Prime facie finding him guilty of violating the model code, the commission asked him to respond by March 7 as to why action should not be taken against him.
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.
Billionaire Gautam Adani's group has pulled out of a loan deal with a US agency to fund a port terminal in Sri Lanka, saying it will use its own resources for the project. In an exchange filing late on Tuesday, Adani Ports and Special Economic Zone Ltd (APSEZ) said the project "is on track for commissioning by early next year". "The project will be financed through the company's internal accruals and capital management plan," the firm said.
Backing embattled Adani Group, rating agency CRISIL Ratings on Friday said the conglomerate has sufficient liquidity and operational cash flows to meet debt obligations and committed capex and that there has been no negative actions so far by lenders and investors following the US indictment of group founder chairman. The Adani Group, which has the flexibility to reduce certain discretionary capital expenditure (capex) depending on developments in financial markets and future capital availability, has a healthy Ebitda and cash balance that reduces its dependence on external debt to sustain operations, it said in a bulletin.
Abu Dhabi's International Holding Company (IHC), one of the largest sovereign funds that manages assets close to $100 billion, has reaffirmed its support to the Adani Group, saying its outlook on investments in the group remains unchanged despite the US indictment of the conglomerate's founder chairman Gautam Adani. "Our partnership with the Adani Group reflects our confidence in their contributions to the green energy and sustainability sectors," IHC, one of Adani group's key foreign investors, said in a statement.
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.
The Transparency International survey found 69 per cent in India as saying they had to pay a bribe, followed by 65 per cent in Vietnam. China was much lower at 26 per cent while the same for Pakistan was 40 per cent.
The hotly debated 1998 JMM bribery case judgment, which protected former Union minister Shibu Soren from prosecution, was overturned by a seven-judge bench on Monday, ironically following a petition by his MLA daughter-in-law Sita Soren.
Billionaire Gautam Adani's group on Saturday clarified on reports of Kenya cancelling more than $2.5 billion in deals after US indictment on bribery charges, saying it had not entered into any binding agreement to operate Kenya's main airport. On the pact it had signed last month to build and operate key electricity transmission lines in Kenya for 30 years, the group said the project did not fall within the ambit of Sebi's disclosure regulations, thereby not warranting any disclosure on its cancellation.
The minority judgment of the 1998 verdict has highlighted the prima facie absurdity in the paradox created by the majority judgment, it said.
Congressman Elijah Cummings of Maryland and Henry Waxman from California, who are investigating bribery charges at Wal-Mart's Mexico unit, announced on Thursday they had documents which confirmed that Wal-Mart CEO Michael Duke and other high-ranking personnel were personally informed about the bribery allegations as early as October 2005, according to a CNN report.
The government and opposition parties on Monday reached an agreement to break the impasse in Parliament with dates announced for discussions on the Constitution in the Lok Sabha and the Rajya Sabha.
Megha Engineering had emerged as the second-biggest buyer of electoral bonds and donated the highest amount of about Rs 586 crore to the Bharatiya Janata Party, according to the data released by the Election Commission on March 21.
55% of respondents still unsure if their employer has a specific anti-graft policy.
Leader of Opposition Rahul Gandhi on Thursday demanded immediate arrest of industrialist Gautam Adani after the billionaire industrialist was charged in the United States for alleged bribery and fraud.
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).
The survey revealed that unethical behaviour still persists, with a majority of respondents justifying unfair actions undertaken to survive the economic downturn.
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.
In its FIR registered against eight persons, including Bansal's nephew Vijay Singla, CBI said Kumar had agreed to pay "illegal gratification" of Rs 10 crore to co-accused Sandeep Goyal, a businessman, for his appointment at a more lucrative post of Member (electrical) of Railway Board.
The company, which had made voluntary disclosures about the bribery incident to the US authorities, also said with this resolution, there was no pending investigations against Cognizant.
"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 had promised to scrap the Dharavi redevelopment project if it came to power. With the Mahayuti's massive mandate in the Maharashtra assembly election, that prospect has been laid to rest.
Parrikar asked voters to take money from other parties but vote for the BJP.
Corruption and bribery of members of the legislature erode the foundation of Indian parliamentary democracy, the Supreme Court said on Monday.
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.
Three Indian-Americans face up to 15 years in prison if they are convicted in a bribery case in the United States, a website has reported. The case is said to be the largest in the US involving bribery in a revenue office.
Ajay Garg, a close aide of Union Railway Minister P K Bansal's nephew and an alleged middleman in the Rs 10 crore bribery case, was arrested on Tuesday after he surrendered before a Delhi court, which remanded him in the Central Bureau of Investigation custody till May 9.
No great achievement or discovery or invention has been achieved without hard work. While the inspiration may have been an insight, it needs work to flesh the insight which requires hard work, asserts Mudit Jain.
FIFA has strongly denied allegations of bribery and corruption made in the BBC television programme Panorama.
Bill's 2011 version has provision to punish both taker and giver.
The company owns 12 of 45 facilities it has in India and around 75 per cent of its global headcount of 2,44,300 is based in the country
Nearly three weeks after recording his statement, the Central Bureau of Investigation has sought certain clarifications from Army Chief Gen V K Singh with regard to the bribery allegation levelled against Lt Gen (Retd) Tejinder Singh in connection with a truck deal.
He is accused of attempting to bribe an Election Commission official for retaining the party's poll symbol of 'two-leaves' for his faction.
An Indian student was sentenced to 14 months in jail for his involvement in a bribery scam under which the English test scores used for granting Australian permanent residency and visas were falsified.
The Central Bureau of Investigation on Thursday questioned the private secretary of Railway Minister P K Bansal in connection with the alleged Rs 10 crore bribery scandal involving Railway Board Member Mahesh Kumar and the minister's nephew V Singla.
Following a spate of bribery cases, Indian Inc may be in for some severe trouble after the UK Bribery Act comes into force from April 1.
SNC-Lavalin, a Canadian engineering company, has denied allegations of bribery in connection with a $60 million corruption case that created a political crisis in Kerala.
The apex court had earlier dismissed a similar plea, which made identical allegations filed by advocate Kamini Jaiswal.
