Adani Controversy: Congress Demands Parliamentary Debate, Urges For CBI Investigation

Congress has called for a discussion on the indictment of Gautam Adani in Parliament, as both houses convene for the third day of the winter session on Wednesday. Congress MPs Manickam Tagore, Randeep Singh Surjewala, and Manish Tewari submitted adjournment notices regarding this matter before the session began.

In a notice addressed to the Secretary-General of the Lok Sabha, Congress MP Manickam Tagore stated, "I hereby give notice of my intention to ask for leave to move a motion for the adjournment of the business of the house to discuss a definite matter of urgent importance." He highlighted the recent US indictment of Gautam Adani, which alleges over $265 million in bribes related to solar power deals and securities fraud, raising serious concerns about the integrity of the Adani Group and the silence of the Modi government on this issue. Tagore demanded that Prime Minister Modi address questions regarding his relationship with Adani and called for an immediate discussion and a CBI inquiry into the allegations.

Randeep Singh Surjewala also issued a notice on the same topic, invoking Rule 267 of the Rules of Procedure and Conduct of Business in the Rajya Sabha. He requested that all scheduled business be suspended to discuss the serious revelations from the US court indictment, which alleges that the Adani Group engaged in bribery of state officials to secure power supply agreements through SECI tenders. Surjewala emphasized that these allegations indicate systemic corruption in public procurement processes and raise critical concerns about regulatory failures and the integrity of institutions like SEBI, under the leadership of chairperson Madhabi Puri Buch. He called for the immediate establishment of a Joint Parliamentary Committee (JPC) to investigate the implications of these allegations for governance and public accountability.

Manish Tewari also submitted an adjournment motion notice in the Lok Sabha, demanding a discussion on the potential impact of the indictments on India as a business destination and the robustness of the country's regulatory and oversight processes.

In response to the allegations, the Adani Group has categorically denied the bribery charges made by the US Department of Justice and the US Securities and Exchange Commission against Gautam Adani, his nephew Sagar Adani, and MD CEO of Adani Green Energy, Vineet Jaain. In a filing with the stock exchanges, Adani Green Energy Ltd. stated that media reports claiming that the individuals were charged with violations of the US Foreign Corrupt Practices Act (FCPA) are incorrect. The filing clarified that Gautam Adani, Sagar Adani, and Vineet Jaain were not mentioned in the first count of the indictment, which pertains to conspiracy to violate the FCPA, nor in the fifth count related to conspiracy to obstruct justice. Those counts only name individuals associated with Azure Power and the Canadian institutional investor CDPQ.

The Adani Group officials are charged only with counts related to alleged securities fraud and wire fraud conspiracies. The indictment does not provide evidence that bribes were paid by Adani executives to Indian government officials; it solely rests on claims that bribes were discussed or promised.

Also Read: Gautam Adani, Nephew Sagar Not Charged Under US Foreign Corrupt Practices Act, Says Adani Green Energy

As one of India's largest infrastructure players, the Adani Group has been expanding its operations internationally, competing with US and Chinese entities in various markets, including Africa, Bangladesh, Sri Lanka, Israel, and Australia. Since the announcement of the US DOJ indictment, the group has experienced a significant loss of nearly $55 billion in market capitalization across its 11 listed companies.