'US Indictment Of Adani Must Be Investigated By Indian Agencies' : Petitioner In Adani-Hindenburg Matter Files Application In Supreme Court

An application has been filed in the Supreme Court seeking to produce the indictment of the United States Department of Justice which raised bribery allegations against Gautam Adani and other executives of Adani group of companies.

The interlocutory application has been filed in the petition which was filed last year seeking an independent investigation into the allegations levelled by Hindenburg Research against the Adani group of companies.

The applicant, Advocate Vishal Tiwari, stated that the order of the US Department of Justice and the complaint of the United States Securities and Exchange Commission "unveiled the malpractices carried out by the Adani Conglomerate and the allegations are of such serious nature that they shall also be investigated by the Indian Agencies in the Interest of nation.”

The applicant also submitted that the Securities and Exchange Board of India (SEBI) is yet to conclude its investigation against the Adani companies as per the Supreme Court's order of January 3, 2024.

"The SEBI has to inspire confidence by concluding the investigations and placing on record the report and conclusion of the investigations. As there were allegations of short selling in the SEBI investigation and the present allegations levelled by the foreign Authorities might have connection or may not have but the investigation report of the SEBI shall clear this so that investors may not loose confidence," the applicant stated.

The applicant had filed an earlier application seeking to direct the SEBI to complete the investigation against the Adani group of companies. However, the Supreme Court registry refused to register the application, saying that the Supreme Court had not set any definite deadline for the SEBI as per its January 3 judgment and that the Court only said that the investigation should be "preferably" completed within 3 months.

Last week, the US Department of Justice filed charges in a US Court accusing Gautam Adani, Sagar Adani and certain other company executives of orchestrating a million-dollar bribery scheme in the USA to bribe Indian government officials to make Indian companies buy solar power from an Adani subsidiary. It is alleged that their activities violated the US legislations Foreign Corrupt Practices Act (FCPA) and the Foreign Extortion Prevention Act (FEPA).