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.
Rival investors are up in arms as the Adani group makes a last-minute attempt to acquire a bankrupt home-loan company in India. One such investor, the Piramal group, has written a letter to India’s Prime Minister Narendra Modi claiming that Adani’s attempt violates the rules of the bidding process.
In the central Indian state of Chhattisgarh, billions of tonnes of coal lie beneath the ancestral forested lands of the Gond people. This is elephant habitat. In June, AdaniWatch reported on the state government’s proposal to establish a large elephant reserve in the area. The central government of Narendra Modi, however, is seeking to enable an expansion of coal mines run by 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.
In part two of a three-part series on how the Modi government pushed banks into repeatedly lending to cronies, read the story of a Surat-based transporter with links to PM Modi. SVLL promoter Roop Chand Baid had close connections to Modi, supplying specialized video trucks with 3D projection technology for his 2014 election campaign. The company allegedly misutilized ₹629.84 crore of ₹933.25 crore in loans.
An anonymous letter written by a civil servant, addressed to Prime Minister Narendra Modi, has levelled serious allegations against the multinational consulting firm KPMG’s India operations. In the letter, a senior bureaucrat who claims to be a member of the elite Indian Administrative Service accuses the group of exercising influence over key government officials by, among other means, recruiting their children and relatives.
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.
