Gautam Adani

News, The Morning Context

Pledge agreements show Adani Green could have breached loan covenants

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Pledge agreements show Adani Green could have breached loan covenants. Adani Green Energy Ltd (AGEL) faced allegations that could constitute an Event of Default under its loan agreements, partly due to an investigation related to Gautam Adani and others. The agreements contain a representation that the borrower is not subject to any investigation that could materially and adversely impact its ability to fulfill the terms of the deal. The article discusses UK holding structures and the potential fallout.

News, The Morning Context

Swiss court ruling an indictment of SEBI, Indian courts in Adani affair

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A Swiss Federal Criminal Court ruling is seen as an indictment of SEBI and Indian courts in the Adani affair. The verdict is based on an appeal to unfreeze an entity’s bank accounts, which indirectly weighed on allegations that the Adani group’s promoters had sold/bought more shares than legally permissible, to inflate share prices. The alleged proxy is Sanilion, linked to Chang Chung-Ling. The court documents reference money laundering and embezzlement suspicions.

News, The Morning Context

Adani’s ties with Adi group make convenient business sense

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Ostensibly competing suppliers of imported coal, the two business groups are joined at the hip and may actually be helping each other out. An investigation by The Morning Context lays out how the lines between client, supplier, investor, associate and proxy blur. The Adi group’s businesses range from coal and commodity trading to real estate development. Its founder, Utkarsh Shah, is described as a friend of Adani group chairman Gautam Adani for over 30 years.

Adani Watch, News

Too clever by half How Adani’s lobbying may cost Adani Green over US $100 million

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An import-duty on solar equipment that the Indian government imposed following lobbying led by the Adani Group has been a public-policy disaster. The policy was designed to protect India’s domestic manufacturing of solar panels. But it has failed in that objective and slowed down India’s transition to renewable energy. A duty-evasion scheme has allegedly defrauded the government of at least $228 million. The price of solar power in India has increased. More coal is being burned. And associated court rulings may cost Adani Green over US $100 million.

Adani Watch, News

Are Adani’s listed firms looking down the barrel of a major correction?

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The Adani Group’s listed companies lost over US $15 billion in value during a wider market correction on 13 March 2024 amid warnings from India’s market regulator about ‘froth’ in the stock market. Despite a partial recovery, they once again lost about US $8.5 billion on 18 and 19 March. The Group’s stocks and bonds have all been consistently down over the past month, raising the possibility of a group-wide correction underway. While there have been long-standing concerns regarding the Adani Group’s listed firms being over-valued, in this report AdaniWatch analyses coverage of Adani Group shares by analysts and investment in its shares by mutual funds to quantify how little Indian market professionals trust the Adani group’s listed companies’ valuations. This analysis calculates that Adani stocks are overvalued by at least 32%.

Adani Watch, News

Judicial rulings stymie probe into Adani over-invoicing allegations

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Adani Group companies have been accused of over-invoicing coal and power equipment by an Indian government agency and by the Hindenburg report. Over-invoicing is a practice in which the prices of imported goods are jacked up by an intermediary owned by the buyer. The inflated price is passed on to consumers or is subsidised by government, with the buyer able to pocket the difference. A blizzard of litigation has occurred over these allegations in India’s courts. In early 2024, rulings by the Supreme Court and the Delhi High Court appear to have shunted any effective investigation of these allegations off into the never-never.

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.

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?

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