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 chairperson of India's Securities and Exchange Board (SEBI), Madhabi Puri Buch, and her husband have been accused by US short-seller Hindenburg Research of investing in offshore entities connected to a fund managed by India Infoline and in which Vinod Adani, brother of Gautam Adani, also held investments. The Adani Group denied any commercial relationship with Buch or her husband, dismissing the claims as malicious. Buch, who has over three decades of experience in finance, took over as SEBI's first female chief in 2022 and has a history of cracking down on fraudulent trading and passing controversial orders. She is also a graduate of Delhi University and IIM Ahmedabad and has held top positions at ICICI Securities Limited and ICICI Bank.
Indian Railway Finance Corporation (IRFC), a public sector undertaking, recently launched its first public offering to raise funds for investing in railway projects. The offering received a great response from investors as it was oversubscribed by more than 3 times on the first day of bidding. This is expected to aid the government's target of divesting its stake in public sector companies to raise funds. With this successful offering, IRFC has become the first PSU to kick off the government's ambitious disinvestment plans for this fiscal year.