Reported about 6 hours ago
The U.S. Securities and Exchange Commission (SEC) has issued a summons to Indian billionaire Gautam Adani and his nephew Sagar Adani, who are facing serious bribery allegations related to a federal indictment. The SEC claims they engaged in extensive bribery to benefit an Adani company while misrepresenting its compliance with anti-bribery laws during a $750 million bond offering. The summons demands a response within 21 days, with the SEC seeking financial penalties and restrictions on their roles in listed companies. This legal issue affects Adani Group significantly, as it has already led to a substantial loss in market value and the cancellation of major projects.
Source: YAHOO