Adani Group in Crisis: $30 Billion Wiped Out after US Bribery and Fraud Charges Emerge

News Network
November 21, 2024

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Shares of Adani Group companies lost about $28 billion in market value in morning trade on Thursday after US prosecutors charged the billionaire chairman of the Indian conglomerate in an alleged bribery and fraud scheme.

Gautam Adani's flagship company Adani Enterprises tumbled 23 per cent, while Adani Ports, Adani Total Gas, Adani Green, Adani Power, Adani Wilmar and Adani Energy Solutions, ACC , Ambuja Cements and NDTV fell between 20 per cent and 90 per cent.

Adani group's 10 listed stocks had a total market capitalisation of about $141 billion at 0534 GMT, compared to $169.08 billion on Tuesday.

US authorities said Adani and seven other defendants, including his nephew Sagar Adani, agreed to pay about $265 million in bribes to Indian government officials to obtain contracts expected to yield $2 billion of profit over 20 years, and develop India's largest solar power plant project.

Adani Green in a statement on Thursday said the US Justice Department had issued a criminal indictment against board members Gautam Adani and Sagar Adani and the Securities and Exchange Commission had issued a civil complaint against them.

The US Justice Department also included Adani Green board member Vneet Jaain in the criminal indictment, it said.

Adani Green's units had decided not to proceed with the proposed US dollar denominated bond offerings due to developments, it added.

"Investors will shy away from Adani Group stocks ... and that's what this sharp selling is signifying," said Saurabh Jain, assistant vice president of retail equities research at SMC Global Securities.

"This could hurt the credibility of the group and maybe borrowing costs will rise," he said.

The indictment comes nearly two years after US shortseller Hindenburg Research alleged that Adani had improperly used tax havens and was involved in stock manipulation, allegations the conglomerate denied.

Also in early Asian trading on Thursday, Adani dollar bonds slumped, with prices down 3c-5c on bonds for Adani Ports and Special Economic Zone. The falls were the largest since the Adani Group came under a short-seller attack in February 2023.

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News Network
January 5,2026

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The Supreme Court on Monday refused to grant bail to activists Umar Khalid and Sharjeel Imam in the 2020 Delhi riots case, saying there was a prima facie case against them under the Unlawful Activities (Prevention) Act.

However, a bench of Justices Aravind Kumar and N V Anjaria granted bail to activists Gulfisha Fatima, Meeran Haider, Shifa Ur Rehman, Mohd. Saleem Khan, and Shadab Ahmad in the case.

Here is what the Bench said on the matter:

"This court is satisfied that the prosecution material disclosed a prima facie allegation against the appellants Umar Khalid and Sharjeel Imam. The statutory threshold stands attracted qua these appellants. This stage of proceedings does not justify their enlargement on bail," the Bench said.

"Umar Khalid and Sharjeel Imam stand on a qualitatively different footing as compared to other accused," it said, as reported by Bar and Bench.

The Court added that Khalid and Imam can "move for bail on completion of examination of protected witnesses or completion of one year from present order."

The Court further stated, "The UAPA as a special statute represents a legislative judgment as to the conditions on which bail may be granted in pre trial stage. Delay serves as a trigger for heightened judicial scrutiny. The discussion has been confined to delay and prolonged incarceration. UAPA offences are rarely confined to isolated acts. The statutory scheme reflects this understanding," as mentioned by the publication.

"Section 43D(5) of UAPA departs from general provisions for grant of bail. (But) it does not exclude judicial scrutiny or mandate denial of bail in default," the Bench noted.

On December 10, the top court reserved its verdict on separate pleas of the accused after hearing arguments from Solicitor General Tushar Mehta and Additional Solicitor General S V Raju, appearing for Delhi police, and senior advocates Kapil Sibal, Abhishek Singhvi, Siddhartha Dave, Salman Khurshid and Sidharth Luthra, appearing for the accused.

Umar, Sharjeel and the other accused were booked under the Unlawful Activities (Prevention) Act (UAPA), an anti-terror law, and provisions of the erstwhile IPC for allegedly being the "masterminds" of the 2020 riots, which left 53 people dead and more than 700 injured in northeast Delhi.

The violence erupted during widespread protests against the Citizenship (Amendment) Act (CAA) and the National Register of Citizens (NRC).

The accused moved the apex court challenging a Delhi High Court order dated September 2 denying them bail in the "larger conspiracy" case of the February 2020 riots.

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coastaldigest.com news network
January 19,2026

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Bengaluru: As the dust settles on the recent legislative session, the corridors of Vidhana Soudha are buzzing with more than just policy talk. A high-stakes game of political musical chairs has begun, exposing a deepening rift within the Congress party’s Muslim leadership as a major Cabinet reshuffle looms.

With the party hierarchy signaling a "50% refresh" to gear up for the 2028 Assembly elections, the race to fill three projected Muslim ministerial berths has transformed from a strategic discussion into an all-out turf war.

The "Star Son" Spark

The internal friction turned public this week following provocative remarks by Zaid Khan, actor and son of Wakf Minister Zameer Ahmed Khan. Zaid’s claim—that his father "helped" secure a ticket for Shivajinagar MLA Rizwan Arshad in 2023—has acted as a lightning rod for resentment.

Rizwan’s camp was quick to fire back, dismissing the comment as a desperate attempt by Zameer to manufacture seniority. "Rizwan’s political pedigree was forged in the NSUI and Youth Congress long before Zameer even stepped into the party," a supporter noted, highlighting Rizwan’s tenure as an AICC secretary and his two-term presidency of the State Youth Congress.

A Tale of Two Loyalists

While both Zameer Ahmed Khan and Rizwan Arshad are staunch allies of Chief Minister Siddaramaiah and represent Bengaluru strongholds, their political DNA could not be more different:

•    Zameer Ahmed Khan: A four-time MLA who crossed over from JD(S) in 2018. Known for his "overzealous" and often polarizing outreach during communal flashpoints—from the DJ Halli riots to the recent Wakf land notice controversy—his style has frequently left the Congress high command in a state of "discomfort."

•    Rizwan Arshad: A homegrown organizational man. Seen as a "quiet performer," Arshad represents the sophisticated, moderate face of the party, preferred by those who find Zameer’s brand of politics too volatile.

The Outsiders Looking In

The bickering isn't limited to a duo. The "Beary" community, represented by leaders like N A Haris and Saleem Ahmed, is demanding its pound of flesh. Saleem Ahmed, the Chief Whip in the Legislative Council, has dropped the veil of diplomacy, openly declaring his ministerial aspirations.

"I was the only working president not included in the Cabinet last time," Saleem noted pointedly, signaling that the "loyalty quota" is no longer enough to keep the peace.

As Chief Minister Siddaramaiah prepares to finalize the list, he faces a delicate balancing act: rewarding the aggressive grassroots mobilization of Zameer’s camp without alienating the organizational stalwarts and minority sub-sects who feel increasingly sidelined by the "Chamarajpet-Shivajinagar" binary.

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News Network
January 16,2026

Mangaluru: Mangaluru’s skyline is set for a high-end transformation as the coastal district of Dakshina Kannada prepares to shed its reputation for lacking premium hospitality. In a massive show of confidence, entrepreneurs have committed nearly ₹500 crores toward the construction of four new five-star hotels, a move experts say will finally plug the "luxury leak" to neighboring states.

For years, Mangaluru International Airport (MIA) has served as a gateway for high-net-worth travelers who, upon landing, promptly departed for Kerala or Kodagu due to a dearth of elite accommodation in the city. These new projects, three of which are backed by local visionary investors, aim to turn Mangaluru into a destination rather than just a transit point.

Mapping the Luxury Boom

The expansion is already in motion, with two major landmarks leading the charge:
•    Gurupura Property: Construction is already underway on a premier resort-style hotel.
•    Kuloor Hub: A sophisticated urban luxury hotel has been proposed for this strategic area.
•    Timeline: All four projects are slated for completion within the next 24 months, promising to fundamentally alter the region's tourism profile by 2028.

Why Now? The Investor Demand

The push for five-star infrastructure isn't just about tourism; it’s a direct response to the city’s industrial and academic evolution. Stakeholders from the IT and corporate sectors have long flagged the lack of premium suites as a hurdle for international business investments.

"Mangaluru is an powerhouse of mega-industries, medical excellence, and a burgeoning IT scene," noted a senior Tourism Department official. "It is an anomaly that a city with this much economic muscle has lacked a five-star anchor. By offering premium hospitality, we aren't just housing tourists; we are inviting global investors to stay, engage, and invest more deeply in our coast."

Strategic Retention

The "drain" of visitors to the neighboring state of Kerala has been a long-standing grievance for local businesses. With these new properties, the district administration expects a significant multiplier effect—benefiting local sightseeing, high-end retail, and the burgeoning medical tourism sector. As Mangaluru accelerates on its development trajectory, the message to the world is clear: the coast is finally ready to host you in style.

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