Fresh SC plea seeks probe into Gautam Adani's US indictment

25 Nov 2024 CW Team

A new plea has been submitted to the Supreme Court, calling for an investigation into allegations against billionaire Gautam Adani, who has been indicted in the US for alleged bribery and fraud. The petition, filed by advocate Vishal Tiwari as part of the ongoing Adani-Hindenburg case, claims the charges reveal "malpractices carried out by the conglomerate."

The US Department of Justice has accused Adani of orchestrating a $265 bribery scheme to secure favourable terms for solar power contracts in four Indian states. The Adani Group has denied the allegations, calling them baseless and asserting its compliance with all laws. The conglomerate has also pledged to explore all legal options in its defence.

In the plea, Tiwari argued that the charges are of a "serious nature" and merit investigation by Indian authorities. He emphasised the importance of the Securities and Exchange Board of India (SEBI) concluding its probe into alleged stock price manipulation and presenting its findings transparently to restore investor confidence.

"The SEBI investigation must clarify whether there is any connection between the short-selling allegations and the charges raised by US prosecutors. A conclusive report is essential to maintain the trust of investors," the plea stated.

(ET)

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