The Congress party is calling for a Joint Parliamentary Committee investigation into the alleged 'Adani Mega Scam', as US prosecutors have charged billionaire Gautam Adani and others for paying over $250 million in bribes to Indian officials in exchange for favorable terms for solar power contracts. The Bharatiya Janata Party has responded by targeting the Congress and questioning the timing of the development, as the allegation comes just before the start of Parliament session and the beginning of Donald Trump's presidency. The Congress also called for a new and credible head to be appointed for the Securities and Exchange Board of India, as the US Securities and Exchange Commission's actions have sparked criticism towards the Indian counterpart's handling of the investigation into the Adani Group's potential violations.
The Adani Group, a major Indian conglomerate, faced a devastating blow on Thursday as its stock prices plunged by as much as 20% following the indictment of its founder and chairman, Gautam Adani. Adani and seven other individuals were charged with paying over $250 million in bribes to Indian government officials in order to secure lucrative solar energy contracts. The fallout from the scandal has also impacted other stocks in Adani's portfolio, including Adani Green Energy and Adani Total Gas. Stay updated on this developing story with Zee Business's comprehensive coverage on various platforms.
The chair of Adani Group, Gautam Adani, has been indicted in New York for his alleged involvement in a multibillion-dollar bribery and fraud scheme, according to US prosecutors. Adani and seven other defendants, including his nephew Sagar Adani, are accused of paying $265 million in bribes to Indian government officials in order to secure contracts and develop a massive solar power plant project in India. The scheme is expected to generate $2 billion in profit over 20 years.
Prosecutors in New York have charged Gautam Adani and two other executives with participating in a scheme to pay bribes to Indian government officials in order to secure solar energy contracts. The five-count indictment alleges that the defendants lied to US investors in their attempt to raise money. US authorities had been investigating Adani Group for possible bribery and improper payments in India, while the SEC has also filed a civil lawsuit.
In a major development for the Dharavi cluster redevelopment project, Adani Realty, led by Gautam Adani, has won a tender worth Rs 20,000 crore. The project aims to transform 259 hectares of land into a state-of-the-art township, boosting business in the area and providing ample opportunities for development. This project comes as a boon for the people of Mumbai and is set to make a significant impact on the city's real estate sector.
As India aims to increase its use of renewable energy sources and reduce its carbon footprint, they seek collaboration with Germany and other international partners. NTPC Green Energy and Adani Green have already announced major investments in solar and wind projects, with potential for more growth in the future. Other notable developments in India's renewable energy push include Adani's impressive progress and ONGC's new appointment. With these efforts, India and its partners are primed to lead the way in green energy.
In a blow to the profitability of gas companies, GAIL has slashed the allocated APM gas supply to IGL, MGL, and Adani Total Gas by up to 20%. With a trend of declining production, the supply cut to city gas distributors is a worrying development. This has led to a steep decline in the share prices of IGL and MGL, with domestic brokerages predicting a higher supply from expensive fields. International brokerage firms, however, foresee higher costs and a decline in margins for these gas companies.
Mumbai's Members of Parliament (MPs) are already strategizing ways to tackle the city's pressing issues, such as congestion at subway stations and slum rehabilitation projects. This comes after the cabinet's decision to request the transfer of salt pan land for the Dharavi Redevelopment Project on a lease basis. However, Shiv Sena leader Rahul Shewale has accused the Maharashtra Vikas Aghadi (MVA) government of trying to create hurdles in the project by making baseless allegations against the Adani Group.
In a move that has incited criticism from the ruling Mahayuti coalition, Shiv Sena chief Uddhav Thackeray has pledged to cancel the controversial Dharavi redevelopment project if his Maha Vikas Aghadi coalition is re-elected in the upcoming Maharashtra Assembly election. Thackeray also promised to reclaim land given to Adani Group and issue new tenders for more inclusive and suitable housing for the residents of Dharavi, a densely populated urban slum in Mumbai. The plan, which has been in the works for over two decades, has faced numerous delays and changes, with a recent bid by Adani Realty created uproar due to its higher initial investment. Uddhav's anti-development stance has sparked criticism from his opponents.
The stock market kicked off the new Samvat Year 2081 with a strong start as the BSE Sensex rose nearly 448 points in a special Muhurat trading session. This increase was attributed to widespread buying by investors, with all of the index's constituents trading in the green. The 50-issue Nifty also saw a significant rise, with 47 of its constituents ending in the green. Major contributors to the Sensex's gains were Mahindra & Mahindra, Adani Ports, and Tata Motors.