Big news on Adani from US court… These cases will be heard together, these shares broke! – Adani bribery case US court orders joint criminal civil trial against tycoon these share in Focus tutd
A New York court has ordered the consolidation of three cases against industrialist Gautam Adani and others on bribery charges worth USD 265 million. The court ruled that these cases would be heard together in a joint trial. This decision came when the court found that these cases are related to similar allegations and transactions.
If we look at the three cases, it includes US vs. Adani and others (criminal case against Adani), Securities and Exchange Commission (SEC) vs. Adani and others (civil case against Adani) and SEC vs. Cabanes (civil case against other accused). Is. The court said that this decision has been taken to promote judicial efficiency and avoid conflicting schedules. All these cases will be given to District Judge Nicholas G Garoufis, who is overseeing the criminal case against Adani. The court staff has been instructed to reallocate the cases.
What was the impact on shares?
Here, Adani Enterprises was at Rs 2590 with a slight fall. Adani Green Energy was at Rs 1053 with a gain of 0.53. Adani Power was up 1 percent at Rs 525. Shares of Adani Energy Solutions had risen 2.27 percent. Adani Port had fallen 0.73 percent. A decline of 1 percent was seen in Adani Wilmar. At the same time, shares of Adani Total Gas had risen by 1 percent.
What is the whole matter?
Adani and others are accused of paying bribes worth US $ 265 million (about Rs 2,029 crore) to get solar energy contracts with state power distribution companies. Earlier, US prosecutors had alleged that this fact was hidden from American banks and investors from whom the Adani Group had raised funds for solar energy projects.
Adani Group has denied the allegations, calling them “baseless” and saying that we are a law-abiding organization, which fully adheres to all laws. A company spokesperson said the indictment is based on allegations, and the defendants are considered innocent until proven guilty.
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