Outlook Business Desk
Adani was accused of engaging in a bribery scheme that involved falsifying documents to trick U.S. investors and gain power supply contracts. The U.S. Department of Justice filed charges against Adani and seven others for fraudulent practices.
The Adani Group dismissed the accusations as “baseless” and sought legal action despite which Adani Group's stock prices fell, eroding USD 12.4 billion from Gautam Adani’s fortune, a huge shock to one of the largest empires in India
The U.S. Securities and Exchange Commission (SEC) summoned Gautam Adani and his nephew, Sagar Adani, and promised a default judgment if they failed to show up within 21 days
In India, a petition was filed in the Supreme Court to include the U.S. indictment and SEC complaint, as evidence, in an ongoing investigation against the Adani Group
SEBI began an inquiry into Adani’s alleged stock manipulation and market irregularities, looking into whether disclosure rules were violated by withholding price-sensitive information
S&P Global Ratings changed the outlook for three key Adani companies—Adani Green Energy, Adani Transmission, and Adani Total Gas—from “stable” to “negative, putting the empire's financial stability in question
Kenyan President William Ruto canceled two crucial Adani contracts on November 21 - a $700 million power transmission project and an airport expansion proposal