Plea in SC for probe into US indictment of Adani

A fresh plea has been filed in the Supreme Court seeking a probe into the indictment of billionaire industrialist Gautam Adani who has been charged in the US for alleged bribery and fraud, saying the move “unveiled malpractices carried out by the conglomerate”.

The plea has been filed by advocate Vishal Tiwari as an interlocutory application in the batch of pleas in the Adani-Hindenburg row over the allegations of stock price manipulation by the Indian corporate giant.

The US Department of Justice has accused Adani of being part of an elaborate scheme to pay $265 million (about Rs 2,200 crore) bribe to Indian officials in exchange for favourable terms for solar power contracts in four states. The Adani Group has denied the charge, saying the allegations levelled by the US prosecutors are baseless and that the conglomerate is compliant with all laws. It also vowed to pursue all possible legal recourse.

In his plea before the apex court, Tiwari contended the allegations against Adani were of “serious nature” and should be investigated by the Indian authorities.

“SEBI has to inspire confidence by concluding the investigations and placing on record the report and conclusion of the probes. As there were allegations of short-selling in the SEBI investigation and the present allegations levelled by the foreign authorities might have connection or may not have, but SEBI’s investigation report should clear this so that the investors may not lose confidence,” the plea said.

Notice to go via ‘proper channel’

New York: US SEC will have to serve the summons on Adani Group founder and chairman Gautam Adani and his nephew Sagar in the alleged USD 265 million (Rs 2,200 crore) payoffs through proper diplomatic channels as it has no jurisdiction to summon a foreign national directly, according to sources.