New Delhi: An interlocutory application seeking to produce the US indictment accusing Gautam Adani of being part of a massive bribery scheme has been filed in the Supreme Court.
The application is part of a petition filed by advocate Vishal Tiwari last year in connection with an independent investigation into the allegations against the billionaire industrialist made by US-based short seller Hindenburg Research.
Last week, the US Department of Justice (DoJ) and the Securities and Exchange Commission (SEC), accused Adani of running a $265 million bribery scheme from 2020 to 2024 to secure solar energy contracts in India, projected to yield $2 billion in profits over 20 years.
Tiwari said that the indictment “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.”
According to LiveLaw, Tiwari 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.
He said that SEBI must “inspire confidence by concluding the investigations and placing on record the report and conclusion of the investigations.”
Also read: ‘Solar Storm’, ‘Alldani’: How Front Pages of English Dailies Spoke of Gautam Adani’s US Indictment
“As there were allegations of short selling in the SEBI investigation and the present allegations leveled by the foreign authorities [may or may not] have [a] connection, but the investigation report of the SEBI shall clear this so that investors may not lose confidence,” the applicant stated.
Tiwari had earlier filed a plea seeking a court directive to SEBI to complete the investigation against the Adani group in connection with the Hindenburg allegations. However, the Supreme Court registry refused to register the application, saying that the Supreme Court had merely said the investigation should “preferably” be completed within three months, but not set a definitive timeline.
Tiwari has urged Indian authorities to investigate the latest allegations against Adani to restore public confidence in the regulatory process.
