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Report says close associates of India’s Adani Group secretly purchased large numbers of shares

Gautam Adani runs the Adani Group, one of India's biggest companies

NEW DELHI (AP) — Two people closely linked to India’s Adani Group, one of the country’s largest conglomerates, secretly purchased millions of dollars of stocks in the group’s companies, possibly violating Indian law, according to a report Thursday by a network of investigative journalists. Market rules require that at least 25% of a company’s shares be available for public purchase. The report by the Organized Crime and Corruption Reporting Project said the two men used “opaque investment funds based in the island nation of Mauritius” to obscure their involvement in controlling up to nearly 14% of the public shares. The

Congress attacks govt over fresh allegations against Adani Group

Mumbai, Aug 31 (PTI) The Congress on Thursday targeted the Modi government over fresh allegations against the Adani Group by the Organised Crime and Corruption Reporting Project, and claimed that “corruption” in shell companies linked to the conglomerate is getting stronger and only a JPC can uncover the truth. Congress general secretary Jairam Ramesh questioned the role of market regulator SEBI in properly investigating the role of shell companies linked to the Adani Group. “Despite the Modi government’s best efforts, the truth will not stay suppressed forever. However, the full story about the flow of benami funds into the Adani

China’s President Xi Jinping likely to skip G20 summit in India

NEW DELHI/BEIJING, Aug 31 (Reuters) – China’s President Xi Jinping is likely to skip a summit of G20 leaders in India next week, sources familiar with the matter in India and China told Reuters. Two Indian officials, one diplomat based in China and one official working for the government of another G20 country said Premier Li Qiang is expected to represent Beijing at the Sept. 9-10 meeting in New Delhi. Spokespersons for the Indian and Chinese foreign ministries did not respond to requests for comment. The summit in India had been viewed as a venue at which Xi may meet

India’s economic growth set to accelerate to its fastest in a year

An employee works inside an engineering goods export unit in the manufacturing hub of Faridabad on the outskirts of New Delhi, India, January 13, 2023. REUTERS/Manoj Kumar

India’s economy grew at its fastest pace in a year in the April-June quarter, driven by services and manufacturing, data is expected to show on Thursday, though economists warn of a slowdown ahead. According to the median forecast (INGDPQ=ECI) in a Reuters poll of economists, India’s gross domestic product (GDP) grew 7.7% in the past quarter, up from 6.1% growth in the previous quarter and its fastest expansion since April-June 2022. Economists say lower commodity prices helped manufacturers increase margins and offset the impact of 250 basis points of cumulative interest rate increases since May 2022. Suvodeep Rakshit, economist at Kotak Institutional

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