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“No direct agreement between Andhra DISCOMs, Adani group”: YSRCP on Adani US indictment bribery allegations

New Delhi [India], November 22 (ANI): Yuvajana Sramika Rythu (YSR) Congress Party or YSRCP on Friday clarified that there was no direct agreement between Andhra Pradesh (AP) distribution companies (DISCOMs) and Adani group. The statement came after US proecutors charged Adani Group chairma Gautam Adani and others linking them to an alleged bribery scheme. Earlier, Solar Energy Corporation of India Limited (SECI), a government of India entity under the Ministry of New and Renewable Energy, came under attack by Congress leader Jairam Ramesh who alleged that SECI was the “key player” in the “corruption scandal”. “It is necessary to mention

Adani Group stocks, bonds fall for a second day after founder’s US indictment

Nov 22 (Reuters) – Stocks and bonds of India’s Adani Group dropped for a second session on Friday after a U.S. arrest warrant was issued for its billionaire founder Gautam Adani over an alleged $265 million bribery scheme. Adani Green Energy, the company at the centre of the case, was down 8% in early Friday trade, and has lost a total $7 billion in market value since the news of the indictment. The conglomerate’s stocks have seen their combined market value drop by $33 billion. U.S. prosecutors have charged Adani and seven other people with agreeing to pay bribes to

How Gautam Adani’s alleged bribery scheme took off and unraveled

NEW YORK, Nov 22 (Reuters) – In June of 2020, a renewable energy company owned by Indian billionaire Gautam Adani won what it called the single largest solar development bid ever awarded: an agreement to supply 8 gigawatts of electricity to a state-owned power company. But there was a problem. Local power companies did not want to pay the prices the state company was offering, jeopardizing the deal, according to U.S. authorities. To save the deal, Adani allegedly decided to bribe local officials to persuade them to buy the electricity. That allegation is at the heart of U.S. criminal and

Rahul Gandhi demands Adani’s immediate arrest probe against Sebi chief

New Delhi, Nov 21 (PTI) Leader of Opposition Rahul Gandhi on Thursday demanded immediate arrest of industrialist Gautam Adani after the billionaire industrialist was charges in the US for alleged bribery and fraud. Addressing a press conference here hours after the US prosecutors charged Adani and associates for allegedly paying USD 250 million bribe to Indian officials, the Congress leader said it is now pretty clear and established in the US that the businessman has broken Indian as well as American laws. The Adani group has not yet reacted to the charges. Taking a jibe at Prime Minister Narendra Modi’s

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