North News
New Delhi, November 27
Proceedings in the Lok Sabha and Rajya Sabha were adjourned on Wednesday after opposition protests over allegations against the Adani Group and violence in Uttar Pradesh’s Sambhal district. Opposition members stormed the Lok Sabha well, raising slogans, forcing BJP MP Dilip Saikia to adjourn the session after routine papers were tabled. Congress leader Rahul Gandhi criticized Adani’s denial of U.S. bribery allegations, saying, “You think Adani is going to accept the charges? Obviously, he is going to deny them.”
Indian conglomerate Adani Group dismissed accusations by the U.S. Department of Justice (DoJ) and the Securities and Exchange Commission (SEC) against its founder Gautam Adani and executives, calling them “incorrect” and lacking evidence. Since the allegations, Adani companies have lost $55 billion in market value across 11 listed entities.
The group’s statement to stock exchanges clarified that Gautam Adani, Sagar Adani, and Vneet Jaain were not charged with violations under the U.S. Foreign Corrupt Practices Act (FCPA). It attributed the claims to former employees of Azure Power and CDPQ, a Canadian investor, with no proof of bribery payments.
Former Attorney-General Mukul Rohatgi criticized the DoJ’s filing, citing a lack of specifics. Fallout from the allegations has included the cancellation of a Kenya airport project and disruptions to a Bangladesh power deal, highlighting challenges for the group’s global operations.
The Adani Group, a major infrastructure player with operations in Africa, Israel, and Australia, previously lost $150 billion in market value following a 2023 report by Hindenburg Research alleging corporate fraud. While the group had since stabilized, the latest charges renew scrutiny of its financial stability and reputation.
