Adani says no one from group charged with US FCPA violation
Adani Group Chairman Gautam Adani on Tuesday denied any wrongdoing in response to US allegations of bribery, telling shareholders that no individual from the group has been charged under the US Foreign Corrupt Practices Act (FCPA). Adani Group Chairman Gautam Adani speaks during the company's Annual General Meeting.(PTI)
"Despite all the noise, the facts are that no one from the Adani Group has been charged with violating the FCPA or conspiring to obstruct justice," Adani said at the company's annual general meeting.
"Even in the face of the storms and relentless scrutiny, the Adani Group has never backed down," he said.
In November, US authorities indicted Adani and several executives, alleging they paid bribes to secure Indian power contracts and misled US investors. The Adani Group has rejected the allegations as "baseless" and said it was cooperating with legal processes.
Adani Group and its 13 offshore investors have been facing an investigation by the Securities and Exchange Board of India (SEBI) since Hindenburg Research in 2023 alleged the group's improper use of tax havens. The group has consistently denied any wrongdoing.
The company, which is constructing the world's largest renewable energy park in Khavda, western India, aims to install 50 gigawatts (GW) of renewable capacity by 2030.
With combined thermal, renewable and pumped hydro assets, Adani Group expects to reach a total power generation capacity of 100 gigawatts by 2030, Adani said.
Adani also announced a record capital expenditure plan, saying the group expects to invest between $15 billion and $20 billion annually over the next five years.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Indian Express
22 minutes ago
- Indian Express
Rupee surges to biggest single-day high in a month, rises 77 paise to close at 85.98 against US dollar as oil prices ease
The Indian rupee appreciated by 77 paise to settle at 85.98 against the US dollar on Tuesday, aided by a fall in the American currency and easing oil prices after US President Donald Trump announced a ceasefire between Iran and Israel. The domestic currency logged its biggest single-day gain in a month. It opened at 86.1 against the dollar compared to the previous close of 86.75. The currency touched a high of 85.92 during intraday trades. 'Rupee traded strong supported by a sharp 12 per cent drop in crude oil prices, which helped stabilize the currency from its earlier lows near 86.75. Anticipation of renewed FII inflows also added strength to the rupee,' said Jateen Trivedi, VP research analyst – Commodity and Currency, LKP Securities. Brent crude fell to nearly $69 per barrel, down 2.91 per cent. On Monday, the US President announced that Israel and Iran have agreed on a 'complete' and 'total ceasefire'. However, Israel later claimed that it had identified missiles launched by Iran, which the latter denied. Market participants will now closely watch the upcoming testimony by the Federal Reserve Chair Jerome Powell for further cues. The rupee is expected to trade in a range of 85.75 to 86.25 against the US currency. Meanwhile, domestic equity market indices, Sensex and Nifty, rallied over 1.3 per cent during intraday trades but pared their gains to close at marginally higher amid Israel's claims of a ceasefire violation by Iran. The BSE's 30-share Sensex rose 0.19 per cent, or 158.32 points, to close at 82,055.11, while the Nifty 50 gained 0.29 per cent, or 72.45 points, to finish at 25,044.35. 'Initial gains in the domestic market, driven by the ceasefire announcement and sharp drop in crude prices, were short-lived as renewed geopolitical tensions in the Middle East unsettled investor sentiment,' said Vinod Nair, head of research, Geojit Investments Ltd. The market also witnessed heightened volatility due to expiry day dynamics. 'Tensions in West Asia resurfaced after Israel accused Iran of violating the ceasefire, prompting a risk-off mood globally. Nevertheless, oil prices extended their decline—Brent near $70 and WTI at $65 per barrel—providing relief to import-heavy economies like India,' said Vikram Kasat, head – advisory, PL Capital. Mid- and small-cap segments once again proved more resilient, as investors sought value in broader market themes. The Nifty Midcap 100 gained 0.71 per cent and Nifty Smallcap 100 rose 0.72 per cent. Public sector banks and metal counters witnessed renewed interest, while oil marketing companies remained under pressure. Nifty Metal climbed 1.01 per cent and Nifty PSU Bank surged 1.46 per cent. The NSE companies that gained the most included Adani Ports (2.89 per cent), Jio Financial Services (2.85 per cent), Shriram Finance (2.09 per cent) and Grasim Industries (2.06 per cent).
Hans India
24 minutes ago
- Hans India
FIRST PERSON: 50 years ago attempt was made to murder democracy, but ultimately Indians prevailed
New Delhi: Fifty years ago, the night of June 25, an attempt was made to murder democracy, but ultimately, people's power prevailed, saving India. The Congress party that screams the loudest about democracy was the perpetrator of the heinous crime, throwing opposition politicians, both national and local, into jails, imposing physical censorship on the media and arresting editors, stifling public opinion and strong-arming the judiciary. It was 1975, when the summer of discontent over corruption and high-handedness gave rise to waves of fury against Indira Gandhi, whose legitimacy had been shattered by an Allahabad High Court verdict unseating her from Parliament for violations of the election laws. Riding the crest of a mass movement that began in Gujarat and rolled across the northern plains, Jayaprakash Narayan – JP as he was known – brought the spirit of the rebellion to the citadels of power in Delhi on June 25. At the Ramlila Maidan, a spot hallowed by the annual enactment of the drama of victory of good over evil, before a crowd of 100,000, JP thundered, "Singhasan Khaali Karo Ke Janata Aaati Hai, Leave Your Throne, the People Have Come." It was his call for Indira Gandhi to leave the prime ministership that she was clinging to with a temporary stay of the court verdict banning her from parliament. Presciently, he also called on the police and the Army to follow their conscience and not obey illegal orders. This writer, then a sub-editor with barely three years' experience on the overnight desk of the United News of India (UNI) news agency, witnessed firsthand the attack on democracy. The reporters and senior editors wrapped up the story of the day and headed home, leaving the desk to this writer, Arul Louis, the founding executive editor of IANS and now its correspondent in New York, and colleague Tarun Basu, a former chief editor of IANS. Just after midnight, ominous dispatches clacked on the teleprinter machines – the electrically driven typewriter-like machine linked through telephone lines -- in the pre-digital age. Reports dribbled in from Haryana, Punjab, Madhya Pradesh, and Himachal Pradesh that trucks delivering newspapers were being stopped by police, and power was going out at newspaper offices and printing plants, while some local opposition politicians were being rounded up for unclear reasons. A Madhya Pradesh bureau passed on a rumour among local officials that "martial law" was coming. Unbeknownst to a sleeping nation, the Emergency had been declared. Sometime after 2 a.m., this writer picked up a ringing landline. The caller cryptically narrated what would shock the nation and change the course of modern Indian history: "JP giraftar ho gaye (JP has been arrested)'. A 10-letter bulletin went out on the wire service teleprinter network: F L A S H J P ARRESTED that marked the long night of fascist terror, 21 months marked by lathis and bullets, censorship, cowardice and despair – but also heroism, faith in democracy, unbending commitments, idealism and hope. This writer, called Myron L Belkind, the bureau chief of the Associated Press, to get the word out to the world before censorship struck and shut down communications. This writer and colleague ran to the nearby Parliament Street Police Station. In the dimly lit exterior of the colonnade building, the cops hadn't yet grasped the near-infinite power the Emergency had conferred on them and said politely that nothing was happening and to go away. Suddenly, there was a bustle, and the frail JP was brought out. Asked through the cordon of police in uniform and plain clothes around him what was happening, he gave a look of sadness, but behind it was a glint of steeliness. He said feebly: "Vinaashakaale Viparita Buddhi." Krishna Kant, a Congress party dissident and supporter of JP's movement who was under arrest alongside him, repeated louder for all to hear the Sanskrit saying that translates as, "Madness takes hold at the moment of disaster." JP was put in one of the white Ambassador tourist taxis and driven away. His kidneys failed during the harsh imprisonment. Back to the UNI office, a story was filed with his quote that became a motif of the opposition to the Emergency. GG Mirchandani, the fearless general manager of UNI, ordered that reports of the arrests and intimidation flow through the wires without being cowed down. Every ring of the phones brought news of more arrests – Morarji Desai, Atal Bihari Vajpayee, Jyotirmoy Basu and many others, across the swath of politics. But two names were missing from the list of arrested: George Fernandes and Subramanian Swamy. Both had staged strategic disappearances to lead the resistance. Editors and reporters poured into the office as the night was fading, to write the first draft of a tragic history in the making. The UNI had been spared electricity and communications cuts that many media offices suffered that morning, as it shared the grid with many government offices and Parliament. The machines spewed rolls of copy on arrests and interdictions from the bureaus across the country, and some lapsed into silence when power or communications lines were cut. At around 7 a.m., Indira Gandhi came on the All India Radio, then a government-run monopoly on the airwaves, to proclaim the rules of dictatorship. Two government censors, drafted from the government's Press Information Bureau, burst in with two rubber stamps, one for stories censored and another for those approved, and imperiously took seats on the news desk. Later, they marched into other newspaper offices and overpowered journalism. Mirchandani defiantly kept the reports flowing till the censors delivered an ultimatum: Submit to censorship or the agency will be shut down permanently. Mirchandani deferred, but with an order to the staff to continue to cover the news professionally and never to self-censor, anticipating censorship. That was the censors' job, not the reporters', he said. The censors slashed reports to meaninglessness or stamped them "Not for publication". But the reports secretly made their way to the proliferating samizdat, the underground bulletins crudely printed or run on cyclostyle machines, the inky predecessor of copying machines. Some journalists associated with or loyal to the Congress Party or the pro-Mosow Communist Party strutted around giving advice – and veiled threats – to colleagues about the dawning of the new era of Indira Gandhi and there would be no more indiscipline. Outside, a line soon formed of politicians, businessmen, trade unionists, and self-styled civic activists with press releases swearing fealty to the dictator. And in the media, as in all other sectors, many lived up to BJP leader L. K. Advani's pessimistic deecription: "Some who were asked to bend, chose to crawl." Among the editors arrested were Kuldip Nayar, the resident editor of The Statesman, and KR Malkani, the editor of The Motherland, an English-language daily newspaper associated with the Jan Sangh, the precursor of the BJP. A journalist from UNI, SS Prakash, died after he was found with head injuries near the house of the dictator, his scooter with underground tracts. That was the time of fascism – the real fascism, not the fake term flung glibly like foul epithets, often by the intellectual and political progeny of those who put the yoke of fascism on the nation. Those who have sat across from censors on the news desks, watched colleagues in the media and from universities arrested, or saw people snitch on others, know what fascism is like. That was the time in the name of socialism and secularism, the people in the hinterlands were hauled off buses to be sterilised, houses of the poor were demolished for no reason but the aesthetic whims of wielders of power, films were seized and burnt, when upstarts with connections became what were known as 'extra-constitutions authorities'. Let no one, least of all the Congress party, talk of fascism. Except for the BJP, the Marxists, the assorted socialists now scattered in different parties, the DMK and the courageous independents, the others lost their moral ground that day 50 years ago. Yet some of them, like the DMK, are now aligned with the Congress that had imprisoned their leaders. The power of the people and their commitment to democracy had boiled like a river of magma beneath the surface of the facade of untruth to erupt like a volcano searing through the fascism when elections were held by the oblivious dictator. The nation breathed free again after 21 months on March 21, 1977. "Vinaashakaale Viparita Buddhi" is the epitaph for that era of infamy.
Time of India
26 minutes ago
- Time of India
Oberoi to Stay Rooted in India while Branching out Overseas
HighlightsThe Oberoi Group is set for expansion into new markets, including Saudi Arabia and Egypt, while maintaining a strong focus on the domestic Indian market, according to Arjun Oberoi, the executive chairman. In the financial year 2025, EIH Limited, the flagship of the Oberoi Group, reported a 14% increase in net profit, reaching ₹770 crore and a 10% revenue growth to ₹2,880 crore, driven by a premium service strategy and a growing demand for quality hospitality. Despite facing legal challenges regarding family property and disputes with the Himachal Pradesh government over a luxury hotel, the Oberoi Group is prioritizing growth in mixed-use developments and branded residences to meet rising market demand. The Oberoi Group is primed for further growth as its eponymous brand sits at the 'centre' of premium travel—the fastest-growing segment in India's hospitality industry, Arjun Oberoi, executive chairman of the luxury hotel chain , told ET. He said the group will enter new destinations such as Saudi Arabia and Egypt while continuing its sharp focus on the growing domestic market. Over the last few years, the operator of the Oberoi and Trident hotel brands has seen a 'strong' uptick in financial performance, said group CEO Vikram Oberoi in a joint interview. This was fuelled by the clear mandate of growing the hotel portfolio with 'carefully-curated, brand-aligned' properties, driving a high premium strategy, outperforming rivals during periods of high demand, and offering 'exceptional' service to guests, he said. It was the first media interaction of the two Oberoi scions since the passing of patriarch PRS Oberoi in November 2023 and the formal handover to the third generation. The Oberoi Group delivered one of its strongest performances in the financial year 2025. For the year ended March 2025, EIH, the group's flagship, posted a 14% rise in net profit at ₹770 crore, while revenue grew 10% to ₹2,880 crore. Vikram Oberoi said guests are becoming more selective and are willing to pay a premium for quality service. 'People are traveling more, both for leisure and business. STR (Smith Travel Research) data shows we have significantly outperformed the market on revenue per available room, with a premium on average room rates and occupancy,' he said. 'In almost all locations, Oberoi ranks first on revenue per available room in its competitive set.' Vikram Oberoi expects India's affluence to accelerate. 'Twenty years ago, the Indian-to-foreign guest ratio was small. The proportion of our Indian guests has grown exponentially.' Having signed 21 new projects in under two years, the chain has launched its most ambitious growth strategy. The pipeline includes 19 hotels, two luxury boats, and a Nile River cruiser. A dozen of these are in India; the rest are in London, Saudi Arabia, Egypt, Bhutan, and Nepal. Sixteen will operate under the Oberoi brand and five under Trident. About half the new projects will be owned, while the rest will be under management contracts. Last November, the group said it will open a hotel in London's Mayfair through an arrangement with British property major Grosvenor and EIH London Investments. Saudi Arabia is another key focus. 'We've announced two hotels there. We're also entering countries we should've been in earlier—Indonesia and Egypt. India will remain our main thrust. It's still the right time to invest here,' said Arjun Oberoi. Post-Covid, competition in India's hospitality market has intensified, with Tata Group-owned IHCL, Marriott, Accor, and Hilton expanding rapidly. Arjun Oberoi explained that the chain is guided by internal benchmarks and won't stretch the brand to risk dilution. 'Why are our hotels recognised globally? Not just for the locations—but because we've crafted each one with love, care and thoughtfulness,' he said. While the generational transition has worked well, the company has also faced hurdles. The brothers are currently locked in a legal battle over PRS Oberoi's will, challenged by their stepsister Anastasia, who is claiming a share of the family properties. 'The matter is sub-judice; we wouldn't like to comment,' said Arjun Oberoi. The hospitality chain is also locked in a dispute with the Himachal Pradesh government over the historic luxury hotel, Wildflower Hall in Shimla. More recently, it exited the UAE, ending its management of The Oberoi Beach Resort, Al Zorah. Going forward, residences are another focus area, particularly where there is a hotel and viable residential opportunity. ' Mixed-use developments are increasingly the preferred model, and many partners see this as the best way to monetise assets,' said Arjun Oberoi. 'There is strong demand for branded residences, so it's something we're committed to.'
