February 19th 2025.
The Congress party has raised concerns about Prime Minister Narendra Modi's handling of the Adani issue, questioning whether he will comply with the US Securities and Exchanges Commission's (SEC) request for assistance in their ongoing probe against the Adani business group. This comes after the SEC informed a New York court that they are still working on serving their complaint to Gautam Adani and Sagar Adani, who are both located in India.
Congress's general secretary in-charge of communications, Jairam Ramesh, pointed out that the SEC has sought the assistance of the Modi government in serving complaints on violations of US laws by Gautam Adani and his colleagues. This raises the question of whether the PM, who has previously declared the Adani issue to be a personal matter, will oblige the SEC's request.
During a recent joint media briefing with US President Donald Trump in Washington, Modi was asked about the Adani issue. In response, he emphasized India's democratic values and the belief that the whole world is one family. He also stated that individual issues are not typically discussed between leaders of two countries.
The SEC has provided a status update to Judge Nicholas Garaufis at the United States District Court, Eastern District of New York, regarding their efforts to serve the complaint to Gautam Adani and Sagar Adani. According to the update, the SEC is still working on serving the complaint to the Adani brothers, with the help of the Indian authorities under the Hague Service Convention.
The complaint, which was filed in November last year, alleges that Gautam and Sagar Adani violated federal securities laws by making false and misleading representations about Adani Green Energy Ltd during a debt offering. In a parallel action, the US Attorney's Office for the Eastern District of New York has also unsealed criminal charges against the Adani brothers and others connected to Adani Green and Azure Power.
The charges against Gautam Adani include his alleged involvement in a bribery scheme to pay USD 250 million to Indian officials for favorable solar power contracts. The Adani group has denied these allegations, stating that they are baseless. However, the US Department of Justice and the SEC are continuing their investigations.
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