THERE have been two very damaging after effects of the sordid affair involving Gautam Adani and his shady empire, as exposed by US “short-seller” Hindenburg Research and through the equally shady withdrawal of the apparently “oversubscribed” Rs 20,000 Follow-on Public Offering (FPO) of Adani Enterprises. The first was that a somewhat decent Union Budget’s sheen has been almost fully buffed out and secondly, and more disastrously, India’s position as a dependable financial giant before the world has been tarnished like never before.
This is not just a shameful episode in Indian corporate governance, but, considering the open closeness of Adani to the powers that be, it might translate to national embarrassment. This could lead to the immediate flight of foreign capital at the minimum, to a loss of long-term foreign investment, even with India bonds being downgraded in international markets. The unfolding of the acts of a single unscrupulous mind has the potential to derail the entire development and political process of the country.
In a year in which nine state elections are lined up, and racing into next year’s general elections, neither the government nor the Securities and Exchange Board of India (SEBI) can afford to be near the toxic influence of the Adanis. As of writing this, the Nifty index still had Adani Enterprises and Adani Ports and Special Economic Zone affecting its position. And this remains, even as, in the US markets Adani Enterprises (XBOM: 512599) shares face removal from the Dow Jones Sustainability Indices, effective prior to opening on February 7, 2023.
Denne historien er fra February 13, 2023-utgaven av India Legal.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra February 13, 2023-utgaven av India Legal.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
PIL, Difficult To Swallow?
In a recent ruling, the Bombay High Court lamented the increasing number of frivolous public interest litigations being filed in courts and echoed the sentiments of the Supreme Court that such litigations are the bane of the judicial system. Is there any way to restrict their misuse?
Till Infertility Do Us Part...
The Calcutta High Court slammed a husband for initiating divorce proceedings due to his wife's infertility and asked him to be a pillar of support for her. Courts have often taken an empathetic view in such matters
IS THAT LEGAL?
Ignorance of law is no excuse. Here are answers to frequently asked queries regarding matters that affect us on a day-to-day basis
The Big Lie
In America, The Big Lie is an idiom used by Donald Trump's opponents and the media to describe his constant gripe about election fraud. Now, it seems more suited to another Republican, Congressman George Santos (right), who has been facing growing calls to resign after he admitted fabricating parts of his resume and biography since his election in New York last year.
Flying into the Sunset
Over 50 years since the first and original jumbo jet, the Boeing 747, took to the skies and revolutionized air travel, the last of the legendary aircraft (right) was delivered to a freight charter company, bringing down the curtain on one of aviation's most successful products.
Star Crossed
Actor and producer Alec Baldwin is a Hollywood legend, having starred in a range of movies, award winning TV sitcoms, and theatre. He was most recently seen in Mission Impossible Fallout, which is an apt description of his current situation.
Walkouts in the UK
An estimated half a million workers have gone on strike, shutting down thousands of schools, public transport and border disruption. It is the biggest day of industrial action for more than a decade.
Myanmar's Misery
Two years after the military coup ousted the elected government led by Aung San Suu Kyi, the brutal crackdown by the junta on so-called \"insurgents\" and civilian protesters has reached a new level with the use of air strikes, a new and deadly tactic in the ongoing civil war.
AMERICA'S ANGST
From messy, divisive politics to a series of mass shootings, and now black officers brutally beating another black man to death as seen in bodycam videos, America's domestic convulsions are cause for serious introspection
JUSTICE LEAGUE
There are few judicial appointment procedures in the world that are completely bereft of the overarching presence of either the executive or the legislature, or both. In the end, the judge is left with all the powers vested in him/her by the constitution to uphold the rule of law, within an atmosphere of external influences