India's lower house of parliament has been adjourned for the second day in a row to discuss the US complaint against Adani Group. The decision was taken on Wednesday (November 27) when the Adani bribery scandal erupted in the country's parliament. This information is known from the report of Reuters.
Last week, US authorities indicted Gautam Adani, his nephew and Adani Green executive director Sagar Adani and managing director Vineet S Jain on charges of bribery and misleading investors. According to the complaint, Adani Group paid a bribe of 26.5 million dollars to get the power supply contract in India.
Adani Group, however, termed the allegations as 'baseless' and vowed to 'take all possible legal action'.
The Congress, the opposition party in Parliament, claimed that Prime Minister Narendra Modi and his party, the BJP, were trying to protect Adani by stalling the investigation.
Congress leader Rahul Gandhi came out of Parliament and told reporters, 'Gautam Adani should be arrested. Adani has been sued in a US court. But our government wants to protect him.'
However, BJP denied such allegations of Rahul Gandhi. BJP spokesperson Gopal Krishna Agarwal said, 'There is no reason to protect Adani. Law will run at its own pace.'
The US Securities and Exchange Commission (SEC) has only charged Gautam Adani with violating the law, Adani Green Energy said on Wednesday. This will result in fines for Adani Group. He was not charged with corruption and bribery.
After the US complaint, various shares of the Adani Group fell between 5 and 20 percent. In particular, shares of Adani Enterprises, Adani Green Energy and Adani Power faced major declines. The company lost about 1,230 million dollars in capital in one day.
However, 10 listed companies of the Adani group recovered around $9 billion on Wednesday.
Meanwhile, after the US complaint, the French oil company Total Energies said that they will not make any further investment in the Adani Group. The company had a 20 percent stake in Adani Green.
In addition, Kenya canceled a $200 million deal with the Adani Group. The deal would have given the Adani Group control of Kenya's main airport.
