Adani Group stocks today: Adani Group stocks rose up to 7% on Monday, with investors showing confidence that Gautam Adani and others facing US charges of bribery, securities fraud, and wire fraud have substantial grounds to contest the indictment.
Adani Enterprises shares increased 4% to Rs 2,319.90, whilst Adani Energy shares climbed nearly 7% to reach Rs 694.15.
Additionally, Adani Ports and Adani Power shares increased by 4.6%, Adani Green Energy rose by 6.4%, and Adani Total Gas gained 5%.Other affiliated companies including Adani Wilmar, ACC, and Ambuja Cements saw increases between 2-3%.
According to analysts cited in an ET report, the actual court proceedings appear to be considerably distant.
Legal experts suggest that Gautam Adani, the founder-chairman of Adani Group, and other defendants charged by US prosecutors with foreign bribery, securities fraud and wire fraud conspiracies, have substantial grounds to contest their charges.
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According to Mahesh Agarwal, managing partner at Agarwal Law Associates, the Adanis possess strong arguments to dispute the US grand jury’s indictment order, and they are expected to seek guidance from their international legal advisers regarding their subsequent actions.
Legal specialists indicate that Adani’s defence team will need to conduct a thorough analysis of the comprehensive evidence gathered through investigations by various US investigative agencies.
The experts indicate that the actual trial proceedings appear to be considerably distant. The initial crucial step involves US prosecutors issuing warrants of summon/arrest for the Adanis. Legal proceedings in New York cannot advance without proper service of notice. The US Constitution’s Procedural Due Process Clause necessitates that defendants receive appropriate notification of court proceedings to enable them to present their defence.
The US indictment alleges that Adani provided misleading information to US investors through falsified documents and hidden transactions whilst raising funds across multiple years. The alleged scheme involved over $2 billion obtained through loans and bonds, partially from American financial institutions, all established on incorrect claims regarding anti-bribery practices and reports of an ongoing bribery investigation.
Also Read | Gautam Adani, nephew Sagar Adani summoned by US SEC in $265 million bribery case
Opposition parties are currently seeking discussions regarding bribery allegations against the Adano Group in the Parliament’s Winter Session.
The government has indicated that discussion topics will be determined by the business advisory committees of both Houses, whilst encouraging all parties to facilitate smooth parliamentary operations.
Congress MPs highlighted bribery accusations against Adani Group. Congress’s RS MP Pramod Tiwari indicated his party’s priority was addressing the Adani matter in Parliament’s Monday session. “It is a grave issue involving the country’s economic and security interests as over Rs 2,300 crore was allegedly paid by the company to politicians and bureaucrats to get favourable deals for its solar energy projects,” he said.
Parliamentary Affairs Minister Kiren Rijiju noted that discussions would require approval from both the Lok Sabha Speaker and Rajya Sabha Chairperson, with final decisions resting with the business advisory committees.