THE RECENT INDICTMENT of the Adani Group Chairman Gautam Adani (in photo) and seven others in the US on charges of fraud and bribery have triggered global repercussions for the ports-toretail conglomerate, apart from a steep initial fall in stock prices.
Prosecutors in New York have indicted Adani, his nephew Sagar Adani, and six others, including a former executive of Adani Green Energy, on counts of fraud over an alleged scheme to bribe Indian officials around $250 million to corner solar power contracts.
In a separate development, the US Securities and Exchange Commission filed a civil lawsuit against Adani and his associates for "conduct arising out of a massive bribery scheme". It alleges that the group raised funds from US investors without revealing this alleged scheme. This comes almost two years after US-based short-seller Hindenburg Research accused the firm of stock manipulation and accounting fraud.
The group has termed these charges as baseless. Senior advocate Mukul Rohatgi said in a media briefing that Gautam Adani and his nephew Sagar were personally not named in the charges of bribery. He said this was his personal opinion. Rohatgi added, "There is no mention of who was bribed, how they were bribed, or any direct involvement by Adani officials."
Denne historien er fra December 08, 2024-utgaven av Business Today India.
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Denne historien er fra December 08, 2024-utgaven av Business Today India.
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"OFFER MORE SOPS FOR THE NEW TAX REGIME”
Dinesh Kanabar, CEO of Dhruva Advisors, on the tax-related measures expected in the Budget, reforms, and more
IN SEARCH OF A BOOSTER SHOT
TO BOOST GROWTH, THE GOVERNMENT MAY FOCUS ON INCREASING CAPEX AND BOOSTING DOMESTIC CONSUMPTION, PARTICULARLY TARGETING THE MIDDLE CLASS. THIS COULD PROVIDE A FILLIP TO STOCKS IN THOSE SECTORS
HEALTH BOOST
THE HEALTHCARE SECTOR IS EXPECTED TO RECEIVE A SHOT IN THE ARM IN BUDGET 2025-26, WITH A FOCUS ON PRIMARY HEALTHCARE, DIGITAL HEALTH, AND BOOSTING PHARMACEUTICAL MANUFACTURING AND RESEARCH. BUT CHALLENGES LIKE THE SHORTAGE OF HEALTHCARE PROFESSIONALS REMAIN
"Indian aviation to see double-digit growth for the next 30 years"
Vinay Dube, Founder & CEO of Akasa Air, on the country's aviation sector, why the airline was set up, and more
TIME TO BE SMART
This year could be a good time to take home some profits, reduce risk, and shift to large-cap investments
CLOTHES MAKETH A MAN
THE MEN’S LUXURY MARKET IN INDIA, ONCE A NICHE SEGMENT, IS WITNESSING AN EXTRAORDINARY RISE AND IS THRIVING, THANKS TO SOCIAL MEDIA AND RISING DISPOSABLE INCOMES
Front-running Redux
Ketan Parekh has again been accused by Sebi. This time the allegations are of front-running, an unethical practice in financial markets
Triumph of Engineering
The Udhampur-Srinagar-Baramulla Railway Line in J&K is set to expedite trade and tourism
MAKING A MARK
IN A LANDSCAPE DOMINATED BY THE BIG FOUR ACCOUNTING FIRMS, DHRUVA ADVISORS HAS STRUCK IT BIG ON THE BACK OF ITS TAX AND REGULATORY ADVISORY SERVICES, ASSISTING SOME OF THE MARQUEE DEALS OF INDIA INC.
TIME FOR A TAX BREAK?
INDIVIDUAL TAXPAYERS LOOK FORWARD TO THE BUDGET EVERY YEAR HOPING FOR A BIG TAX BREAK. IT HAS ELUDED THEM FOR YEARS, BUT WITH HIGH INFLATION, MODERATING URBAN CONSUMPTION, AND ROBUST TAX COLLECTIONS, WILL THE MIDDLE CLASS GET A TAX BREAK IN FEBRUARY?
