Home | Editorials | Editorial Adani In Trouble Editorial: Adani in trouble The case raises serious questions over symbiotic relationship between monopolistic business houses and politicians By Telangana Today Published Date - 22 November 2024, 11:55 PM The controversial billionaire industrialist Gautam Adani is in trouble again. A year after Hindenburg Research, an American firm, had accused the Adani Group of engaging in accounting fraud and stock market manipulation, prosecutors in the United States have indicted him, his nephew Sagar Adani and six others in an alleged bribery case. They have been accused of paying about $265 million in bribes to Indian officials and politicians to secure lucrative solar energy supply contracts with the state distribution companies. The matter is said to involve the States of Andhra Pradesh, Tamil Nadu, Odisha, Jammu & Kashmir and Chhattisgarh and the Solar Energy Corporation of India, a government-owned company, with whom these States signed the power sale agreement under the manufacturing linked project. These power contracts were expected to generate more than $2 billion in profit after tax for the Adani Group over the coming two decades. As per the indictment, extensive documentation was maintained on the bribery efforts. The allegations caught the attention of the US Justice Department and Securities and Exchange Commission as Adani’s companies were raising funds from American investors in several transactions starting in 2021. As the scandal triggered political furore with Congress leader Rahul Gandhi demanding Adani’s arrest, there is an urgent need to order a thorough investigation into the business practices of the conglomerate which, according to the opposition parties, enjoys the patronage of the NDA government. Following the shocking indictment by the district court in New York, the shares of the Adani Group companies have tanked. The Group has also scrapped its $600-million bond offering. The indictment levies multiple charges, ranging from conspiracy to violate the Foreign Corrupt Practices Act to securities and wire fraud, and conspiracy to obstruct justice. The case raises serious questions over flaws in corporate governance and the symbiotic relationship between monopolistic business houses and politicians. Though the Adani Group has dismissed the bribery allegations as baseless, the credibility of the company has taken a serious hit and it has to brace for what looks like a prolonged legal battle. The indictment has given the opposition fresh ammunition to attack the Narendra Modi government over crony capitalism, while the saffron party has launched a counter-attack, training its guns on non-BJP parties that were in power in States where government officials allegedly received bribes. A comprehensive probe, preferably monitored by the Supreme Court, is needed to get to the bottom of this murky matter. It would require close cooperation not only between the Centre and States but also between the Indian and US authorities. While the conglomerate managed to weather the Hindenburg storm to a great extent, it is facing far stronger headwinds this time. The indictment has also turned the spotlight on the ongoing probe by the Securities and Exchange Board of India (Sebi) into the allegations of stock manipulation and accounting fraud. Follow Us : Tags bribery allegations Corporate Governance Corruption Foreign Corrupt Practices Act Related News Adani Group domination in solar energy sector leading to hike in equipment prices KTR demands Telangana government to cut ties with Adani Group Majority of Adani Group stocks trade lower for second day on trot TDP reacts cautiously to Adani indictment row, says ‘no comments for now’
Trump transition says Cabinet picks, appointees were targeted by bomb threats, swatting attacks
Rachel Reeves' tax raid unveiled in her first Budget has caused a collapse in businesses' confidence in Britain, damning survey revealsWASHINGTON (AP) — Donald Trump said he can't guarantee that his promised tariffs on key U.S. foreign trade partners won't raise prices for American consumers and he suggested once more that some political rivals and federal officials who pursued legal cases against him should be imprisoned. The president-elect, in a wide-ranging interview with NBC's “Meet the Press” that aired Sunday, also touched on monetary policy, immigration, abortion and health care, and U.S. involvement in Ukraine, Israel and elsewhere. Trump often mixed declarative statements with caveats, at one point cautioning “things do change.” A look at some of the issues covered: Trump has threatened broad trade penalties, but said he didn’t believe economists' predictions that added costs on those imported goods for American companies would lead to higher prices for U.S. consumers. He stopped short of a pledge that U.S. households won't be paying more as they shop. “I can’t guarantee anything. I can’t guarantee tomorrow,” Trump said, seeming to open the door to accepting the reality of how import levies typically work as goods reach the retail market. That's a different approach from Trump's typical speeches throughout the 2024 campaign, when he framed his election as a sure way to curb inflation. In the interview, Trump defended tariffs generally, saying they are "going to make us rich.” He has pledged that, on his first day in office in January, he would impose 25% tariffs on all goods imported from Mexico and Canada unless those countries satisfactorily stop illegal immigration and the flow of illegal drugs such as fentanyl into the United States. He also has threatened additional tariffs on China to help force that country to crack down on fentanyl production. ”All I want to do is I want to have a level, fast, but fair playing field,” Trump said. He offered conflicting statements on how he would approach the justice system after winning election despite being convicted of 34 felonies in a New York state court and being indicted in other cases for his handling of national security secrets and efforts to overturn his 2020 loss to Democrat Joe Biden. “Honestly, they should go to jail,” Trump said of members of Congress who investigated the Capitol riot by his supporters who wanted him to remain in power. The president-elect underscored his contention that he can use the justice system against others, including special prosecutor Jack Smith, who led the case on Trump’s role in the siege on Jan. 6, 2021. Trump confirmed his plan to pardon supporters who were convicted for their roles in the riot, saying he would take that action on his first day in office. As for the idea of revenge driving potential prosecutions, Trump said: “I have the absolute right. I’m the chief law enforcement officer, you do know that. I’m the president. But I’m not interested in that." At the same time, Trump singled out lawmakers on a special House committee who had investigated the insurrection, citing Rep. Bennie Thompson, D-Miss., and former Rep. Liz Cheney, R-Wyo. “Cheney was behind it ... so was Bennie Thompson and everybody on that committee,” Trump said. Asked specifically whether he would direct his administration to pursue cases, he said, “No,” and suggested he did not expect the FBI to quickly undertake investigations into his political enemies. But at another point, Trump said he would leave the matter up to Pam Bondi, his pick as attorney general. “I want her to do what she wants to do,” he said. Such threats, regardless of Trump's inconsistencies, have been taken seriously enough by many top Democrats that Biden is considering issuing blanket, preemptive pardons to protect key members of his outgoing administration. Trump did seemingly back off his campaign rhetoric calling for Biden to be investigated, saying, “I’m not looking to go back into the past.” Trump repeatedly mentioned his promises to seal the U.S.-Mexico border and deport millions of people who are in the U.S. illegally through a mass deportation program. “I think you have to do it,” he said. He suggested he would try to use executive action to end “birthright” citizenship under which people born in the U.S. are considered citizens — although such protections are spelled out in the Constitution. Asked specifically about the future for people who were brought into the country illegally as children and have been shielded from deportation in recent years, Trump said, “I want to work something out,” indicating he might seek a solution with Congress. But Trump also said he does not “want to be breaking up families” of mixed legal status, “so the only way you don’t break up the family is you keep them together and you have to send them all back.” Long a critic of NATO members for not spending more on their own defense, Trump said he “absolutely” would remain in the alliance “if they pay their bills.” Pressed on whether he would withdraw if he were dissatisfied with allies’ commitments, Trump said he wants the U.S. treated “fairly” on trade and defense. He waffled on a NATO priority of containing Russia and President Vladimir Putin. Trump suggested Ukraine should prepare for less U.S. aid in its defense against Putin’s invasion. “Possibly. Yeah, probably. Sure,” Trump said of reducing Ukraine assistance from Washington. Separately, Trump has called for an immediate ceasefire . Asked about Putin, Trump said initially that he has not talked to the Russian leader since Election Day last month, but then hedged: “I haven’t spoken to him recently.” Trump said when pressed, adding that he did not want to “impede the negotiation.” The president-elect said he has no intention, at least for now, of asking Federal Reserve Chairman Jerome Powell to step down before Powell's term ends in 2028. Trump said during the campaign that presidents should have more say in Fed policy , including interest rates. Trump did not offer any job assurances for FBI Director Christopher Wray, whose term is to end in 2027. Asked about Wray, Trump said: “Well, I mean, it would sort of seem pretty obvious” that if the Senate confirms Kash Patel as his pick for FBI chief, then “he’s going to be taking somebody’s place, right? Somebody is the man that you’re talking about.” Trump promised that the government efficiency effort led by Elon Musk and Vivek Ramaswamy will not threaten Social Security. “We're not touching Social Security, other than we make it more efficient,” he said. He added that “we're not raising ages or any of that stuff.” He was not so specific about abortion or his long-promised overhaul of the Affordable Care Act. On abortion, Trump continued his inconsistencies and said he would “probably” not move to restrict access to the abortion pills that now account for a majority of pregnancy terminations, according to the Guttmacher Institute, which supports abortion rights. But pressed on whether he would commit to that position, Trump replied, “Well, I commit. I mean, are -- things do -- things change. I think they change.” Reprising a line from his Sept. 10 debate against Vice President Kamala Harris, Trump again said he had “concepts” of a plan to substitute for the 2010 Affordable Care Act, which he called “lousy health care.” He added a promise that any Trump version would maintain insurance protections for Americans with preexisting health conditions. He did not explain how such a design would be different from the status quo or how he could deliver on his desire for “better health care for less money.” Barrow reported from Atlanta. Associated Press writers Adriana Gomez Licon in Fort Lauderdale, Florida, and Jill Colvin and Michelle L. Price in New York contributed to this report.'Undergrad level of knowledge': Reporter dismantles claim perpetuated by House Republicans
Israel's Prime Minister Benjamin Netanyahu told lawmakers on Monday that "some progress" had been made in negotiations to secure the release of hostages held in Gaza, more than 14 months into the war. His comments in parliament come two days after Palestinian militant groups also talked of progress towards a ceasefire and hostage release deal. In recent days, indirect negotiations between Israel and Hamas mediated by Qatar, Egypt, and the United States took place in Doha, rekindling hope of an agreement that has proven elusive. "Everything we are doing cannot be disclosed. We are taking actions to bring them back. I wish to say cautiously that there has been some progress, and we will not stop acting until we bring them all home," Netanyahu said in parliament, on the same day he took the stand again at his ongoing corruption trial. "I want to say to the families of the hostages: We are thinking of you and we will not give up on your loved ones, who are our loved ones as well." Hostage families have questioned the sincerity of government negotiation efforts, and critics have long accused Netanyahu of stalling in truce talks, prolonging the war partly to appease his far-right coalition partners. On Saturday, Hamas, Islamic Jihad and the leftist Popular Front for the Liberation of Palestine said progress had been made. "The possibility of reaching an agreement (for a ceasefire and prisoner exchange deal) is closer than ever, provided the enemy stops imposing new conditions," the groups said after they held talks in Cairo. During the unprecedented Hamas attack on Israel on October 7, 2023, 251 people were abducted, of whom 96 remain hostages in Gaza, including 34 declared dead by the military. Negotiations have faced multiple challenges since a one-week truce in November 2023, with the primary point of contention being the establishment of a lasting ceasefire. Another unresolved issue is the territory's post-war governance. Hamas's armed wing said the fate of some of the captives depends on how Israeli forces carry out their offensive. "If the occupation army advances even a few hundred metres more in some areas where they are already on the ground, it will decide the fate of some of the enemy's hostages," Abu Obeida, spokesman for the Ezzedine al-Qassam Brigades, said in a statement. In an interview with The Wall Street Journal last week, Netanyahu said: "I'm not going to agree to end the war before we remove Hamas." He added Israel is "not going to leave them in power in Gaza, 30 miles from Tel Aviv. It's not going to happen." US Secretary of State Antony Blinken said on October 23 that Israel had "managed to dismantle Hamas's military capacity" and eliminated its senior leadership. With those successes, he said, it was time to "get the hostages home and bring the war to an end with an understanding of what will follow." Among the Hamas leaders Israel killed was its political chief Ismail Haniyeh, Defence Minister Israel Katz said on Monday, in the first public acknowledgement that Israel was behind the late July death of Haniyeh in Tehran. Israel's military on Monday said three soldiers were killed in northern Gaza, the focus for months of an offensive Israel said aimed to prevent Hamas from regrouping there. In parliament, Netanyahu also warned the Iran-backed Huthi rebels of Yemen, who last week fired two missiles at Israel, including one that injured 16 people in the commercial hub of Tel Aviv on Saturday. "I have instructed our forces to destroy the infrastructure of Huthis because anyone who tries to harm us will be struck with full force," he said, "even if it takes time." Israeli warplanes retaliated against ports and energy infrastructure, which the military said contributed to Huthi rebel operations, after a rebel missile badly damaged an Israeli school last week. The Huthis said the Israeli strikes killed nine people. On Saturday, the United States struck targets in Yemen's rebel-held capital Sanaa, hours after the Huthis hit Tel Aviv with a missile. American and British forces have repeatedly struck rebel targets in Yemen this year in response to Huthi attacks on shipping in the Red Sea area vital to global trade. Netanyahu also stated that he wanted to sign new peace accords with Arab countries, similar to the "Abraham Accords" negotiated in 2020 under Donald Trump's first United States administration. Those agreements saw Bahrain, the United Arab Emirates and Morocco establish formal ties with Israel. "Moderate Arab countries view Israel as a regional power and a potential ally. I intend to seize this opportunity to the fullest," he said. "Together with our American friends, I plan to expand the Abraham Accords... and thus change even more dramatically the face of the Middle East." Netanyahu also said that Israel would not allow "terrorist entities to settle close to our communities" near the border with Syria. "It is a fight for our existence, for the state of Israel. We must defend our borders," he said. bur-jd/it/jsa