Gautam Adani.
Credit: Reuters File Photo
New Delhi: A plea has been filed in the Supreme Court by a lawyer seeking a direction for investigation into the indictment made in a US court against industrialist Gautam Adani and others for alleged payment of bribery to Indian government officials to secure billion-dollar contracts.
The application, filed by advocate Vishal Tiwari, stated that the Security Exchange Board of India (SEBI), which was directed by the Supreme Court to probe charges levelled in the 2023 Hindenburg report, had earlier submitted its report stating that investigation is being carried out and that out of a total of 24 investigations 22 are completed.
"Despite the three-month deadline given by the Supreme Court in its order on January 3, 2024, the SEBI has not filed any report or given any conclusion of the investigations till now. And in the present scenario, when the investigation report is still not brought on record, it reduces the confidence in SEBI," it said.
In the present case, as serious allegations of malpractices carried out by the conglomerate have been unveiled, they should also be investigated by the Indian agencies in the interest of the nation and in the interest of justice, the plea stated.
"The SEBI has to inspire confidence by concluding the investigations and placing on record the report and its inference. 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 plea said.
The applicant on whose plea the top court had earlier ordered investigation sought to bring on record indictment made in the US court.
On November 20, he pointed out, the US Attorney's Office for the Eastern District of New York unveiled charges against Gautam Adani, 62, Sagar Adani, 30, and six others.
They are accused of orchestrating a $265 million (approximately Rs 2,236 crore) bribery operation to secure solar energy supply contracts from the Indian government. These contracts were projected to yield profits of nearly $2 billion (Rs 16,880 crore) over 20 years.
The indictment claims that from July 2021 to February 2022, bribes were promised to Indian government officials in exchange for securing agreements with state electricity distribution companies in Andhra Pradesh, Tamil Nadu, Odisha, Chhattisgarh, and Jammu and Kashmir. These companies then entered into power supply agreements with the Solar Energy Corporation of India (SECI), a public sector entity that serves as an intermediary for power procurement, the plea claimed.