Latest news with #Adanis
The Wire
4 days ago
- Business
- The Wire
Indian Govt Is Yet to Serve Summons to Adanis, Says US SEC
New Delhi: The US Securities and Exchange Commission informed a New York federal court on June 27 that the Indian government has yet to forward the serving of summons to tycoon Gautam and Sagar Adani, nearly six months after being first contacted to do so under an international convention. In a letter dated June 27, the SEC submitted its third status report of the year, following earlier updates in February and April. The agency noted that it had previously sought the assistance of India's Ministry of Law and Justice under Article 5(a) of the Hague convention to serve the summons and complaint on the Adanis in India. It also said it had sent notices of the lawsuit and waiver requests directly to the Adani counsels. However, there has been no confirmation yet that the Indian authorities have delivered the documents. 'Since the April Status Update, the SEC has corresponded with the India MoLJ concerning the efforts of the relevant Indian judicial authorities to serve the Summons and Complaint on Defendants, but the SEC understands that those authorities have not yet effected service,' the SEC wrote in the status report filed to the Eastern District of New York. In its previous update submitted in April, the SEC had said that the Indian Ministry of Law and Justice had acknowledged receipt of the commission's request and had forwarded it to the relevant judicial authorities. The legal proceedings stem from criminal and civil action launched in November last year. The US Department of Justice had then accused Gautam Adani, his nephew Sagar Adani, former Adani Green Energy CEO Vneet Jaain, two former executives of Indian renewables firm Azure Power, and three former officials of the Canadian pension fund Caisse de dépôt et placement du Québec (CDPQ) of funnelling over $250 million in bribes to Indian government officials between 2020 and 2024 to secure solar energy contracts. In a parallel civil action, the SEC filed a suit against the Adanis for allegedly violating various anti-fraud provisions of US federal securities laws. Cyril Cabanes, CDPQ's former Asia-Pacific infrastructure head and a former board member of Azure Power, was also named by the SEC for violating the Foreign Corrupt Practices Act (FCPA). Two days after the two indictments were unsealed, the federal court in New York issued summons for the two Adanis in the SEC case on November 22. Two days after the criminal and civil cases were unsealed, the New York federal court issued summons for the two Adanis on November 22. But service of those summons remains pending. Following Donald Trump's return to office, he issued an executive order to suspend enforcement of the FCPA, prompting speculation that this might lead to a settlement between the Adanis and US authorities. While informal discussions may be underway, there has been no public indication of progress so far. The charges faced by the Adanis in the SEC are not related to FCPA, but for wire and securities fraud.
Indian Express
03-06-2025
- Business
- Indian Express
‘Trump picked up the phone and said…': In Bhopal, Rahul Gandhi's ‘surrender' jibe at PM Modi
Leader of Opposition Rahul Gandhi took a jibe at Prime Minister Narendra Modi on Tuesday, claiming that he had surrendered following a phone call from US President Donald Trump during Operation Sindoor. Gandhi was speaking in Bhopal during the Congress's Sangathan Srajan Abhiyan (organisation rejuvenation campaign), where he acknowledged the frustration of party leaders who genuinely wanted to fight for the Congress but weren't being heard. He also spoke about leaders making nonsensical statements, warning that 'lame horses' in the organisation would be retired. 'I now know the BJP and RSS people very well. Just put a little pressure on them, give them a slight push, they run away in fear. Trump gave just a signal, picked up the phone and said, 'Modi ji, what are you doing? Narendra, surrender.' Saying 'Yes, sir', Narendra Modi obeyed Trump's signal,' he said. He told the audience that they may 'remember a time when there was no phone call – when the Seventh Fleet came during the 1971 war.' 'Weapons arrived, an aircraft carrier came. Indira Gandhi said, 'I will do what I have to do.' That is the difference. That's character. All these people are like this. Since the time of Independence, they have a habit of writing surrender letters… Gandhi ji, Jawaharlal Nehru, Sardar Patel – they were not people who surrendered. They were people who stood up to superpowers,' Gandhi said. ट्रंप का एक फोन आया और नरेंद्र जी तुरंत surrender हो गए – इतिहास गवाह है, यही BJP-RSS का character है, ये हमेशा झुकते हैं। भारत ने 1971 में अमेरिका की धमकी के बावजूद पाकिस्तान को तोड़ा था। कांग्रेस के बब्बर शेर और शेरनियां Superpowers से लड़ते हैं, कभी झुकते नहीं। — Rahul Gandhi (@RahulGandhi) June 3, 2025 Gandhi cited the central government's decision to conduct the caste census as another example of when the ruling BJP government caved under pressure. 'Modi ji used to say there are no castes. Then he said there are only four castes. During elections, he suddenly becomes OBC. Gadkari ji made a statement. Mohan Bhagwat made a statement. A little pressure was applied – they completely surrendered. But I know them. Just like they handled women's reservation – they pushed it ten years down the line – the same is happening here. They don't really want to do it. They just said it under pressure. But they don't want to do it because they don't want justice in this country. They want a country of Ambanis and Adanis, a country for billionaires, not a country of social justice,' Gandhi said. He said the Congress unit of Madhya Pradesh had ample talent but their hands were tied. 'Look, in this state, the Congress ideology, the Congress workers, and the ideological leaders of the Congress – there is no shortage. The room is full of talent capable of defeating the BJP. But your hands are tied. Why are they tied? Because your voice isn't being heard properly within the Congress organisation,' Gandhi said. 'This is our army. They are ready to fight. They are ready to die. In between, a few people keep making nonsensical statements. Some are just frustrated. Some are doing a bit of the BJP's work. But we have to start from somewhere,' Gandhi said. Gandhi laid emphasis on the district working presidents, saying they are the future leaders of the state. 'Among you, there will be people who work with full strength and heart for the Congress. And there will also be people who are tired or in a bad mood, or under too much stress,' Gandhi said. Gandhi spoke about the categories of Congress leaders in the state, differentiating them into race horses, wedding horses and lame horses. 'Now we must differentiate between racehorses and wedding horses. Sometimes the Congress Party sends the racehorse to a wedding. And sometimes they put the wedding horse on the racetrack. Then someone whips it from behind, and it just sits down right there. But there is a third category too – the lame horse. So we must identify them. The wedding horse should go to a wedding. The racehorse should be in the race. And the lame one should be retired,' Gandhi said. Gandhi also criticised the list of new district presidents drafted in Gujarat. 'In Gujarat, we selected new district presidents. Observers came from Delhi, from the AICC. They went to every district with Gujarat leaders, spoke to workers, people, leaders and selected names and sent them to Delhi. I saw both the lists… I saw those two lists – the difference was like night and day. I shouldn't say this, but one list looked like it was made by a senior leader's assistant, and the other had the potential future leadership of Gujarat. That is exactly what we want to do in Madhya Pradesh,' Gandhi said.
