Adani Watch

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Rahul Gandhi’s election pledge to support struggle against Adani’s Hasdeo coal projects

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The campaign to protect India’s Hasdeo forests from coal mining received a boost on 13 February 2024 when prominent Congress leader, Rahul Gandhi, met with leaders of the movement and pledged the support of his party. The indigenous tribal people of the biodiverse Hasdeo forests have been struggling gamely to protect their ancestral homeland from a string of coal projects being developed by the Adani Group. A change of state government in December had disastrous consequences, with dozens of campaigners detained by police while a swathe of forest was felled.

Adani Watch, News

EXCLUSIVE: Did PM Modi and BJP disclose election spending on Adani private jet lease

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An AdaniWatch investigation finds that the 2014 election campaigning by India’s Prime Minister Narendra Modi in a private jet owned by the Adani Group was not disclosed as election expenditure, potentially violating the law of the land. If payments were made to the relevant Adani company for the lease of its aircraft by Modi for election campaigning, they were not reported by Modi or the BJP to the Election Commission.

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The Adani Group’s alleged ‘related parties’ in positions of responsibility

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AdaniWatch examines two examples where appointments of ‘independent directors’ to Adani Group companies have raised questions. One concerns a director whose financial firm has provided important financial advice to numerous Adani companies. Another concerns a director who appears to have been appointed before a mandatory ‘cooling-off period’ for former staff and others with a pecuniary relationship had expired.

Adani Watch, News

Did companies adequately disclose relationship of Gautam Adani’s daughter-in-law as partner in law firm?

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Questions have been raised in the public arena about whether Adani Group companies should have been ‘more forthcoming’ about doing business with a legal firm in which Gautam Adani’s daughter-in-law is a partner. This story details 12 deals in which the legal firm provided advice either to the Adani company concerned or to another party to the deal. As a ‘related party’ to the Adani Group, should Paridhi Adani’s involvement have been formally disclosed to shareholders and stock exchanges?

Adani Watch, News

Contradictions and delays cast doubts on regulator’s probe into Adani’s transactions

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The investigations by the Securities and Exchange Board of India (SEBI) into transactions by Adani Group entities have been marred by controversy, raising questions about its ability to handle the high-stakes probe with transparency and efficiency. The Supreme Court of India stipulated a deadline of 2 May 2023 for SEBI to conclude its investigation. However, in May, in response to applications by SEBI, the court extended that deadline to 14 August 2023. SEBI’s floundering has brought the regulator under increased scrutiny.

Adani Watch, News

Adani axes projects and spending in wake of Hindenburg rout

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Major fossil-fuel projects have a question mark hanging over them since Adani’s Hindenburg-driven credit crunch. Three months on from the bombshell Hindenburg report, the Adani Group’s fortunes are yet to turn. The Hindenburg allegations have created a lasting political scandal in India. Meanwhile, on the business side of things, the group faces a persistent debt crunch. Continuing media scrutiny has resulted in a flow of damaging revelations about the group’s businesses. Despite a halting recovery in the stock markets, the group’s net loss since the Hindenburg report is still over US $100 billion.

Adani Watch, News

Hindenburg fallout generates rare unity amongst Indian opposition parties

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A month after the release of the explosive Hindenburg report and the shock waves continue. The report has caused a firestorm in the Indian Parliament. The country’s Supreme Court has been deluged with cases arising from the Hindenburg allegations. Several major Adani projects have been cancelled or shelved as speculation mounts about the group’s financial health. Allegations swirl in the international press about the role of Vinod Adani, the older brother of Group founder, Gautam, in a network of Adani-invested entities registered in tax havens. Fears are now openly expressed in the world’s financial press that funds invested in ‘green’ Adani companies may have been used to back new coal projects.

Adani Watch, News

Hindenburg fallout blankets India’s Parliament, Supreme Court, stock market and projects

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Three months after the release of the explosive Hindenburg report on the Adani group, the issue continues to galvanise India’s political opposition. The recent session of Parliament was dominated by opposition calls for an investigation of the Hindenburg allegations by Parliament. Rahul Gandhi of the Congress party has effectively been elevated to the position of the leading Opposition politician following his repeated questioning of Prime Minister Modi about his close ties to the Adani Group. Gandhi’s disqualification from Parliament, a move apparently engineered by the ruling party, has accentuated his prominence.

Adani Watch, News

Is Bangladesh’s electricity contract with Adani legally void?

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Bangladesh is attempting to re-visit the deal it made with Adani for buying electricity from its Godda power plant. According to the Bangladesh power company buying the power, Adani is charging too high a price for its coal imports. In this exclusive analysis of the official contract between Adani and Bangladesh, AdaniWatch asks whether the agreement should be considered legally void due to Adani’s inclusion of costs that appear to be non-existent. The agreement as it currently stands will cost Bangladesh significantly more than it should. The cost of power from Godda will be three times more than that imported from other Indian power plants.

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