By Admin 
Adani Group: Adani Group companies – Adani Power, Adani Enterprises, Adani Ports and Adani Green Energy on Saturday clarified the recent media reports through stock exchange filings. It is being claimed in these reports that the United States Securities and Exchange Commission (US SEC) is seeking approval from the US court to send legal summons to Adani Group Chairman Gautam Adani and his nephew Sagar Adani through other means including direct email.
What explanation did the company give?
Expressing their views in the filing, Adani Group companies said that there are no allegations against them nor is the company involved in any such proceedings. In this, Adani Group also reiterated its previous clarification given on 21 November 2024, in which it had talked about similar concerns after Bloomberg’s previous report on the same matter.
During that time, Bloomberg’s report also said that Adani Group companies had planned to bribe government officials to the tune of Rs 2,000 crore to get renewable energy projects in India. However, even then Adani Group had termed these allegations as baseless and said that they have always followed the law. During that time, due to these news, the shares of Adani Green Energy had fallen by about 19 percent. This caused huge loss to the company.
What is the allegation?
In fact, 8 people including billionaire businessman Gautam Adani and his nephew Sagar Adani are accused of fraudulently acquiring renewable energy projects in India. It was told that to achieve this project, he first collected money by lying to American investors and banks. Later, this money was used to bribe government officials, which was around 250 million dollars i.e. around Rs 2,029 crore.
This case was registered in the Federal Court of New York on 24 October 2024. It was said in the charge sheet that this is a violation of America’s Foreign Corrupt Practices Act (FCPA), but the interesting thing is that mention of planning to offer bribe was found in the document of America’s Justice Department. There is no mention of bribes actually being given. The case was also heard in the court on 20 November 2024.
Loss of Rs 1.1 lakh crore in 1 day
The impact of this news from America was visible on Adani Group companies. Shares of Auani Enterprises fell by about 11 percent. Similarly, a decline of about 14.6 percent was recorded in Adani Green Energy and about 12 percent in Adani Energy Solutions. Not only this, decline was also recorded in Ambuja Cement, ACC and Adani Total Gas. Due to this heavy selling, the market cap of 10 listed companies of the group decreased by Rs 1.1 lakh crore in a day to Rs 12.45 lakh crore. This showed that investors are constantly keeping an eye on the news of the American investigation regarding Adani Group and are on alert mode.
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