The prices of shares of six publicly-listed companies in the Adani Group fell off the cliff on Monday after India’s securities depository froze the trading accounts of three Mauritius-based funds that hold stakes worth close to US $6 billion in these Group firms. At their lowest level, the six stocks fell in value by an estimated 17.7 billion Australian dollars.
In a rare instance of not getting its way, the Adani Group failed earlier this year to acquire the assets of the scandal-tainted finance company, DHFL. However, with messy legal disputes potentially de-railing the outcome of the bankruptcy process, there is a chance that a fresh round of bidding may yet take place. This would put Adani back in the race for DHFL’s assets.
With less than a month to go before his retirement from the Supreme Court, Justice Arun Mishra is expected to pronounce the judgement of a three-judge bench he heads in a case concerning a company in the Adani group. This will be the seventh case involving Adani group companies heard by benches led by Justice Mishra since 2019, with the previous six judgements having gone in favour of the group. If the decision on the seventh case also goes in the Adani group’s favour, it would leave public power distribution utilities and consumers in Rajasthan poorer by around Rs 5,000 crore.
Recently, the Adani group unveiled a cross-cultural art installation titled ‘Gondwana’ – a work by Gond adivasi and Warlpiri indigenous artists from India and Australia at its Ahmedabad headquarters. Is this a bid to whitewash the damage being inflicted on adivasis in Chhattisgarh and indigenous peoples in Australia?
In an affidavit before the Delhi HC, clarifying the status of its probe, DRI has specified that it will appeal Bombay HC’s decision curtailing its powers to seek information from foreign countries in pursuit of its investigation into the Adani group.
Allowing 100% FDI in coal mining is raising apprehensions that foreign companies will now ‘plunder’ mineral resources for commercial purposes for sale in the open market.
The government has quietly tweaked rules relating to special economic zones – and the new rules specifically favour the Adani Group. The government recently took a decision to quietly tweak the rules relating to special economic zones (SEZs) which has enabled a company in the Adani Group to reap a bonanza of around Rs 500 crore.
