????Adani's arrest soon? |??? Zomato’s job recipe: Pay ?20 Lakh, earn zero

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Market Watch

??Bears back in action: At close, the Sensex was down 422.59 points or 0.54% at 77,155.79, while the Nifty fell 168.60 points or 0.72% at 23,349.90.

??Biggest Nifty losers were Adani Enterprises, Adani Ports, SBI Life Insurance, NTPC and SBI, while gainers included Power Grid Corp, UltraTech Cement, Hindalco Industries, HCL Tech and Grasim Industries.

??BSE Midcap index was down 0.3 percent and smallcap index fell 0.6 percent.

ICYMI

?????US has vetoed a U.N. Security Council resolution calling for an immediate ceasefire in Gaza, due to the lack of provisions for hostages' release.

??International Criminal Court has issued arrest warrants for Israel's Prime Minister, Benjamin Netanyahu, and former defense minister, Yoav Gallant, over alleged war crimes.

??♀???Who is Linda McMahon, former WWE CEO chosen by Trump as education secretary.

????Supreme Court reminded the CBI that even Ajmal Kasab was granted a fair trial while addressing the issue of Yasin Malik's court appearance.

?????3 in 4 families in Delhi-NCR facing pollution-related health problems: Survey.

????Thai ‘serial killer’ gets a death sentence for cyanide poisoning her friend.

????CBI has initiated a probe into an alleged Rs 6,600-crore Bitcoin scam in Maharashtra.

????Instagram introduces a new feature allowing users to reset their content recommendations for a personalized, fresh start.

????12 robots 'kidnapped' from showroom by another robot in China.

??What is Adani accused of?

US Federal prosecutors in New York indicted Gautam S. Adani, Chairman of the Adani Group, his nephew Sagar Adani, and six other individuals on several fraud charges.

• The indictment stems from an alleged multibillion-dollar scheme in which the Adani Group reportedly offered bribes totaling over $250 million to Indian officials to secure favorable terms for solar power contracts.
• These contracts were expected to bring in over $2 billion in profits for both the Adani Group and its U.S. partners.
• The group is accused of using encrypted messages and code names to discuss the bribes, carefully tracking the payments with spreadsheets and other records.
• On top of that, prosecutors say Adani and his team misled U.S. investors by falsely claiming they had strong anti-bribery measures in place and allegedly presented fake financial information during bond offerings to attract investors, to raise more than $3 billion.
• A spokesperson for the Adani Group denied the charges, termed them "baseless," and stated that all possible legal recourse would be pursued.

Sequence of events: In 2020, SECI awarded 8GW of solar projects to Adani Green and 4GW to Azure, but the deals were only binding once state discoms agreed to buy the power.

• However, no state signed on due to high tariffs. Between 2021 and 2022, Adani allegedly bribed an Andhra politician ?1.75K crore, plus ?279 crore to other state governments, including Tamil Nadu, Odisha, Chhattisgarh, and Jammu & Kashmir.
• In December 2021, Andhra Pradesh signed a PPA, with Azure receiving 2.3GW and Adani the rest. Other states also signed PPAs with Azure getting 650 MW.
• Azure’s share of the bribe was ?500 crore, and Adani’s was ?55 crore. The issue arose when the companies struggled to figure out how Azure would pay its share of the bribe, leaving a trail of evidence.
• The SEC began investigating in early 2022, and Azure officials admitted to the bribery. Eventually, Azure gave up its claim to the 2.3GW project, which was transferred to Adani.
• The SEC sees this as suspicious, given the project’s value, but Azure claims it dropped the deal due to poor economics and legal concerns. Azure also walked away from smaller contracts, likely fearing the SEC investigation.
• Read about all the controversies of Adani currently here.

Possible implications: If convicted, Adani and his associates could face fines, imprisonment, and reputational damage. The Adani Group may experience financial losses, operational disruptions, and increased scrutiny of corporate governance.

• The case could also impact India-U.S. relations and lead to stricter anti-corruption enforcement globally. Read more at Business Today.

Political attacks: Rahul Gandhi has called for the arrest of Gautam Adani following his indictment in the US on bribery charges. “It is now pretty clear and established in America that Mr Adani has broken both American law and Indian law. He has been indicted in the United States and I am wondering why Mr Adani is still running around a free man in this country?” questioned Raul Gandhi.

• “We have been raising this again and again and again. We have raised it with the Madhabi Buch issue and it is a vindication of what we have been saying. The prime minister is protecting Mr Adani and the prime minister is involved in corruption with Mr Adani. This is being clearly indicated,” said Rahul Gandhi.
• “JPC is important, it should be done but now the question is why is Adani not in jail? American agency has said that he has committed crimes in India, he has offered bribes and sold power at inflated prices,” he added.

BJP hits back: Amit Malviya, in his post, addresses allegations against Adani Green Energy and Azure Power concerning bribes to State Distribution Companies (SDCs) in states ruled by opposition parties during 2021-2022. he stated that the charges are accusations, and guilt is unproven until established.

• Payments ($265 million) were made to SDCs in opposition-ruled states, implying the involvement of Congress and its allies in accepting these bribes.
• He questions if Indian courts can accuse American firms of bribery, would similar external interference be acceptable.
• Malviya suggests the timing of the allegations before the Parliament’s winter session and U.S. elections is suspect, accusing Congress of being a tool for external interests like George Soros.

Clip du jour

Karl Marx rolling in his grave: Ram Bhajan at CPI(M) meeting

Zomato’s job recipe: Pay ?20 Lakh, earn zero

Zomato CEO Deepinder Goyal has sparked significant controversy with a recent job posting for a Chief of Staff position, requiring candidates to pay ?20 lakh (approximately $24,000) instead of receiving a salary for the first year.

• The payment will be donated to Feeding India, Zomato’s non-profit initiative focused on combating hunger.
• While the role offers no salary during the first year, it promises a salaried position starting in the second year with earnings of over ?50 lakh annually.
• Goyal has framed this as a unique learning opportunity akin to an elite MBA program, emphasizing personal growth and exposure to major Zomato projects.
• The ideal candidate is described as eager to learn, empathetic, and without a sense of entitlement, with limited professional experience. The job offer has faced widespread backlash.
• Critics argue that the hefty payment requirement excludes many talented candidates, particularly those from less privileged backgrounds, raising ethical concerns about the fairness and accessibility of the hiring process.
• Some have compared it to unpaid internships, warning that such practices could set a troubling precedent where financial barriers limit opportunities for aspiring professionals who cannot afford the upfront fee.
• Others have suggested that the posting may be a publicity stunt aimed at generating buzz rather than a serious hiring effort, adding to the skepticism surrounding its true intentions.

PR stunt: The job posting by Zomato CEO Deepinder Goyal has led some to speculate that it may be a publicity stunt, especially when viewed alongside Zomato’s recent actions in delisting multiple fraudulent single-dish restaurants.

• These restaurants were exposed by social media users for engaging in suspicious practices, prompting Zomato to remove them from their platform.
• Some of these restaurants had bypassed Zomato’s internal checks by using generic food names to list prohibited items, further raising concerns about the platform’s ability to monitor and regulate listings effectively.

• These events, occurring in parallel, have led to heightened scrutiny of Zomato’s practices, with some questioning whether the CEO's controversial job posting is part of a broader strategy to garner attention amid these issues.

What’s happening | CBSE students buckle up

CBSE has announced that the 2025 board exams for classes 10 and 12 will commence on February 15.

• The CBSE Class 10 exams will end on March 18, while Class 12 exams will conclude on April 4, 2025.

Hi, I’m Aniket Mishra, the editor of this newsletter. I’d love to hear some feedback on the newsletter. WhatsApp me directly and tell me what you think.