Adani Group

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

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

Adani completes takeover of formerly independent TV station

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The Adani Group is now the majority owner of the Indian television news network NDTV (New Delhi Television) after its co-founders, husband and wife Prannoy and Radhika Roy, sold most of their stake to the Group over the Christmas period. In a statement, the Roys said they have had discussions with Adani Group chairman, Gautam Adani, and that they are hopeful he will preserve NDTV’s values of Trust, Credibility and Independence.

Adani Watch, News

Adani’s growing stranglehold on the region of Godda

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The Adani Group has a growing stranglehold over the city of Godda and its surrounds where the Group is building a huge coal-power station. The power-plant complex has subsumed the local police station and there are fears Adani will soon swallow up previously publicly-owned prime real estate in the city. Adani is also supporting a controversial initiative to foster Hinduism amongst non-Hindu children who belong to Adivasi (or tribal) communities.

Adani Watch, News

Gautam Adani’s long-time buddy runs lucrative Covid-19 tests at Adani-run Indian airports

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A firm owned by a long-time friend of Gautam Adani is running lucrative covid tests at Adani-run airports in India. The firm appears to have charged rates that are substantially higher than those charged by laboratories at other airports. The company, North Star Diagnostics Private Limited, is owned by Adani’s long-time buddy Dr Malay Ramesh Mahadevia and his immediate family members, including his wife Sonali Mahadevia and his two daughters Tulsi and Bansari.

Adani Watch, News

In a backflip by the Congress party, chief ministers give Adani coal mine the green light to destroy more Indian forests

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In a controversial decision that will benefit the Adani Group to the detriment of tribal forest-dwellers, leaders of the Indian states of Rajasthan and Chhattisgarh have sanctioned clearance of forests to expand an Adani coal mine. In an unpleasant twist, while Gautam Adani is perceived to be close to PM Narendra Modi of the BJP, this decision was made by leaders of the Indian National Congress, which opposes Modi’s party.

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