US bribery case against Adani reaches Supreme Court, Sebi in the dock

A fresh application was filed before the Supreme Court on Sunday urging it to take on record the charges of bribery and fraud brought against billionaire Gautam Adani and his seven associates by US authorities.
The petition, filed by Vishal Tiwari, alleges shortcomings in the Securities and Exchange Board of India’s (Sebi) investigation into Hindenburg Research’s allegations against the Adani Group and raises concerns over the market regulator’s credibility.
“Despite the deadline given by the Honourable Supreme Court in its order dated January 3, 2024, Sebi has not filed any report or conclusions of the investigations till now. In the present scenario, when the investigation report is not brought on record, it reduces confidence in the regulatory authority Sebi,” the application states.
This comes as Sebi recently launched an inquiry into US allegations that Adani Green Energy, a subsidiary of the Adani Group, failed to disclose an investigation into the alleged bribery scheme. The markets watchdog is reportedly awaiting detailed reports from Indian stock exchanges before deciding on a formal investigation.
Adani, 62, and seven executives of his sprawling ports-to-power conglomerate, including his nephew Sagar Adani, were indicted in a New York court this week on charges of engaging in a $265 million bribery scheme. Prosecutors allege the bribes were paid to secure lucrative solar energy contracts in India, expected to generate $2 billion in profits over 20 years.
Additionally, the US Securities and Exchange Commission (SEC) has filed separate charges against the Adani Group and Azure Power Global executive Cyril Cabanes, accusing them of issuing false statements to secure $2 billion in loans and bonds.
The Adani Group has denied all allegations, calling them “baseless.”
The charges have intensified scrutiny of the Adani Group, which previously faced allegations of improper use of offshore tax havens from US-based short-seller Hindenburg Research.
In August 2024, Hindenburg accused Sebi chairperson Madhabi Puri Buch of having links to offshore funds also used by the conglomerate, citing whistleblower documents. The short-seller alleged that Buch has a conflict of interest in the Adani matter due to previous investments.
Buch and Sebi denied these allegations, stating that the claims are baseless and that the regulator duly investigated the allegations against the Adani Group.