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A fresh plea has been filed in the Supreme Court seeking an investigation into alleged bribery involving Gautam Adani and others, following the Hindenburg Report. The petition criticizes the Securities and Exchange Board of India (SEBI) for not disclosing findings from a court-ordered probe into stock manipulation and related-party transaction violations, raising concerns about investor trust. It also points to discrepancies in Adani Green's communications regarding a Department of Justice investigation.
Adani Group's CFO defended the company against U.S. bribery charges, asserting that the allegations are linked to a single contract from Adani Green Energy, which constitutes about 10% of its business. The group has denied the claims as "baseless," emphasizing that none of its 11 public companies are indicted or accused of wrongdoing.
Gautam and Sagar Adani were aware of a U.S. investigation into alleged bribery when they sold a stake in India's largest solar park to TotalEnergies, according to prosecutors. The sale occurred after Adani Green Energy secured a major solar order, just before the alleged improper payments to officials began. U.S. prosecutors have charged eight individuals, including the Adanis, with making improper payments to ensure the project's success.
Zomato will replace JSW Steel in the Sensex index starting December 23, as announced by BSE. Additionally, several changes will occur in other indices, with companies like Ashok Leyland and IDFC First Bank being dropped from BSE 100, while Jio Financial Services and others will be added. In the BSE SENSEX 50, HDFC Life, BPCL, and LTI Mindtree will be replaced by Zomato, Jio Financial, and HAL.
Andhra Pradesh Chief Minister N. Chandrababu Naidu is closely monitoring the Adani bribery allegations and plans to take appropriate actions following a thorough review of the U.S. indictment involving Gautam Adani. The charges highlight a bribery attempt to secure power purchase agreements under the previous YSRCP government, which Naidu claims has a history of corruption and administrative failures.
BSE Ltd has announced the introduction of futures and options contracts on 43 individual stocks, including three Adani companies, Paytm, and Zomato, effective December 13. Details of the derivative contracts will be available in the derivatives contract master file generated at the end of the day on December 12, 2024.
India's capital markets regulator is investigating whether the Adani Group violated disclosure rules regarding a US Justice Department investigation into bribery allegations. The inquiry centers on whether Adani Green Energy Ltd. failed to disclose the investigation, which involves claims of bribery linked to energy projects. US prosecutors have charged Gautam Adani with involvement in a $250 million bribery scheme, which the Adani Group has denied.
India's capital markets regulator is investigating whether the Adani Group breached disclosure rules regarding market-sensitive information. The Securities and Exchange Board of India is examining if Adani Green Energy Ltd. failed to disclose a US Justice Department investigation into bribery allegations. A fact-finding process is set to continue for two weeks, after which a formal investigation may be initiated.
Adani Group stocks showed signs of recovery after a significant drop due to US bribery charges. Adani Ports and SEZ rose 1.7% to Rs 1,133, while Adani Green Energy climbed 3.5% to Rs 1,186. Despite this, Adani Energy Solutions fell 3.5% to Rs 673, following a tumultuous session that saw the group lose Rs 2.2 lakh crore in market capitalization.
Adani Group's green energy sector faces significant refinancing challenges following the indictment of founder Gautam Adani by US prosecutors, according to CreditSights. Analysts express particular concern for Adani Green Energy Ltd., citing its weak liquidity and credit fundamentals, which may lead creditors to limit their exposure to the group.
Adani Green Energy Limited
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