An application has been filed in the Supreme Court of India to produce an indictment from the US DOJ against Gautam Adani and the Adani Group for bribery allegations. It emphasizes the need for Indian agencies to investigate these serious claims. SEBI is still investigating the allegations, with concerns about restoring investor confidence amid ongoing scrutiny.
New Delhi: An application has been filed in the Supreme Court of India seeking to produce the indictment by the United States Department of Justice (DOJ) that raises bribery allegations against Gautam Adani and executives of the Adani Group. Advocate Vishal Tiwari filed the interlocutory application in connection with an earlier petition demanding an independent investigation into the Hindenburg Research allegations against the Adani Group.
The applicant stated that the DOJ’s indictment and the United States Securities and Exchange Commission (SEC) complaint “unveiled the malpractices carried out by the Adani Conglomerate” and emphasized the need for Indian agencies to investigate these serious allegations in the “interest of the nation.”
Read Also: Compulsory Arbitration Clause Withdrawn || Karnataka Revises Tender Rules
The Securities and Exchange Board of India (SEBI) is yet to conclude its investigation into the allegations against the Adani Group, as directed by the Supreme Court on January 3, 2024. The applicant noted,
“The SEBI has to inspire confidence by concluding the investigations and placing on record the report and conclusion of the investigations.”
The application also highlighted potential overlaps between allegations of short selling within the SEBI investigation and the accusations brought forward by the DOJ. The applicant argued that SEBI’s report could clarify these connections and “ensure investors do not lose confidence.”
Last week, the DOJ filed charges in a US court accusing Gautam Adani, Sagar Adani, and other company executives of orchestrating a million-dollar bribery scheme. They allegedly bribed Indian government officials to push Indian companies to buy solar power from an Adani subsidiary. These activities reportedly violated the Foreign Corrupt Practices Act (FCPA) and the Foreign Extortion Prevention Act (FEPA).
The applicant had earlier sought directions for SEBI to expedite its investigation, but the Supreme Court registry declined to register the plea, citing that the January 3 order set no definitive deadline, only stating that the investigation should “preferably” be completed within three months.
This application adds to the mounting calls for transparency and accountability in the ongoing investigations surrounding the Adani Group. The matter underscores the need for swift resolution to address investor concerns and restore confidence in regulatory oversight.
FOLLOW US ON YOUTUBE FOR MORE LEGAL UPDATES