The Adani group has also raised money from the American stock market for its 'green energy' project. A case has been filed in the American court over allegations of corruption in that project. But the Union Ministry of Law and Justice is refusing to issue a summons to Gautam Adani by the relevant American investigation commission.
The allegations have once again sparked a heated debate. On Saturday, Adani Enterprises, one of the companies in the Adani group, had to make a statement at the Bombay Stock Exchange and the National Stock Exchange due to this.
Meanwhile, the share prices of various Adani companies have started falling since Friday. Some media outlets are reporting that 12,500 crore taka of various companies or individuals who invested in Adani have disappeared. Several state-owned insurance companies and banks in India, such as LIC, have large investments in various companies belonging to the Gautam Adani group, which is particularly close to Narendra Modi.
Meanwhile, the Union Ministry of Law and Justice has rejected the application to issue direct summons to Gautam Adani and his nephew Sagar Adani. The CPI(M) has criticized the Law Ministry's stance. On Saturday, the CPI(M) said, "The government or administration is not functioning. Crony capitalism is running." The CPI(M) said that the deep nexus between corporates and the central government has been exposed once again. In the case of protesters or opponents, the law is used as a weapon to suppress them. And in the case of those who have connections to the upper echelons, who have huge assets, legal liability is reduced.
There was a lot of buzz around Adani earlier after the Hindenburg Report came out. It was said that Adani's share price was 80 percent inflated. The prices were artificially inflated by bringing money from abroad and pouring it into shares. After the report was published, the share prices of various companies in the suit fell by about 80 percent.
A new controversy has erupted over allegations of fraud in the US stock market. Adani Green has applied for power supply contracts in various states in India. About $3 billion in capital was raised from the US stock market for that project. But a section of investors allege that Gautam Adani and Sagar Adani have paid huge bribes to high-ranking officials in various states of India and are getting contracts in return. But the future of this business project is not at all promising. They could lose money.
Then, a case was filed by the administration in New York federal court, and Adani was charged. In its investigation into this case, the US Securities and Exchange Commission, the American stock market watchdog, is seeking permission to send summons directly via email. The Law Ministry had rejected the request twice last year. Citing 'sources', the media said that there was no signature in ink. There was no government seal. However, the Narendra Modi government could not publicly state the specific statement. @freemang2001gmail-com
Pankaj Dhar Choudhury
Pankaj Dhar Choudhury, B.A Hons. in English, M.A in English, B.ED.
He passed Madhyamik from his native village Kumar Gram Duar of Alipurduar district. He got B.A Hons. in English from Alipurduar College. He completed M.A in English from North Bengal University, Siliguri. He completed B.ED from Maldah Govt. Teachers" Training College. He has been a social media activist since 2006.
Ethan Caldwell shares thoughtful insights and reflections on life, culture, and personal growth. His work explores the intersections of creativity and experience, offering readers unique perspectives.
