Application Filed In Supreme Court Seeking Probe Into US Bribery Allegations Against Adani Group

An application has been filed in the Supreme Court of India seeking to include the recent indictment by the United States Department of Justice (DOJ) in the ongoing investigation against the Adani Group.

The indictment accuses Gautam Adani, Sagar Adani, and other executives of orchestrating a bribery scheme to influence Indian officials and push Indian companies to purchase solar power from an Adani subsidiary.

The interlocutory application, filed by Advocate Vishal Tiwari, is connected to an earlier petition calling for an independent investigation into allegations raised by Hindenburg Research. The Supreme Court is yet to take a decision on this latest plea.

The US indictment also claims violations of the Foreign Corrupt Practices Act (FCPA) and the Foreign Extortion Prevention Act (FEPA), raising serious concerns about corporate governance and ethics within the conglomerate.

Tiwari highlighted that the Securities and Exchange Board of India (SEBI) has yet to conclude its investigation into the allegations against the Adani Group, as directed by the Supreme Court in January 2024.

He urged that SEBI’s findings must be placed on record to restore investor confidence, particularly in light of the fresh bribery charges unveiled by US authorities.

While SEBI was advised to complete its probe within three months, the Supreme Court had not set a strict deadline, leading the registry to reject an earlier application demanding expedited results.

The DOJ indictment claims that Adani executives allegedly funneled millions in bribes to secure favorable policies, potentially implicating both Indian and international laws. Tiwari asserted that these serious allegations necessitate scrutiny by Indian investigative agencies to uphold the public interest.

The petition underscores the gravity of allegations spanning multiple jurisdictions and their potential to erode trust among investors. It also emphasizes the need for SEBI to inspire confidence by addressing claims of short-selling, insider manipulation, and broader malpractices alleged by Hindenburg Research.