While giving his statement in the alleged bribery case of 265 million dollars (about Rs 2200 crore) on behalf of Adani Group, he had termed the allegations as baseless.
US SEC summons to Gautam Adani and nephew Sagar news in Hindi: Trouble in the $265 million (about Rs 2200 crore) bribery case of Adani Group Chairman Gautam Adani and his nephew Sagar Adani is expected to ease. Not taking. The American Securities Exchange Commission (SEC) has issued summons to both of them and sought their answers.
Earlier, while giving his statement in the alleged bribery case of 265 million dollars (about Rs 2200 crore) on behalf of Adani Group, he had called the allegations baseless.
According to PTI report, the US Securities Exchange Commission (SEC) has issued summons to Adani Group Chairman Gautam Adani and his nephew Sagar Adani in the bribery case and asked them to reply within 21 days.
The report also said that these summons have been sent to the SEC to answer to Gautam Adani's Shantivan Farmhouse in Ahmedabad and his nephew Sagar Adani's Bodakdev residence in the same city.
The notice sent through the New York Eastern District Court on November 21 states that the Securities Exchange Commission will have to respond to the complaint within 21 days after receipt of this subpoena (except the day it is received) or else under the Rules of Federal Civil Procedure. A proposal has to be submitted under section 12.
It also said that if Gautam Adani and Sagar Adani do not respond within the stipulated time, an appropriate decision will be taken by the SEC. This means that Adani will have to file a reply or proposal within the stipulated time.
What is the whole matter?
Let us tell you that during the hearing in the New York federal court, Gautam Adani's company has been accused of defrauding investors in America and paying huge bribes to Indian officials to get solar energy contracts. It is alleged that Adani Green and Azure Power Global had paid a bribe of $ 265 million (approximately Rs 2236 crore) to Indian officials through wrong channels to take over this solar project between 2020 and 2024. Not only this, the bribery case was hidden from the American company i.e. Azure Power Global. This contract was estimated to yield profits of over two billion dollars over 20 years, and loans and bonds were raised under false pretenses to take advantage of it.
Although Adani Group on Thursday completely rejected the allegations of the US investigating agency and said that the allegations are baseless, the group takes every decision within the ambit of law.
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