The Bombay High Court dismissed a petition challenging the Maharashtra government's decision on the Dharavi slum redevelopment project in Mumbai. The court upheld the tender awarded to Adani Properties Private Limited, stating that the grounds raised in the petition lacked force. The Adani Group emerged as the highest bidder for the project in the 2022 tender process, after the previous tender in 2018 was cancelled.
The recent Bihar Investor Summit 2024 saw a number of major announcements in the renewable energy sector, with NHPC pledging to invest Rs 5,500 crore, IOC announcing an investment of Rs 21,000 crore for refinery expansion, and NTPC revealing plans for a nuclear project. The Adani Group also announced a major investment of Rs 20,000 crore in a power plant in the state. With a focus on boosting industrial growth, the summit showcased Bihar's potential for investment in the renewable energy sector, particularly in fields like manufacturing and leather industry. The state has already attracted over 3,800 industry proposals, as confirmed by the Chief Secretary.
The state of Bihar is gearing up for its Investor Summit 2024, which will focus on highlighting the investment potential and growth opportunities in the manufacturing, renewable energy, and leather industries. With major corporations like Adani Group, IOC, Shree Cement, NTPC, and NHPC announcing multi-billion rupee investments in power plants, refineries, and cement plants, the state is set to attract a huge influx of capital and boost its economic development. The summit, scheduled for December 2024, is expected to provide a platform for investors to engage with government officials and business leaders and explore potential partnerships and collaborations. With the aim to transform Bihar into a vibrant industrial hub, the state government is leaving no stone unturned to showcase its strengths and attract investments.
Adani Total Gas, a subsidiary of the Adani Group, saw a surge in their share price after securing USD 375 million in funding. However, this positive news was followed by reports of city gas prices expected to rise by Rs 2-3/kg due to lower APM gas prices. In the midst of this, the Adani Total Gas also announced a 6% increase in profits for the second quarter of the year. Despite the success of Adani Total Gas, other gas companies such as Indraprastha Gas and Mahanagar Gas saw a decline in their share prices due to cuts in gas supply.
Both Houses of Parliament experienced disruptions on the second business day of the winter session as opposition members raised protests over various issues, resulting in repeated adjournments. The primary focus of these protests were discussions on allegations of wrongdoing by the Adani Group and the violence in Sambhal. With talks of a Joint Parliamentary Committee (JPC) inquiry and Congress's Priyanka Gandhi set to take oath as an MP, it is unlikely that Thursday's session will see any significant progress. The Chairman of the Rajya Sabha has reiterated the need to follow established traditions and respect rulings from the Chair, while opposition parties have filed multiple notices seeking discussions on various issues.
The Adani Group, led by billionaire Gautam Adani, his nephew Sagar, and key executive Vneet Jaain have been charged by the US Department of Justice with securities fraud in an alleged scheme to pay USD 265 million in bribes to Indian officials. The charges do not include violations of the US Foreign Corrupt Practices Act (FCPA) as previously reported. Adani Green Energy Ltd, the company at the center of the allegations, has denied all charges and plans to defend itself through legal means.
The Adani Group has been recently cleared of bribery charges by the US Department of Justice, according to a filing made by Adani Green Energy Ltd. Various media houses had reported the charges against Group Chairman Gautam Adani, his nephew Sagar Adani, and senior executive Vneet Jaain, but the company has denied these reports as incorrect. The statement filed by Adani Green Energy Ltd. clarified that the three individuals were not charged with any violation of the US Foreign Corrupt Practices Act.
Director Vetrimaaran and actor Vijay Sethupathi are back with Viduthalai 2, the sequel to the critically acclaimed Viduthalai. The trailer of the film, which also introduces Manju Warrier, promises audiences an intense, violent and thought-provoking story of oppression and rebellion against the system, with strong performances from Sethupathi and Soori. However, the launch event in Chennai was not without controversy as the film's release date announcement coincided with news of the indictment of Chairman Gautam Adani and other Adani Group officials in a bribery scandal, potentially impacting the film's funding and credit.
In a surprising turn of events, Kenyan President William Ruto has cancelled two major deals with India's Adani Group after its founder was indicted in the US for corruption. The deals, worth nearly $2 billion, included a 30-year lease for control of the country's main airport and a partnership to construct power transmission lines. Ruto cited "new information" from investigative agencies and partner nations as the reason for the cancellation, drawing thunderous applause from lawmakers in his state of the nation address. The move has sparked concerns about transparency and value for money in these deals, which have faced criticism from politicians and the public.
Adani Group is under scrutiny for alleged violations of disclosure norms concerning a US bribery case and the subsequent cancellation of major deals by Kenya. While the conglomerate has denied any involvement in the case, stock exchanges have sought explanations and experts believe that the Securities and Exchange Board of India (SEBI) may launch an investigation. The allegations, which include a criminal indictment and a civil complaint, could have significant consequences for Adani Group's reputation and access to international markets.