part of an ongoing US-led investigation into corruption at the sport's world governing body, FIFA.
Switzerland extradited a former Costa Rican soccer boss to the United States on Friday and approved the handover of a former South American federation chief to Uruguay in the latest judicial steps in the corruption scandal that has engulfed the sport.
US sports television network ESPN has invited the five candidates in FIFA's presidential election to participate in a debate on the future of the crisis-hit governing body for world football.
The Election Commission (EC) had in September last year recommended to the Union law ministry to tweak the Conduct of Election Rules, 1961 to ensure that voters on poll duty cast their vote at voter facilitation centre located where they are deployed.
