Adani US bribery case reaches SC

New Delhi: A fresh application was filed before the Supreme Court on Sunday urging it to take on record the charges of bribery and fraud brought against billionaire Gautam Adani and his seven associates by the US authorities. The petition alleges shortcomings in the Securities and Exchange Board of India’s (Sebi) investigation into Hindenburg Research's allegations against the Adani Group and raises concerns over the market regulator’s credibility. “Despite the deadline given by the Supreme Court in its order dated January 3, 2024, SEBI has not filed any report or conclusions of the investigations till now. In the present scenario, when the investigation report is not brought on record, it reduces confidence in the regulatory authority SEBI,” states the application.

This comes as SEBI recently launched an inquiry into US allegations that Adani Green Energy, a subsidiary of the Adani Group, failed to disclose an investigation into the alleged bribery scheme. The markets watchdog is reportedly awaiting detailed reports from Indian stock exchanges before deciding on a formal investigation. Adani, 62, and seven executives of his sprawling ports-to-power conglomerate, including his nephew Sagar Adani, were indicted in a New York court this week on charges of engaging in a $265 million bribery scheme.