YET ANOTHER ALLEGATION AGAINST ADANI GROUP – SINNED OR SINNED AGAINST
It has been happening? at what appears to be at ?regular interval ,with one agency or the other in USA? ??who make allegations ?against Adani group.? Obviously, Adani group? has become very conspicuous in the global stock market and industrial scenario due to its capability to identify? project opportunities and implement them with strict schedules ?in different countries and raising resources for such projects successfully from different investors all over the world.? There are some distant critics who even wonder whether Adani group is biting more than what it can chew and whether such investment? ambitions and targets are real? or would only amount to ??a bubble that may break sooner or later.
The latest allegation ?made from USA is that Adani group has bribed some government officials in India to get licence for solar projects in India .?
The question that logically arises is that how can a US court issue arrest warrant against Adani? for the alleged unproven bribe said to be offered ?in India. Does US court have universal jurisdiction ? ???To justify the U S court’s arrest warrant, a ?laboured statement has been made in the US court that the Adani group tried to raise funds from the investors in USA? by hiding the “bribe schemes “? to US investors. Does this allegation of hiding justify arrest warrant , particularly when there has been no proof of such ?bribe allegation . Adani group has called these allegations as baseless .? If no bribe amount were paid or sought to be paid, the question of hiding from the investors do not arise.
Can there be a more absurd justification for issuing the arrest warrant when it is said that Adani has ?“promised? to give bribes to government officials”, and it has not ??been clearly said that the bribe amount has been given .
Earlier, another US agency Hindenburg? made some wild charges against Adani for what it termed as manipulating the global stock market. Subsequent investigations by Indian monetary agencies? have said ?that? such charges are untrue and dismissed such allegations.
While such allegations are being made from time to time? under one pretext or the other by agencies in USA, the net result is that?? value of Adani share in the market get crashed severely and the reputation of Adani is significantly adversely impacted. However, it is also seen that the value of Adani share in the market get back to the normal level or even increase sooner or later and mostly sooner than later and the impact of the allegations get tapered down and finally totally ignored by the investors.
Obviously, this means that the confidence of the investors in the capability of the Adani group and its commitment to projects largely remain high and? such wild allegations are rejected by the investors with contempt.
Another impact of the wild allegations is that even within a few hours after the allegations are made, some political parties and so called activists in India jump on to the bandwagon and demand that Adani should be punished or even arrested.? Many people wonder as to why these activists and political parties? react so quickly without studying the details carefully?? and doing? impartial investigation ?? Some critics even suspect whether these political parties and activists have advance information? about the allegations made and arrest warrant that? would be issued !
One more aspect that cannot be missed is that ?such allegations are made against Adani? a few days before the commencement of the next parliament session , obviously to ensure that ?these issues would be highlighted and debated in the parliament ??that would? ?be? extensively? publicised in India..?
?All said and done, Adani group is now the foremost Indian company , which is emerging as a multinational company in the world arena by investments and acquisitions and offering to set up projects in different countries.? It owns coal mines in Australia,?? acquired a majority stake in two Egyptian maritime companies, Transmar and TCI, in 2022, is offering to set up renewable project in Sri Lanka and so on. Most of such activities outside India involve competing with multinational companies and successfully? wining the contract? by Adani group
?In India too several major projects have been awarded to Adani group , ?where other companies have not shown adequate interest or the quotes submitted by Adani group for the bids are the lowest.? What is particularly striking is that ?most of such projects are well completed in time and operating with reasonable efficiency standards, unlike some other larger projects by other companies not performing to the level of expectations.?
The contribution of Adani group to India’s industrial and infrastructure development is substantial and significant and it ?is ?needed to be recognised and applauded.?
The fact that a few of Adani’s projects have met with controversies? do not seem to be due to Adani’s approach but in spite of it? and due to wild rumours against Adani group floated by vested interests. ??No allegations against Adani group have been conclusively proved in a court of law in India or abroad. The controversy surrounding the Adani group’s renewable energy project in Sri Lanka appears to be more on political ??and procedural considerations? and not on techno commercial merits.
One point of concern is that when such allegations against Adani group are made? by one agency or the other in USA, some political parties and activists in India link Adani group to Modi government ,obviously indicating that these groups want to make political capital out of it by tarnishing the image of Modi government by launching hateful propaganda based on unproved allegations.
N.S.VenkataramanTrustee
Nandini Voice For The Deprived
Email:- [email protected]