India's Adani Group in crisis

[pillionrider]

Where did i say Indian Express?

Relieved to know you would consider news in the Express legit.

So I hope you read about the Karnataka elections. Not seeing you in the politics threads, so just wondering if you're aware there were elections there recently

 

[pillionrider]

Time to bump my post, Adani stocks are up again and Jeffries rerated the stock already.
https://www.thehindubusinessline.co...ng-on-two-adani-companies/article66879680.ece

As I said earlier, Adani is no saint but his unethical tactics are no different from others businessmen across the world. The 2 major allegations against Adani are that (1) He and his family own much more than 75% shareholding in listed Adani companies, thus floundering SEBI requirement of 75% cap for listed companies (2) Around 10-15% of shareholding in Adani group companies is held by Mauritius/Cyprus funds and the belief is that it his/family money only routed from abroad. I think both the allegations are true but as an investor, it doesn't bother me much because playing fast and loose with compliances isn't the same as running a scam.

Every business on this planet does things to avoid paying taxes. What are the options before Indians or for that matter US citizens to save taxes? Lock all your capital gains in low tax countries like Dubai. What does it take to do that? Simple, in the year you made the profits, you have to ben outside India for more than 180 days to qualify as an NRI and any income/capital gains will be taxed as per the country you are resident in, say UAE. Now look at the difference. Short term capital gains on private investments in India is taxed at 39% and long term at 23% (including surcharges). What do you pay in Dubai - 12.5% flat. You sell an asset in India, be a Dubai resident and the entire proceeds of the sale will land up with you in Dubai, and you will have to pay only 12.5% tax to UAE government. People from US also do that as there the situation is even worse, If you live in Manhattan then you pay 20% long term capital gains federal tax and NY state charges you another 20%. So what do rich investors in US do, they either move to Dubai or some low tax state within US for a couple of years. Gautam Adani's brother did the same thing 30 years back, all his assets sale in India gave him money in Dubai, which he used to invest in Adani stocks from outside India. Is it unethical, 100%. Is it illegal, grey area as chances are that he would have invested not in his name but wife's name and sister-in-law is not a related party under Indian companies act.

Its easy to hit Gautam Adani as a crook, because he's not a Ivy League grad or technology founder but one should know that US tech companies have been doing this for decade. Companies like Alphabet, Meta have subsdiaries in Ireland and Bermuda (with zero employee) where they book all the non-US income and pay tax as low as 6.5%. Is it legal, yes. Is it unethical, 100%. Afterall what services are offered in Bermuda companies to pass on all the revenues and royalties to that country. Real world works very differently compared to what people think it does.

All that is changa si, until you realize Adani is a mere front for the real billionaire

 

[happydavy]

All that is changa si, until you realize Adani is a mere front for the real billionaire

View attachment 119493

For that modi should have the knowledge to run a business and have adani in front like pawar had Rana Kapoor to run a bank. But considering Modi doesn't have the intellect to run a business, no way Adani can be his front. If your point is BJP takes money from Adani, then i would be surprised if it doesn't. All political parties needs funds as legitimate ways to earn money from parties are very limited. In 2009 elections, congress's entire funding was sponsored by Hyderabad infrastructure and pharma businesses, thanks to YSR. Look at how stock prices of hbad infra companies moved between 2008 and mid 2009. All the infra projects were awarded to them left right and centre and Congress had commissions in every project. Check for a company called megha engineering, it was the subcontractor for many of the big companies on paper and that's how the money was moved. I had been on the board of a hbad based infra company and so i know how stuff happens. Anyway the point is all political parties do that and in my view it's fine. Funds are needed to fight elections

 

[pillionrider]

For that modi should have the knowledge to run a business and have adani in front like pawar had Rana Kapoor to run a bank. But considering Modi doesn't have the intellect to run a business, no way Adani can be his front.

Modi doesn't have the competence to do a lot of things. But what he is, is a sociopath with a deep contempt for his supporters.

He doesn't need to know how to add two big numbers. All he needs to have is the lack of moral compass to pass laws and sell state properties to himself via someone who can actually run those businesses.

Modi has a lust for life and power. Initially, his goals were small. To go ahead of the man he idolized, yet envied. Vajpayee. Hence the fake degree in Entire Political Science because Vajpayee had one in Political Science. Then he tried to be a poet like the former PM but even his most diehard bhakts couldn't bring themselves to give a damn

Modi will one day go to jail. That's the scale of his crimes.

 

[daytrader]

Gautam Adani Addresses Short-Seller's Attack In Adani Enterprises Annual Report
The balance sheet, assets, and operating cashflows are now healthier than ever before and continue to get stronger, Adani said.

Billionaire Gautam Adani has said the FY23 financial results of the group companies are a testimony to their success despite the "targeted misinformation" in a short-seller's report. The balance sheet, assets, and operating cashflows are now healthier than ever before and continue to get stronger, the chairman of the ports-to-mining conglomerate said in his address to shareholders in Adani Enterprises Ltd.'s annual report. The pace at which the group has made acquisitions and turned them around is unmatched across the national landscape and has fuelled a significant part of the expansion, he said. Adani said the short seller report was a combination of targeted misinformation and outdated, discredited allegations, aimed at damaging the group's reputation and generating profits through a deliberate drive-down of stock prices.

Adani Enterprises decided to call off India's largest follow-on public offering after it was fully subscribed as the stock remained volatile after Hindenburg Research alleged "stock manipulation and fraud".

"Despite a fully subscribed follow-on public offering, we decided to withdraw and return the money to our investors to protect their interest," Adani said.

...
https://www.bqprime.com/business/ga...ises-annual-report#pfrom=home-ndtv_topstories

 

[Ahmad-GERMANFC]

Gautam Adani Addresses Short-Seller's Attack In Adani Enterprises Annual Report
The balance sheet, assets, and operating cashflows are now healthier than ever before and continue to get stronger, Adani said.

Billionaire Gautam Adani has said the FY23 financial results of the group companies are a testimony to their success despite the "targeted misinformation" in a short-seller's report. The balance sheet, assets, and operating cashflows are now healthier than ever before and continue to get stronger, the chairman of the ports-to-mining conglomerate said in his address to shareholders in Adani Enterprises Ltd.'s annual report. The pace at which the group has made acquisitions and turned them around is unmatched across the national landscape and has fuelled a significant part of the expansion, he said. Adani said the short seller report was a combination of targeted misinformation and outdated, discredited allegations, aimed at damaging the group's reputation and generating profits through a deliberate drive-down of stock prices.

Adani Enterprises decided to call off India's largest follow-on public offering after it was fully subscribed as the stock remained volatile after Hindenburg Research alleged "stock manipulation and fraud".

"Despite a fully subscribed follow-on public offering, we decided to withdraw and return the money to our investors to protect their interest," Adani said.

...
https://www.bqprime.com/business/ga...ises-annual-report#pfrom=home-ndtv_topstories

First Adani has not recovered to pre-report levels.

But yes it has recovered and not gone to wayside unlike Hindenberg’s other targets because Adani group had actual assets on balance sheet to fall back on. Of course it is a different story if we talk about the fact that it got those assets through largely rigged means.

 

[WicketLord]

Adani Group Rejects "Recycled Allegations" In OCCRP Report.

The OCCRP report has alleged insider trading via two foreign investors.

New Delhi: The Adani Group today rejected what it called "recycled allegations" of hidden foreign investors in a report by the George Soros-funded Organised Crime and Corruption Reporting Project.
"We categorically reject these recycled allegations. These news reports appear to be yet another concerted bid by Soros-funded interests supported by a section of the foreign media to revive the meritless Hindenburg report. In fact, this was anticipated, as was reported by the media last week," said the ports-to-power conglomerate in a statement.

The OCCRP report has alleged insider trading via two foreign investors.

The claims, the conglomerate said, were based on closed cases from a decade ago when the Directorate of Revenue Intelligence (DRI) probed allegations of over-invoicing, transfer of funds abroad, related party transactions and investments through FPIs (Foreign Portfolio Investors).

"An independent adjudicating authority and an appellate tribunal had both confirmed that there was no over-valuation and that the transactions were in accordance with applicable law. The matter attained finality in March 2023 when the Supreme Court of India ruled in our favour. Clearly, since there was no over-valuation, there is no relevance or foundation for these allegations on transfer of funds," the Adani Group asserted.

"Notably, these FPIs are already part of the investigation by the SEBI. As per the Expert Committee appointed by the Supreme Court, there is no evidence of any breach of the Minimum Public Shareholding (MPS) requirements or manipulation of stock prices," said the group.

"It is unfortunate that these publications, which sent us queries, chose not to carry our response in full. These attempts are aimed at, inter alia, generating profits by driving down our stock prices and these short sellers are under investigation by various authorities."

It was vital to respect the ongoing regulatory process, given that the Supreme Court and Securities and Exchange Board of India (SEBI) are both overseeing the matter, the company added.

"We have complete faith in the due process of law and remain confident of the quality of our disclosures and corporate governance standards. In light of these facts, the timing of these news reports is suspicious, mischievous and malicious - and we reject these reports in their entirety," the statement said.

The CBI also investigated the allegations of over-evaluation and over-invoicing of power transmission equipment. It closed the case on 15 July 2015.

The Enforcement Directorate has found that 18 companies, including foreign portfolio investors and foreign institutional investors in tax havens, were the top beneficiaries from short selling in shares of Adani Group companies after the Hindenburg report that led to a market crash in January.

The Enforcement Directorate has shared its findings with SEBI. Sources say probe agencies may investigate money laundering and other allegations against these companies.

Adani Group Rejects "Recycled Allegations" In OCCRP Report

The Adani Group today rejected what it called "recycled allegations" of hidden foreign investors in a report by the George Soros-funded Organised Crime and Corruption Reporting Project.

www.ndtv.com

 

[Adijazz1706]

It's no longer Adani, its Modani

 

[pillionrider]

Since no one else from India is going to bump this up, I might as well

I sometimes wonder about the scale of corruption under Modi. It seems so massive that even after he's kicked into the streets with tears rolling down his face-lifted cheeks, I doubt the full details will ever emerge.

Meanwhile, this guy refuses to give up

 

[MP2011]

lol, it is such a clear cut case of massive corruption under feku. But of course minions will deny.

SEBI knew of Adani's underhand dealings since 2014!

 

[pillionrider]

Possibly incriminating details, obtained by the OCCRP and shared with the Guardian and Financial Times, had pointed to stock manipulation by four Adani companies between 2013 and 2017, reasserting a charge made by the controversial Hindenburg report released earlier this year. Congress leader Rahul Gandhi held a press conference on August 31, on the sidelines of the opposition INDIA bloc’s Mumbai meet, to renew his party’s demand for a joint committee probe, claiming the “country’s reputation was at stake”.

Around 300 media persons, from both national and regional publications, had filled up a hall for the press conference at the Grand Hyatt Hotel in Mumbai’s Bandra Kurla Complex. One of them was Sohit Mishra, NDTV’s Mumbai bureau chief. But hours before the event, Mishra had been allegedly asked by none other than the channel’s editor-in-chief Sanjay Pugalia to disrupt Gandhi’s press conference, “create a ruckus” and “change the narrative”, sources at NDTV told Newslaundry.

The source said that Mishra declined to do so and decided to quit instead. He intended to resign on August 31, but HR made September 8 his last day at NDTV. Mishra’s departure reflects his disillusionment with the channel’s evolving ethos, no longer aligned with his cherished values and principles. He concluded his email with a poignant message to the channel, saying, “There will be no less lovers, but we will not be in your party.”

Asked to ‘create ruckus’ at Rahul press meet on Adani, NDTV’s Mumbai bureau chief quits

The channel’s Mumbai bureau chief quit after the chief editor allegedly told him to disrupt Rahul Gandhi’s press meet.

www.newslaundry.com

Why Sohit Mishra quit NDTV?

NDTV’s Mumbai bureau chief Sohit Mishra has resigned from his position after he allegedly refused to create a disturbance

groundreport.in

Modi's BJP are such scaredypoos. 56 inch chest it seems

 

[Hitman]

This issue has taken so many twists and turns, I have stopped following it. I don’t even know the current picture.

 

[pillionrider]

This issue has taken so many twists and turns, I have stopped following it. I don’t even know the current picture.

If Modi were truly clean, at the very least, he would publicly distance himself from Adani until the latter cleared his name. If that's even possible.

The more the BJP try to make anti-Adani sentiments seem like anti-India views, the more the dirt will rise to the surface.

 

[Hitman]

If Modi were truly clean, at the very least, he would publicly distance himself from Adani until the latter cleared his name. If that's even possible.

The more the BJP try to make anti-Adani sentiments seem like anti-India views, the more the dirt will rise to the surface.

I don’t know why but strangely even Congress has lately spoken very little about the issue. Will take the time soon to study the whole topic comprehensively.

 

[pillionrider]

I don’t know why but strangely even Congress has lately spoken very little about the issue. Will take the time soon to study the whole topic comprehensively.

Yeah to a certain extent. But Rahul Gandhi has been consistent on this. As quoted in the post, the NDTV Mumbai chief allegedly quit because he was asked to disrupt Rahul's press conference on Adani a couple weeks back.

 

[Hitman]

Yeah to a certain extent. But Rahul Gandhi has been consistent on this. As quoted in the post, the NDTV Mumbai chief allegedly quit because he was asked to disrupt Rahul's press conference on Adani a couple weeks back.

Yea, I read your post on that previously.

 

[MP2011]

Possibly incriminating details, obtained by the OCCRP and shared with the Guardian and Financial Times, had pointed to stock manipulation by four Adani companies between 2013 and 2017, reasserting a charge made by the controversial Hindenburg report released earlier this year. Congress leader Rahul Gandhi held a press conference on August 31, on the sidelines of the opposition INDIA bloc’s Mumbai meet, to renew his party’s demand for a joint committee probe, claiming the “country’s reputation was at stake”.

Around 300 media persons, from both national and regional publications, had filled up a hall for the press conference at the Grand Hyatt Hotel in Mumbai’s Bandra Kurla Complex. One of them was Sohit Mishra, NDTV’s Mumbai bureau chief. But hours before the event, Mishra had been allegedly asked by none other than the channel’s editor-in-chief Sanjay Pugalia to disrupt Gandhi’s press conference, “create a ruckus” and “change the narrative”, sources at NDTV told Newslaundry.

The source said that Mishra declined to do so and decided to quit instead. He intended to resign on August 31, but HR made September 8 his last day at NDTV. Mishra’s departure reflects his disillusionment with the channel’s evolving ethos, no longer aligned with his cherished values and principles. He concluded his email with a poignant message to the channel, saying, “There will be no less lovers, but we will not be in your party.”

Asked to ‘create ruckus’ at Rahul press meet on Adani, NDTV’s Mumbai bureau chief quits

The channel’s Mumbai bureau chief quit after the chief editor allegedly told him to disrupt Rahul Gandhi’s press meet.

www.newslaundry.com

Why Sohit Mishra quit NDTV?

NDTV’s Mumbai bureau chief Sohit Mishra has resigned from his position after he allegedly refused to create a disturbance

groundreport.in

Modi's BJP are such scaredypoos. 56 inch chest it seems

Really disappointed by Sanjay Pugalia, another one of those sell outs who got bought by rupees thrown at him.

I held him in high esteem, he was under tutelage of late Surender Pratap Singh's from Aaj Tak fame.

 

[MP2011]

Also, its so obvious that feku is scared of INDIA. All his utterances and actions post INDIA, most cringeworthy of them all was terming it Ghamandiya.

Is this how he is supposed to behave in public? But that's how he has been in his entire public life, never ever graceful.

 

[cricketjoshila]

Possibly incriminating details, obtained by the OCCRP and shared with the Guardian and Financial Times, had pointed to stock manipulation by four Adani companies between 2013 and 2017, reasserting a charge made by the controversial Hindenburg report released earlier this year. Congress leader Rahul Gandhi held a press conference on August 31, on the sidelines of the opposition INDIA bloc’s Mumbai meet, to renew his party’s demand for a joint committee probe, claiming the “country’s reputation was at stake”.

Around 300 media persons, from both national and regional publications, had filled up a hall for the press conference at the Grand Hyatt Hotel in Mumbai’s Bandra Kurla Complex. One of them was Sohit Mishra, NDTV’s Mumbai bureau chief. But hours before the event, Mishra had been allegedly asked by none other than the channel’s editor-in-chief Sanjay Pugalia to disrupt Gandhi’s press conference, “create a ruckus” and “change the narrative”, sources at NDTV told Newslaundry.

The source said that Mishra declined to do so and decided to quit instead. He intended to resign on August 31, but HR made September 8 his last day at NDTV. Mishra’s departure reflects his disillusionment with the channel’s evolving ethos, no longer aligned with his cherished values and principles. He concluded his email with a poignant message to the channel, saying, “There will be no less lovers, but we will not be in your party.”

Asked to ‘create ruckus’ at Rahul press meet on Adani, NDTV’s Mumbai bureau chief quits

The channel’s Mumbai bureau chief quit after the chief editor allegedly told him to disrupt Rahul Gandhi’s press meet.

www.newslaundry.com

Why Sohit Mishra quit NDTV?

NDTV’s Mumbai bureau chief Sohit Mishra has resigned from his position after he allegedly refused to create a disturbance

groundreport.in

Modi's BJP are such scaredypoos. 56 inch chest it seems

Don't post one sided news from tin pot websites and try to pass it off as gospel truth.

 

[cricketjoshila]

Yea, I read your post on that previously.

In which the source is Newslaundry.

No one knows what actually happened.

One sided reporting happening by tin pot websites with no credibility.

 

[cricketjoshila]

This issue has taken so many twists and turns, I have stopped following it. I don’t even know the current picture.

Check Adani share prices. Have recovered a lot.

I will probably 3x my investment on Adani enterprise.

 

[Cricket Warrior]

Obviously Adani is a big competitor of Ambani and everybody knows about the ties of Modi Jee with Ambani, so no wonder why adani is going into the crisis even after the successful business adaptaion last year.

 

[pillionrider]

Don't post one sided news from tin pot websites and try to pass it off as gospel truth.

How about you post the other side from your fake news factory. One of them just got into serious trouble with the Congress btw. Mr Tihadi

 

[cricketjoshila]

Obviously Adani is a big competitor of Ambani and everybody knows about the ties of Modi Jee with Ambani, so no wonder why adani is going into the crisis even after the successful business adaptaion last year.

Lol.

This guy is saying something no one will even imagine in India.

 

[cricketjoshila]

How about you post the other side from your fake news factory. One of them just got into serious trouble with the Congress btw. Mr Tihadi

For every one Journalist that Congress will try to intimidate, they will get 10x in return.

 

[Danyal A]

Mining company drops claim Pennings illegally accessed secret information in latest shift of delay-ridden three-year case.

The mining firm Bravus, formerly Adani, will narrow its lawsuit against an anti-mining activist, dropping its claim that Ben Pennings illegally accessed secret information as part of a long-running lawsuit.

The company has spent three years suing the longtime campaigner after Pennings set up a website asking people to “dob in a contractor” that was working on the mine.

Among other allegations, it had accused him of breach of confidence, a tort relating to his alleged use of confidential information.

The company will now only allege that Pennings is guilty of unlawfully inducing breach of contract on the part of its employees. The change means Bravus must prove the breach caused it damages.

It is not the first shift in the long-running case. Bravus initially claimed his actions had cost it hundreds of millions in lost contracts, but dropped that figure to $17m last year.

“Adani firstly dropped the massive damages claim it used in their second attempt to raid my family home. Now they’ve dumped the conspiracy claim that I’ve accessed their secret information, despite admitting two years ago they have no supporting evidence,” Pennings said.

A spokesperson for Bravus mining and resources said the company has not changed the purpose of its lawsuit.

He said the company wants to “enforce our rights to carry out our lawful business and the rights of every Australian to go to work and earn a living free of intimidation and harassment”.

“Mr Pennings has been either wholly unsuccessful or largely unsuccessful at every stage of these proceedings and he has been the one to constantly delay this case going to trial by making legal disclosure requests that were so frivolous the supreme court has awarded numerous and significant costs orders against him.”

The case is already three years old but is still yet to have a date for a trial, and both sides accuse the other of causing delay. The parties will return to court on Monday for a directions hearing.

For the past three years, a court order has been in place requiring Pennings not to publish certain statements or access secret information in order to campaign against the project.

He was also ordered to pay costs in the hundreds of thousands of dollars in an early pleading.

The company has also accused Pennings of intimidation and conspiring with others to cause it damage.

The activist has accused the company of employing a SLAPP suit – a strategic litigation against public participation – which he said was a “threat to Australia’s democracy”.

“Throughout this trial, millions of Australians have suffered through floods, heatwaves and bushfires supercharged by climate change. Lumping my family with years of anxiety is just one of many ‘attack dog’ tactics used to silence citizens simply wanting to protect our fragile climate,” he said.

 

[Hitman]

‘Satyameva Jayate’: Gautam Adani tweets after big win in Supreme Court​

Adani Group Chairman Gautam Adani on Wednesday lauded the Supreme Court’s verdict that rejected the demand of a bunch of petitioners demanding an independent probe into the allegations levelled against the conglomerate in a report by US-based Hindenburg Research. Expressing gratitude to those who stood by him, Adani said that the group’s contribution towards India’s growth story will continue.

“The Hon’ble Supreme Court’s judgement shows that: Truth has prevailed. Satyameva Jayate. I am grateful to those who stood by us. Our humble contribution to India’s growth story will continue. Jai Hind,” Adani posted on X.

https://twitter.com/x/status/1742423792276943079

Adani’s remarks came after a three-judge bench of the Supreme Court held that it found no ground to transfer the investigation from SEBI to an SIT in the Adani-Hindenburg case. The court said that it is limited in its powers to enter the regulatory framework of SEBI. It also said that there were no valid grounds raised to direct SEBI to revoke its amendments on Foreign Portfolio Investment (FPI) and Listing Obligations and Disclosure Requirement (LODR) regulations.

“The regulations do not suffer from any infirmities, the court ruled. “SEBI has completed investigation in 20 out of 22 matters. Taking into account the assurance of Solicitor General, we direct the SEBI to complete the investigation in the other two cases within 3 months,” the court said in its verdict.

The court further held that the report by the Organized Crime and Corruption Reporting Project (OCCPR), which claimed that two individuals “who spent years trading hundreds of millions of dollars’ worth of Adani Group stock” have “close ties” with the Adani family, cannot be taken into account to doubt the SEBI investigation. The report had alleged that investment funds the two people used to trade in Adani Group stock “received instructions from a company controlled by a senior member of the Adani family”.

The Supreme Court also held that the power to transfer investigation must be exercised in exceptional circumstances and not in the absence of cogent justifications, However, it directed the SEBI to complete its probe in the case within a period of three months.
-------------------------------------------------------------------

Link:

https://www.financialexpress.com/india-news/satyameva-jayate-gautam-adani-tweets-after-big-win-in-supreme-court/3353913/

 

[CricketCartoons]

Either you stay bitter and keep whining about everything, or join the India growth story and make wealth.

 

[cricketjoshila]

Supreme court has asked SEBI to look into Hindenburg Short Selling Adani shares. If they are found to be guilty they will be banned from the Indian Market.

Their proxies will now be praying that SEBI doesn't find anything incriminating. Else they are gone as well.

 

[Cricket Warrior]

India’s Gautam Adani reclaims Asia’s richest mantle after scandal

India’s Gautam Adani once again became Asia’s richest man on Friday, according to a Bloomberg index of the world’s billionaires, a year after allegations of market manipulation hammered his conglomerate’s stock prices.

Adani Group saw more than $150 billion wiped from its market value after a bombshell report by US investment research firm Hindenburg Research accusing it of “brazen” corporate fraud.

The family-run conglomerate’s founder, the world’s second-richest person ahead of Tesla founder Elon Musk, saw his personal fortune collapse by around $80bn.

But both Adani and his business have since pared much of those losses as public scrutiny receded.

The Bloomberg Billionaires Index showed Adani’s net worth gained around $7.7bn this week to reach $97.6bn, narrowly eclipsing fellow Indian tycoon Mukesh Ambani.

The two men are now respectively the 12th and 13th richest people in the world, according to the measure.

India’s Gautam Adani reclaims Asia’s richest mantle after scandal

“I am grateful to those who stood by us. Our humble contribution to India’s growth story will continue,” says Adani in a post on X.

www.dawn.com

 

[Cricket Warrior]

India’s Gautam Adani rebounds from Hindenburg attack with return to the $100 billion club

One year ago, a spectacular David and Goliath battle shook corporate India when a tiny American firm took on one of the world’s richest infrastructure tycoons.

Hindenburg Research published a blistering report in January 2023, accusing Gautam Adani, then Asia’s richest man, of engaging in fraud over decades. Hindenburg said it had taken a short position in his companies, meaning it would benefit if their shares fell.

The Indian ports-to-power conglomerate denounced the short-seller’s report as “baseless” and “malicious.” But that failed to halt a stunning stock market meltdown that, at one point, wiped more than $100 billion off the value of its listed companies. Adani’s personal fortune was also hammered, collapsing by more than $80 billion in the month following the release of the report.

A year on, Adani appears to have bounced back. Analysts are even saying the billionaire can give himself a pat on the back for the way he handled the crisis.

“The group has done exceptionally well on various fronts since the Hindenburg report,” said Manish Chowdhury, head of research at brokerage StoxBox. “It is now better managed and they have learnt quickly from their mistakes and handled the media glare well.”

Shares in most of Adani’s 10 listed firms have rallied this year, with some touching record highs recently. On Thursday, his wealth once again crossed the $100 billion threshold, according to the Bloomberg Billionaires Index.

https://edition.cnn.com/2024/02/08/business/india-adani-hindenburg-report-aftermath-intl-hnk/index.html

 

[MP2011]

India’s Gautam Adani rebounds from Hindenburg attack with return to the $100 billion club

One year ago, a spectacular David and Goliath battle shook corporate India when a tiny American firm took on one of the world’s richest infrastructure tycoons.

Hindenburg Research published a blistering report in January 2023, accusing Gautam Adani, then Asia’s richest man, of engaging in fraud over decades. Hindenburg said it had taken a short position in his companies, meaning it would benefit if their shares fell.

The Indian ports-to-power conglomerate denounced the short-seller’s report as “baseless” and “malicious.” But that failed to halt a stunning stock market meltdown that, at one point, wiped more than $100 billion off the value of its listed companies. Adani’s personal fortune was also hammered, collapsing by more than $80 billion in the month following the release of the report.

A year on, Adani appears to have bounced back. Analysts are even saying the billionaire can give himself a pat on the back for the way he handled the crisis.

“The group has done exceptionally well on various fronts since the Hindenburg report,” said Manish Chowdhury, head of research at brokerage StoxBox. “It is now better managed and they have learnt quickly from their mistakes and handled the media glare well.”

Shares in most of Adani’s 10 listed firms have rallied this year, with some touching record highs recently. On Thursday, his wealth once again crossed the $100 billion threshold, according to the Bloomberg Billionaires Index.

https://edition.cnn.com/2024/02/08/business/india-adani-hindenburg-report-aftermath-intl-hnk/index.html

lol, this had to happen with a pliant regime and SEBI in his pockets, Adani can do no wrong.

 

[FearlessRoar]

Adani Global To Acquire 49% Stake In Adani Esyasoft Smart

Adani Global Ltd., Mauritius will acquire 49% stake in Adani Esyasoft Smart Solutions Ltd., Abu Dhabi from UAE-based Esyasoft Holding Ltd.

The Adani Enterprises Ltd. arm has executed a shareholders' agreement to engage in the business of developing smart solutions such as smart metering software, load forecasting, revenue maximisation, and other efficiency-based software products and solutions for utilities both in India and globally, according to an exchange filing on Friday.

Adani and Esyasoft Holding will hold 49% and 51% shareholding, respectively, in AESSL with equal participation in the board.

Shares of Adani Enterprises closed 1.03% lower at Rs 3,208.75 piece on Friday, as compared with a 1.06% decline in the benchmark BSE Sensex.

Adani Global To Acquire 49% Stake In Adani Esyasoft Smart

Adani and Esyasoft Holding will hold 49% and 51% shareholding, respectively, in Adani Esyasoft Smart Solutions.

www.ndtvprofit.com

 

[FearlessRoar]

Adani takes cricket league route to woo Dharavi residents​

The Dharavi Redevelopment Project Pvt Ltd (DRPPL), a joint venture between the Government of Maharashtra and the Adani Group, has organised the Dharavi Premier League (DPL), a three-day cricket tournament to woo Dharavi residents, many of whom have been opposing the redevelopment of their slum.

The DPL will begin on May 31 at 10 am at the RPF Ground in Dharavi. There are 14 teams and 210 players from Sector 1. The sector, which represents the very soul of Dharavi, is also the largest geographically and population-wise, covering areas such as Matunga Labour Camp, Shahu Nagar, Sat Chawl, Valmiki Nagar, and Kamala Nagar. The matches will be played in a 10-over format on a knockout basis.

The DPL will also have in-match entertainment, music and food. There will be cash prizes for the winners and runners-up, the man of the match and the player of the series. There will also be spot prizes of ₹500 to ₹1,000 for viewers who come to cheer for their favourite teams and little competitions such as pani-puri-eating and bat-ball balancing.

Zaid Shaikh, the organiser of the DPL, said that there was a ₹1,000 cash prize for best batsman, bowler and catch in every match. “The winner of DPL will get a trophy and ₹20,000 cash prize while the runner-up team will get a trophy and ₹10,000 cash prize,” he said. “There is also a ₹1,000 cash prize for the best youngest player and best oldest player.” In addition to this, there will be performances from local Dharavi rappers, who will present songs created especially for DPL, as well as a hip-hop performance on the final day.

For the developers, the cricket tournament is a way to connect with Dharavi residents, given the background of protests against the redevelopment project. Apart from the residents, political parties with influence in Dharavi such as the Congress and Shiv Sena have been openly opposing the project. Against this backdrop, the Adani group has undertaken various measures to woo Dharavi’s residents.

Apart from the DPL, the other measures include mapping the requirements within Dharavi’s communities through mohalla meetings with residents, women and the Muslim community. “We will be launching major vocation-backed skilling initiatives for youth, women and men in areas that will improve their lifestyle and earnings,” said an official. “This is being done in collaboration with several corporates, the government’s National Skill Development Councils and State Skill Councils. Even in the survey activity currently underway, and later in construction and allied activities, DRPPL will deploy most of the locals after due training so that they are partners in the development of Dharavi.”

The residents will also be offered courses like beauty and wellness, mehndi, tailoring, social and digital media marketing, and technology-focused courses such as Excel and Tally. “Most women here are in urgent need of jobs due to financial difficulties,” said the official. “Some of them are looking for jobs such as sales associates, telemarketers and drivers.”

Raju Korde, founder member of the Dharavi Bachao Andolan, called the DPL an attempt to create “agents”. “The Adani group has organised this DPL to lure the youth of Dharavi with its money power,” he said. “This is the same model that political leaders use: distribute money to various organisations in the area and use that manpower for your political benefit. Through the DPL, the Adani group will establish a connection with youngsters and lumpen elements of the area and convert them into its agents. They want to present a picture that Dharavi residents are supporting them. But after some time, they will use these youths to forcefully evict them.”

https://www.hindustantimes.com/cities/mumbai-news/adani-takes-cricket-league-route-to-woo-dharavi-residents-101717098331634.html

 

[FearlessRoar]

Maybe Adani Group's goal is to secure valuable land in Dharavi, redeveloping it into lucrative projects.

 

[JaDed]

If this was china Adani wouldnt even had to bat an eye lid just to take off slums for development.

Pseudo Liberal policies are reason for glorification of slums, absolutely stupid.

 

[FearlessRoar]

Now that Modi is PM for third term, this person's fortunes are also about to change

https://twitter.com/x/status/1803453559578448252

 

[JaDed]

Now that Modi is PM for third term, this person's fortunes are also about to change

https://twitter.com/x/status/1803453559578448252

How much more can it change, God (not Modi) has been absolute generous to this man, it takes generations to make such wealth but this dude.

 

[FearlessRoar]

Gautam Adani may hand over his empire to family by early 2030s, claims report​

Gautam Adani has reportedly mapped out a succession plan. According to a Bloomberg report, Adani, 62, plans to step down at 70, transferring control of his empire to his sons and their cousins by "early 2030s".

Adani revealed his thoughts on the future of the conglomerate he built in an interview to the agency. BT could not independently verify the report.

Adani, during the interview, was posed a pivotal question to his two sons and two nephews: Should they divide the extensive Adani Group businesses and go their separate ways, or stay united? He gave them three months to decide. This was the first time Adani discussed his succession plans publicly, emphasizing the importance of a well-planned transition for the sustainability of the business.

"Succession is very, very important for business sustainability," he said, adding that he preferred an organic, gradual, and systematic transition.

Adani's sons, Karan and Jeet, along with cousins Pranav and Sagar, chose to run the group as a united family even after their father steps down. This decision aligns with the family's values and ensures continuity and stability for the Adani Group, which boasts a market capitalization of $213 billion across ten listed entities.

These entities span various sectors, including infrastructure, ports, shipping, cement, and solar energy.

According to Bloomberg, Adani's four heirs will be equal beneficiaries of the family trust, guided by a confidential agreement. This structure ensures that the family's legacy and business empire remain intact and continue to flourish under the next generation's leadership.

Karan Adani, who oversees the ports business, has ambitious plans for expansion. He told Bloomberg News, "The clear priority is that we keep expanding not just within India, but also in our neighboring countries." He envisions India as a potential alternative to global hubs like Dubai or Singapore, highlighting the group's commitment to growth and innovation.

As the Adani Group continues to diversify and expand, it also explores new ventures like digital lending through its super app, collaborates with major investors like GQG, IHC, and ADIA for Adani Energy Solutions, and plans to commission a petrochemical project by December 2026.

Gautam Adani may hand over his empire to family by early 2030s, claims report

"Succession is very, very important for business sustainability," Adani told Bloomberg, adding that he preferred an organic, gradual, and systematic transition.

www.businesstoday.in

 

[Bhaag Viru Bhaag]

Sebi chief Madhabi Buch had stake in Adani offshore entities, hence didn’t act: new Hindenburg report; She says ‘baseless’, ‘our finances an open book’​

'Will disclose all documents including those when we were private citizens,' say Madhabi Puri Buch and Dhaval Buch, as Congress wants JPC to probe ‘Adani mega scam’ and Trinamool calls for the resignation of Sebi chief​

IN WHAT RAISES questions of conflict of interest related to the market regulator, the US-based Hindenburg Research on Saturday alleged that “it suspects SEBI’s unwillingness to take meaningful action against suspect offshore shareholders in the Adani Group may stem from SEBI Chairperson Madhabi Buch’s complicity in using the exact same funds used by Vinod Adani, brother of Gautam Adani.”

Madhabi Puri Buch and her husband Dhaval Buch said in a statement that they strongly denied the “baseless allegations and insinuations made in the report”. “The same are devoid of any truth. Our life and finances are an open book,” they said in a joint statement.

Madhabi Puri Buch became a Whole-time Member in the Securities and Exchange Board of India (Sebi) in 2017 and its Chairperson in March 2022.

This report by Hindenburg Research comes almost 18 months after it had first kicked up a political storm in January 2023, alleging the Adani Group of “brazen stock market manipulation” and “accounting fraud”. The port-to-energy conglomerate had denied all these allegations; the Supreme Court had rejected the demand for a CBI or court-monitored probe.

Continuing with the saga and quoting “whistleblower documents”, Hindenburg Research has now claimed that the Sebi chairperson “had stake in obscure offshore entities used in the Adani money siphoning scandal.” To date, SEBI has taken no action against other suspect Adani shareholders operated by India Infoline: EM Resurgent Fund and Emerging India Focus Funds, it alleged.

While Congress said the Hindenburg revelations only reinforced its demand for setting up a “joint parliamentary committee to investigate the full scope of the Adani mega scam”, the Trinamool Congress said the Sebi chairperson must resign. “This raises fresh questions about Gautam Adani’s two 2022 meetings in quick succession with Ms Buch shortly after she became SEBI chairperson. Recall that SEBI was supposedly investigating Adani transactions at the time,” Congress’s Jairam Ramesh said.

“Sebi Chairman should be suspended in no time pending Supreme Court monitored investigation and look out notices to be issued to all airports and interpol from preventing her and the husband to leave the country,” said a TMC spokesperson.

https://indianexpress.com/article/business/hindenburg-adani-sebi-chairperson-offshore-funds-9506915/

 

[Bhaijaan]

This is really shameful and criminal stuff from Bangladesh. Adani provided them electricity but is now chasing them for non payment of $800 million dues. If you can’t pay for electricity don’t buy it.

I would like to advise Adani bhai to invest in better countries from where he can get good value for his tremendous work.

Adani Power has $800 million in unpaid dues from Bangladesh

Adani Power: Bangladesh owes $800 million to Adani Power Ltd. for electricity from its coal-fired plant in Jharkhand. Unpaid dues could disrupt electricity supply. The interim government is negotiating with Adani to resolve this and seeking additional IMF loans to manage economic challenges...

m.economictimes.com

 

[Bhaijaan]

 

[DeadlyVenom]

Bangladesh episode has been a mighty failure.

Modi is stuck with an old aunty as a house guest and a massive unpaid bill.

 

[Aang_The_last_airbender]

This is really shameful and criminal stuff from Bangladesh. Adani provided them electricity but is now chasing them for non payment of $800 million dues. If you can’t pay for electricity don’t buy it.

I would like to advise Adani bhai to invest in better countries from where he can get good value for his tremendous work.

Adani Power has $800 million in unpaid dues from Bangladesh

Adani Power: Bangladesh owes $800 million to Adani Power Ltd. for electricity from its coal-fired plant in Jharkhand. Unpaid dues could disrupt electricity supply. The interim government is negotiating with Adani to resolve this and seeking additional IMF loans to manage economic challenges...

m.economictimes.com

Bills will be paid.
Indian Corporates will move away from investing in Bangladesh and our eastern neighbor's will get a reality check on how critical Indian investment was for the rise of Bangladesh economy in the last 2 decades.

 

[cricketjoshila]

Bangladesh episode has been a mighty failure.

Modi is stuck with an old aunty as a house guest and a massive unpaid bill.

Bill will have to be paid or Adani will stop supply and take BD government to pre agreed legal platform.

 

[offstump]

US charges billionaire Gautam Adani with defrauding investors, hiding plan to bribe Indian officials

One of the world’s richest people has been indicted in the U.S. on charges he duped investors in a massive solar energy project in India by concealing that it was being facilitated by an alleged bribery scheme

abcnews.go.com

 

[Cricket Warrior]

US charges Indian billionaire with fraud

Indian billionaire Gautam Adani has been charged with fraud in the US, which has accused him of orchestrating a $250m (£198m) bribery scheme and concealing it to raise money in the US.

The criminal charges, filed on Wednesday in New York, are the latest blow to 62-year-old Mr Adani, one of India's richest men, whose business empire extends from ports and airports to renewable energy.

In the indictment, prosecutors alleged the tycoon and other senior executives had agreed to the payments to Indian officials to win contracts for his renewable energy company expected to yield more than $2bn in profits over 20 years.

The Adani Group did not immediately respond to a request for comment.

US charges Indian billionaire Gautam Adani with fraud

The allegations of bribery and fraud are the latest blow for the tycoon, one of India's richest people.

www.bbc.com

 

[Champ_Pal]

Big allegations. If caught I don’t know if Adani will be arrested. The allegations are about fraud and bribes that Adani and his group committed for winning some contracts.

This is not the first time Adani is in the news for wrong reasons.

 

[kingusama92]

$250 million in bribes to Indian politicians?

These guys must be rolling in money.

 

[BouncerGuy]

Bears May Double Down on Bets Against Adani Group Stocks After US Bribery Charges

Traders are bracing for a rough start to the day as allegations of Adani Group founder Gautam Adani being involved in a bribery plot will likely bruise the conglomerate’s stocks as well as market sentiment. Shares of lenders to the group may also be in the spotlight. Meanwhile, NTPC Green Energy will hope that the hype around renewables will be able to carry its IPO over the line.

Adani Group may face fresh attack from bears

Bears may double down on their bets on Adani Group shares after US prosecutors charged founder Gautam Adani with helping drive a $250 million bribery plot. Already, the group’s market value has fallen to its lowest level since December last year, erasing nearly $65 billion from its June peak of $234 billion. While the impact of the US short-seller Hindenburg Research has faded, the group’s expansion plans across ports and airports have yet to gain traction with investors concerned about pricey valuations. Already, the allegations have prompted the group to scrap its $600 million bond sale.

Retail investor stomach for hype still strong

A bruising market correction typically dampens investor appetite for stocks driven by narratives or hype. India’s retail investors seem to be an exception, turning out in strong numbers to bid for shares of NTPC Green Energy on Tuesday. While the renewable energy company’s IPO saw a lukewarm response from institutions, the portion reserved for retail investors was fully sold within hours of its launch. The recent success of Waaree Energies, whose debut doubled investors’ money, individual investors are hoping NTPC’s unit can deliver a similar outcome.

Traders await pay day on HDFC Bank as MSCI inflows loom

HDFC Bank shares are outperforming the broader market this week as traders pile in ahead of the anticipated buying from passive funds tied to MSCI indexes on Nov. 25. The stock is set to attract inflows of about $1.8 billion, with its increased weight in the MSCI indexes taking effect at the close of trading on Monday. Post that, the stock will likely trail the market as has been seen in the past with such MSCI-related trades.

Analysts actions:

Mahanagar Gas Raised to Outperform at Macquarie; PT 1,280 rupees

Apollo Tyres Raised to Reduce at Elara Secs India; PT 486 rupees

Bharti Airtel Affirmed at BBB- by Fitch

Three great reads from Bloomberg today:

Nvidia Says New Chip Remains on Track After Forecast Disappoints

Fed’s Collins Says More Easing Needed, Final Destination Unknown

Big Take: US Startup Fuels $3 Billion Stablecoin Boom in Africa

And, finally..

Developer stocks may emerge leaders if the broader market rebounds. The 14-day relative strength index for the NSE Nifty Realty Index shows a diverging trend from its price, indicating that the gauge may be oversold. In the past three sessions, the index has closed higher and outperformed the broader market. This shows that investors might be starting to see value in these stocks, which have tumbled over 15% from their June peak.

BLOOMBERG

 

[Bhaijaan]

$250 million in bribes to Indian politicians?

These guys must be rolling in money.

They’re talking about $2bn profits on this.

 

[Bhaijaan]

I have immense respect for Gautam Adani. The man is a legendary entrepreneur. Unfortunately hating on wealth and job creators is part of our culture and i think Gautam Adani will only get the respect he deserves once he’s gone. He’s had a major impact on Bharatiya economy and is now a key player in the logistics, energy, infra sectors etc. Pakistanis here can cry about anything great that we have as much as they like but the fact is that they wish they had a leader like Modi, entrepreneurs like Ambani, Adani and a cricketer like Sachin.

 

[gani999]

I have immense respect for Gautam Adani. The man is a legendary entrepreneur. Unfortunately hating on wealth and job creators is part of our culture and i think Gautam Adani will only get the respect he deserves once he’s gone. He’s had a major impact on Bharatiya economy and is now a key player in the logistics, energy, infra sectors etc. Pakistanis here can cry about anything great that we have as much as they like but the fact is that they wish they had a leader like Modi, entrepreneurs like Ambani, Adani and a cricketer like Sachin.

Nothing will happen to Adani. He'll come out of it unscathed. There were all those allegations earlier from Hindenburg about stock manipulation. Adani's stock fell for some time, but rebounded back.
People don't become billionaires just like that. It takes immense smartness and a lot of hard work. Adani isn't so foolish that he would ruin all his hard earned fame and fortune by committing fraud and leaving evidence behind for people to hang him with. He'll be fine.

 

[Romali_rotti]

More like Bidens one last hurray before leaving the office, heard Adani cut off power in Bangladesh in some areas ? This was bit of a payback as they know the democrat stooge Yunus is also.in for hard times moving forward.

Trump most likely will remove this bogus charge against Adani when he takes full control of the office. Nothing to see or get excited about here folks, move on, Pakistanis need to spend more time thinking about their diabolical situation they are in now rather than wasting it on non matters like this.

 

[cricketjoshila]

Nothing will happen to Adani. He'll come out of it unscathed. There were all those allegations earlier from Hindenburg about stock manipulation. Adani's stock fell for some time, but rebounded back.
People don't become billionaires just like that. It takes immense smartness and a lot of hard work. Adani isn't so foolish that he would ruin all his hard earned fame and fortune by committing fraud and leaving evidence behind for people to hang him with. He'll be fine.

Bangladesh has a Clinton stooge in power.

Adani Power can literally take away a huge amount of electricity that is supplied to BD. They sent BD a notice.

So what does Clinton's friends do start this new charade.

Funnily none of these alleged bribes have been given to any American or in America. None of this concerns US.

They are just trying to raise heckles for the Trump administration.

Typical scorched earth policy of fake liberals.

Btw

Chhattisgarh: CONgress
Odisha: BJD
Tamil Nadu: DMK
Andhra: YSRCP

These were the governments of the states where the alleged bribing took place in 21-22.

 

[Red-Indian]

More like Bidens one last hurray before leaving the office, heard Adani cut off power in Bangladesh in some areas ? This was bit of a payback as they know the democrat stooge Yunus is also.in for hard times moving forward.

Trump most likely will remove this bogus charge against Adani when he takes full control of the office. Nothing to see or get excited about here folks, move on, Pakistanis need to spend more time thinking about their diabolical situation they are in now rather than wasting it on non matters like this.

Let's not get silly here. This is an indictment filed by the SEC - an independent agency that does not take orders from the US government. The charges relate are filed under the Foreign Corrupt Practices Act which any company seeking to raise money in the States must agree to comply with.

I think unlike you who lives abroad, most Indians would be comfortable with accepting that Adani has paid bribes. However, it's also true that (perhaps) except for a couple of organisations like the Tatas, it's almost par for course for large corporates to engage in such activities. After all, the close to 10,000 crores in electoral bonds purchased anonymously are pretty unlikely to have been given out of the goodness of corporate hearts. If you believe they are, we should talk. I have some prime land along a street called Rajpath in Delhi to sell you at a heavily discounted price. A great deal.

Whether bribery by the Adanis was particularly egregious is the more appropriate question.

 

[cricketjoshila]

Let's not get silly here. This is an indictment filed by the SEC - an independent agency that does not take orders from the US government. The charges relate are filed under the Foreign Corrupt Practices Act which any company seeking to raise money in the States must agree to comply with.

I think unlike you who lives abroad, most Indians would be comfortable with accepting that Adani has paid bribes. However, it's also true that (perhaps) except for a couple of organisations like the Tatas, it's almost par for course for large corporates to engage in such activities. After all, the close to 10,000 crores in electoral bonds purchased anonymously are pretty unlikely to have been given out of the goodness of corporate hearts. If you believe they are, we should talk. I have some prime land along a street called Rajpath in Delhi to sell you at a heavily discounted price. A great deal.

Whether bribery by the Adanis was particularly egregious is the more appropriate question.

Question is how did any US agency reach the conclusion that bribes were paid?

Did US conduct an investigation inside India, on Indian government officials and collected evidence?

If yes, that's a serious violation of sovereignty of India and anyone who was involved has done a criminal offence.

Secondly, DoJ isn't anything independent.

 

[Red-Indian]

Question is how did any US agency reach the conclusion that bribes were paid?

Did US conduct an investigation inside India, on Indian government officials and collected evidence?

If yes, that's a serious violation of sovereignty of India and anyone who was involved has done a criminal offence.

Secondly, DoJ isn't anything independent.

It's a good question. I've been trying to read the indictment document this morning and unfortunately they have not disclosed the investigation methodology in it. I don't think they're obliged to.

From what I can understand, the chain of events seems pretty convincing though
- Solar Energy Corp (a governmental body) entered into a deal with Adani to buy 12GW of power - largest deal ever
- Based on this, Adani raised funding in the States
- The prices in the deal were so high, the State Electricity boards did not agree to offtake energy from Solar Energy Corp. In fact all the State Boards refused the tender
- Adani offered massive bribes to politicians and senior officials in the State Electricity boards and miraculously 4 State Boards signed Power Purchase Agreements at the same price they'd rejected earlier

Evidence wise, they seem to have cellphone records with texts containing specific details of the bribes offered - amounts and names.

Haven't finished reading through it yet. It's a 54 page document.

 

[Romali_rotti]

Secondly, DoJ isn't anything inindependent.

Yeap correct.

This is a parting gift from Biden for Adani causing electricity power issue in Bangladesh, Nothing more, this should blow over once President Trump takes hold of the office.

 

[Bhaag Viru Bhaag]

 

[Red-Indian]

Question is how did any US agency reach the conclusion that bribes were paid?

Did US conduct an investigation inside India, on Indian government officials and collected evidence?

If yes, that's a serious violation of sovereignty of India and anyone who was involved has done a criminal offence.

Secondly, DoJ isn't anything independent.

I had some spare time and read through the indictment document. It's pretty strongly evidenced - emails, text messages, times of meetings, dollar amounts paid as bribes. Not sure how they acquired all of it. Did they have a whistleblower? Did they hack into the systems?

I think it'll have to be an out of court settlement with a major fine paid by Adani & co. Don't see how they can wriggle out of it otherwise.

 

[Champ_Pal]

I had some spare time and read through the indictment document. It's pretty strongly evidenced - emails, text messages, times of meetings, dollar amounts paid as bribes. Not sure how they acquired all of it. Did they have a whistleblower? Did they hack into the systems?

I think it'll have to be an out of court settlement with a major fine paid by Adani & co. Don't see how they can wriggle out of it otherwise.

May be they were tracking all the emails and text messages. This is a breach of privacy, but nothing is beyond the reach of US intelligence if they want to indict and go after someone.

The only real question is, if FBI is able to track any of this inside India. FBI can do whatever they want in USA. But doing something outside of USA is breach on the sovereignty of the other nation. Tracking emails and text messages of politicians and bureaucrats outside of US should rise eyebrows in India.

We need to wait for more details on how, what and where they were able to gather the evidence for all the allegations. Either way, if this is true, it puts Indian politicians in poor light for accepting bribes. It seems politicians from Andhra Pradesh were involved in this.

 

[Champ_Pal]

Yeap correct.

This is a parting gift from Biden for Adani causing electricity power issue in Bangladesh, Nothing more, this should blow over once President Trump takes hold of the office.

Not just that. India has been in bad books of the leftist 5 eyes coalition. Brandon still has a couple of months before he moves out of the white house. They need to do everything fast before drought sets in.

 

[FearlessRoar]

Kenya cancels proposed deals with Adani Group after US indictment over 'bribery'​

Kenyan President William Ruto said on Thursday he had ordered the cancellation of a procurement process expected to hand control of the country's main airport to Adani Group following the indictment of the company's founder Gautam Adani in the United States.

Ruto said he had also directed the cancellation of a 30-year, $736-million public-private partnership deal the energy ministry had signed with a unit of the Adani Group last month to construct power transmission lines.

"I have directed agencies within the ministry of transport and within the ministry of energy and petroleum to immediately cancel the ongoing procurement," Ruto said in his state of the nation address, attributing the decision to "new information provided by investigative agencies and partner nations".

US authorities said on Wednesday that Gautam Adani, one of the world's richest people, and seven other defendants agreed to pay about $265 million (Rs 2,029 crore) in bribes to Indian government officials.

Adani Group denied the allegations and said in a statement that it would seek "all possible legal recourse".

Earlier on Thursday, Energy Minister Opiyo Wandayi had said there was no bribery or corruption involved in the award of the transmission lines contract.

Kenya cancels proposed deals with Adani Group after US indictment over 'bribery'

Kenyan President William Ruto has ordered the cancellation of several proposed deals with the Adani Group after the US indicted industrialist Gautam Adani in a bribery case.

www.indiatoday.in

 

[RexRex]

From what I can understand, the chain of events seems pretty convincing though
- Solar Energy Corp (a governmental body) entered into a deal with Adani to buy 12GW of power - largest deal ever
- Based on this, Adani raised funding in the States
- The prices in the deal were so high, the State Electricity boards did not agree to offtake energy from Solar Energy Corp. In fact all the State Boards refused the tender
- Adani offered massive bribes to politicians and senior officials in the State Electricity boards and miraculously 4 State Boards signed Power Purchase Agreements at the same price they'd rejected earlier

How were US investors defrauded ?

 

[Red-Indian]

May be they were tracking all the emails and text messages. This is a breach of privacy, but nothing is beyond the reach of US intelligence if they want to indict and go after someone.

The only real question is, if FBI is able to track any of this inside India. FBI can do whatever they want in USA. But doing something outside of USA is breach on the sovereignty of the other nation. Tracking emails and text messages of politicians and bureaucrats outside of US should rise eyebrows in India.

We need to wait for more details on how, what and where they were able to gather the evidence for all the allegations. Either way, if this is true, it puts Indian politicians in poor light for accepting bribes. It seems politicians from Andhra Pradesh were involved in this.

Agreed. It's a little concerning if they were bugging Indian phones. Perhaps they only had access to the US side. It's very detailed though. There's a specific section that's especially interesting.



It looks like they had actual access to Sagar Adani's cellphone to be able to see what they call the 'Bribe Notes.' I have to believe the guy was using an Indian cellphone number.

 

[Red-Indian]

How were US investors defrauded ?

I don't think there's any accusation of fraud. It's more violation of the FCPA i.e. using funds raised in the States to pay out the bribes.

If any, was in the nature of statements made in the prospectus about the usage of the funds. There was also a statement to investors where they denied knowing about the SEC investigation into them when it's obvious from their internal correspondence (texts, emails) that they were clearly aware they were under investigation.

 

[Bhaag Viru Bhaag]

Kenya cancels massive deals with Adani group.

 

[cricketjoshila]

I had some spare time and read through the indictment document. It's pretty strongly evidenced - emails, text messages, times of meetings, dollar amounts paid as bribes. Not sure how they acquired all of it. Did they have a whistleblower? Did they hack into the systems?

I think it'll have to be an out of court settlement with a major fine paid by Adani & co. Don't see how they can wriggle out of it otherwise.

US government is going to change in 2 months.

This will be over then.

Already a number of foreign affairs experts including people like Kanwal Sibal are suggesting that this is an overeach and has diplomatic consequences.

Putting surveillance on Indian government officials and naming a chief minister is a serious violation of sovereignty.

SECI is a union government company. NDA control 20 states. Its easy for Modi government to have these states give contract.

Why choose 4 non BJP states?

But even the ones in US know this. So why?

One particular country cancelled contract worth 2.5bn USD within few hours of this announcement. And gave the contract to Chinese companies. Coincidence?

 

[cricketjoshila]

Agreed. It's a little concerning if they were bugging Indian phones. Perhaps they only had access to the US side. It's very detailed though. There's a specific section that's especially interesting.

View attachment 147926

It looks like they had actual access to Sagar Adani's cellphone to be able to see what they call the 'Bribe Notes.' I have to believe the guy was using an Indian cellphone number.

If its found that telecom equipment supplied by a US company on Indian network was used to compromise these phones, that company is toast.

That company will never be able to supply anything to anyone in India as security clearance will be gone. That's billions in losses.

I am not even going into how other countries may react to such compromised equipment suppliers.

 

[Bhaag Viru Bhaag]

Adani managed to give India the kind of spotlight no one asked for.

 

[Technics 1210]

I have immense respect for Gautam Adani. The man is a legendary entrepreneur. Unfortunately hating on wealth and job creators is part of our culture and i think Gautam Adani will only get the respect he deserves once he’s gone. He’s had a major impact on Bharatiya economy and is now a key player in the logistics, energy, infra sectors etc. Pakistanis here can cry about anything great that we have as much as they like but the fact is that they wish they had a leader like Modi, entrepreneurs like Ambani, Adani and a cricketer like Sachin.

Well if being a legendary entrepreneur means getting charged with Bribery, then Modi and Tendulkar's careers make more sense now.

 

[Romali_rotti]

Not just that. India has been in bad books of the leftist 5 eyes coalition. Brandon still has a couple of months before he moves out of the white house. They need to do everything fast before drought sets in.

That's it. So easy to see through this... all theatrics, lights, camera, action...

 

[Romali_rotti]

Not just that. India has been in bad books of the leftist 5 eyes coalition. Brandon still has a couple of months before he moves out of the white house. They need to do everything fast before drought sets in.

Lefties and Pakistanis are jumping up and down like this is some major event and would benefit them, this is the problem when you only have the value of a pawn on a chess board, you are clueless and far away from reality...

Once Biden is gone it is tough times ahead for lefties. Which billionaire isn't a fraud ? They have all or keep commiting frauds, like Americans actually care whether Adani is a fraud or not all about last minute agendas....

This Adani is nothing, look at President Trump for instance, Lefties tried to stich him up for just about every fraud and crime out there but bro came back stronger and now WATCH OUT

 

[Champ_Pal]

Lefties and Pakistanis are jumping up and down like this is some major event and would benefit them, this is the problem when you only have the value of a pawn on a chess board, you are clueless and far away from reality...

Once Biden is gone it is tough times ahead for lefties. Which billionaire isn't a fraud ? They have all or keep commiting frauds, like Americans actually care whether Adani is a fraud or not all about last minute agendas....

This Adani nonsense is nothing, look at President Trump for instance, Lefties tried to stich him up for just about every fraud and crime out there but bro came back stronger and now WATCH OUT

Depending on the Government, they always go hard on Billionaires. Most US billionaires suck up to Democrats and peddle their woke agenda on their social media platforms. Elon is one of those rare billionaires who went against the tide and went Red.

It would have ended badly for Elon had Kamala won. He would be dragged into various scams and controversies for supporting Trump through elections.

Adani is not clean. No doubt about it. If indeed he has done the bribing, then his company must be punished. However, pretending that other Billionaires do not do what Adani did is a joke. This issue will be dragged in the court. Eventually it will die down..

In between all this drama, the retail stock investors in Adani group are the ones that will suffer the most. Their portfolio can take a beating for a few months.

I feel even after Trump comes into office, this case will not be solved instantly. Trump does not care what a billionaire in India does. He has bigger fish to fry. But the case will drag on for a few months before fizzling out slowly.

 

[Romali_rotti]

Depending on the Government, they always go hard on Billionaires. Most US billionaires suck up to Democrats and peddle their woke agenda on their social media platforms. Elon is one of those rare billionaires who went against the tide and went Red.

It would have ended badly for Elon had Kamala won. He would be dragged into various scams and controversies for supporting Trump through elections.

Adani is not clean. No doubt about it. If indeed he has done the bribing, then his company must be punished. However, pretending that other Billionaires do not do what Adani did is a joke. This issue will be dragged in the court. Eventually it will die down..

In between all this drama, the retail stock investors in Adani group are the ones that will suffer the most. Their portfolio can take a beating for a few months.

I feel even after Trump comes into office, this case will not be solved instantly. Trump does not care what a billionaire in India does. He has bigger fish to fry. But the case will drag on for a few months before fizzling out slowly.

Yeah agreed. I don't expect DT to just immediately squash the Adani case but it will eventually just get blown over. My post was more of a reminder to the lefties and some Pakistanis to calm their heels as nothing they are hoping to happen will happen....

 

[cricketjoshila]

How many indictments did Trump face in NY?

 

[Bhaijaan]

Well if being a legendary entrepreneur means getting charged with Bribery, then Modi and Tendulkar's careers make more sense now.

In any case of bribery it is the officials taking the bribery that should be charged. For as long as there are greedy politicians out there, the smart corporates will always take advantage of that. You have to move mountains to become something in Bharat. It doesn’t happen just like that. The empire Adani has created in such a short span is nothing less than a miracle.

 

[Bhaijaan]

As a Bharatiya, I welcome scrutiny. There’s a more money in the share market than ever before and kids as young as 20 year old have a demat account today. You don’t want too many large cap stocks out there without weak fundamentals

 

[FearlessRoar]

Adani bonds slide to year low as investors and lenders weigh bribery allegations​

Adani dollar bond prices fell on Monday to almost one-year lows, as investors cut their exposure to the Indian conglomerate and some bankers considered pausing fresh lending in the wake of bribery and fraud accusations by U.S. authorities.

The group's billionaire chairman, Gautam Adani, and seven other people were last week charged with agreeing to pay around $265 million in bribes to Indian government officials.

The charges related to alleged payments to obtain contracts that could yield $2 billion of profit over 20 years as well as to develop India's largest solar power project.

The charges also included making misleading statements to the public despite being made aware of the U.S. investigation in 2023.

The Adani Group has said the accusations as well as those levelled by the U.S. Securities and Exchange Commission in a parallel civil case are baseless and that it will seek "all possible legal recourse".

Banks and regulators have been reviewing exposure to the ports-to-power conglomerate in the wake of the charges.

The Singapore banking sector's overall exposure to the Adani Group, is small, the Monetary Authority of Singapore said on Monday.

"Banks have in place measures to review and manage their exposures to borrowers and counterparties," an MAS spokesperson said in a statement.

DBS Group (DBSM.SI), Singapore's biggest bank by assets, had said in early 2023 that its exposure to the Adani Group was S$1.3 billion ($967 million). DBS declined comment in response to request from Reuters.

Some global banks are considering temporarily halting fresh credit to the company after the U.S. indictment but maintaining existing loans, according to several bankers spoken to by Reuters, raising questions about its access to future funding.

"In the near term, the U.S indictment is likely to constrain the group’s access to financing, particularly in the offshore market," a Lucror Analytics note published on Smartkarma said.

The cash balances of Adani portfolio companies stood at $6.33 billion as of the first half of the current fiscal year ending March 2025, the company announced. These cash balances exceed long-term debt repayments for the next 28 months, as detailed in a presentation on the credit and financial performance of its group companies, which is regularly shared after quarterly results.

This marks the second crisis in two years for the Adani Group, which was accused last year by short-seller Hindenburg Research of improperly using offshore tax havens. The company denied those claims.

In Asian trade on Monday, some of the most liquid debts issued by Adani Ports and Special Economic Zone fell between 1 cent and 2 cents, with similar selling in Adani Transmission debt. Ports bonds maturing in 2027 were down 1.6 cents to 88.98 cents on the dollar, having lost nearly 7 cents in face value since U.S. prosecutors issued charges last week. Longer-dated Ports bonds were also down on Monday, losing between 8 cents and 10 cents in face value following the news.

Adani Transmission debt maturing in May 2036 fell 1.8 cents on Monday, marking a loss of more than 7 cents since Wednesday.

The Adani Group's 10 listed stocks, led by Adani Enterprises, lost $27.9 billion in market value over two sessions last week after the U.S. charges. However, the stocks regained some lost ground on Monday. Adani Energy Solutions rose 6%, while Adani Green Energy climbed 4% in early trade.

https://www.reuters.com/markets/rates-bonds/adani-bonds-hit-one-year-low-investors-weigh-us-bribery-allegations-2024-11-25/?utm_source=twitter&utm_medium=Social