The United States Department of Justice (DoJ) has filed charges against industrialist Gautam Adani. Days after the US indictment of Gautam Adani and other individuals, Adani Group CFO Jugeshinder Singh has said that the bribery indictment pertains to a single contract at Adani Green Energy. According to a Reuters report, the Adani Group CFO said…
BHUBANESWAR: In a recent court filing, the US Securities and Exchange Commission alleged that Adani Green’s internal documents show huge kickbacks were made or committed to Odisha govt officials to influence decisions regarding a power supply agreement.The SEC complaint read, “According to Adani Green’s records, a payment equal to hundreds of thousands of dollars was…
NEW DELHI: The Securities & Exchange Commission (SEC) complaint in a New York court has said that Solar Energy Corporation of India had hoped to sign the power purchase agreement within 90 days of issuing letters of award to Adani Green and Azure Power in June 2020, but the high tariffs quoted by the companies…
BENGALURU: Finance minister Nirmala Sitharaman said India should position itself as a nation practising responsible capitalism. “We need to understand that capitalism also has its limitations. It is important to brand India as a responsible capitalist country, one that knows how to take care of its people, with many of its institutions doing their job,”…
MUMBAI: Flipkart co-founder Binny Bansal has stepped down from the board of PhonePe, the fintech which the e-commerce firm had acquired in 2016 under Bansal’s watch and has now separated from Flipkart. In Jan this year, Bansal had also exited the board of Flipkart. Source link
MUMBAI: GQG Partners, a major foreign investor in the Adani group companies, has initiated defensive measures to safeguard its share price following the fallout from a US investigation into the Ahmedabad-based conglomerate. The Sydney-listed fund initiated a $65 million share buyback programme, citing the potential presented by the significant drop in its stock value. GQG’s…
MUMBAI: Foreign exchange reserves fell by nearly $18 billion in the week ending Nov 15-the sharpest fall on record-as global investors continued pulling out funds from Indian stock markets.According to RBI data, forex reserves declined by $17.8 billion to $657.9 billion during that week. The decline was largely due to a $15.5 billion drop in…
Mumbai: Byju Raveendran, founder of edtech startup Byju’s, allegedly tried to convince his US-based business associate William R Hailer to leave the country so he could skip appearing in court to testify about Raveendran’s involvement in dubious activities.“On Nov 20, Byju arranged a ticket for me to Dubai on Emirates out of Chicago, Illinois to…
MUMBAI: Interest rate guidance is more effective when policy rates are low as compared to when they are on their way down, according to RBI deputy governor Michael Patra.“Under heightened uncertainty, discretion in forward guidance has increasingly gained legitimacy among major central banks. Empirical evidence in the Indian context suggests that forward guidance in a…
MUMBAI: Markets regulator Sebi is having a preliminary look at whether the Adani Group had violated disclosure norms while its chairman and some top officials dealt with a US DoJ grand jury subpoena and investigations by the FBI for wire frauds, violations of securities and other laws in the country for over a year. Sebi…
