A new petition has been recently filed in the Supreme Court urging an investigation into allegations against billionaire industrialist Gautam Adani.
The US Department of Justice has charged Adani with engaging in bribery and fraud, a move that has drawn attention to alleged malpractices by his conglomerate. The plea, filed by advocate Vishal Tiwari, adds to the ongoing Adani-Hindenburg case regarding accusations of stock price manipulation by the Indian corporate giant.
According to US prosecutors, Adani is implicated in a scheme involving a $265 million (approximately ₹2,200 crore) bribe to Indian officials. This bribe was allegedly aimed at securing favorable terms for solar power contracts across 4 Indian states.
The Adani Group has firmly denied these accusations, terming them baseless and asserting compliance with all legal requirements. The conglomerate has also pledged to explore every legal recourse to counter these claims.
Advocate Tiwari’s application highlights the gravity of the allegations and calls for a thorough investigation by Indian authorities. He emphasized the necessity for regulatory bodies like SEBI (Securities and Exchange Board of India) to complete their investigations and provide clarity.
“The 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 leveled by the foreign authorities might have a connection or may not, but SEBI’s investigation report should clear this so that the investors may not lose confidence,” Tiwari’s plea stated.
The ongoing controversy stems from the earlier Adani-Hindenburg episode, where the conglomerate faced accusations of manipulating stock prices and leveraging offshore entities to inflate valuations.
The addition of US bribery charges intensifies the scrutiny surrounding the group, raising concerns about corporate governance and regulatory oversight in India.
The Supreme Court is already overseeing related petitions in the Adani-Hindenburg case, making this new plea a significant development. It underscores the demand for accountability and transparency from one of India’s largest corporate entities.
As the case unfolds, it has broader implications for investor confidence and the credibility of India’s regulatory framework, with many eagerly awaiting SEBI’s findings.
For now, the matter remains under judicial review, with both national and international stakeholders closely monitoring developments.
