Fresh plea in Supreme Court seeks probe into U.S. indictment of Gautam Adani

The plea has been filed by advocate Vishal Tiwari as an interlocutory application in the batch of pleas in the Adani-Hindenburg row over allegations of stock price manipulation by the Indian corporate giant

A fresh plea has been filed in the Supreme Court seeking a probe into the indictment of billionaire industrialist Gautam Adani who has been indicted in the U.S. for alleged bribery and fraud, saying the move "unveiled malpractices carried out by the conglomerate".

The plea has been filed by advocate Vishal Tiwari as an interlocutory application in the batch of pleas in the Adani-Hindenburg row over allegations of stock price manipulation by the Indian corporate giant.

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The U.S. Department of Justice has accused Mr. Adani of being part of an elaborate scheme to pay $265 million (about ₹2,200 crore) bribe to Indian officials in exchange for favourable terms for solar power contracts in four Indian States.

The Adani Group has denied the charge, saying the allegations levelled by the U.S. prosecutors are baseless and that the conglomerate is compliant with all laws. It has also vowed to pursue all possible legal recourse.

In his plea before the Supreme Court, Mr. Tiwari contended that the allegations against Mr. Adani are of "serious nature" and should be investigated by Indian authorities.

"The SEBI (Securities and Exchange Board of India) has to inspire confidence by concluding the investigations and placing on record the report and conclusion of the probes. 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 SEBI's investigation report should clear this so that the investors may not loose confidence," the plea said.

Published - November 24, 2024 10:28 pm IST