The allegations of bribery against India’s renowned industrialist Gautam Adani have created a stir all over the world. The American organization Securities and Exchange Commission (CEC) has accused Adani of bribery and fraud. These allegations have been made against Gautam Adani and seven other people. These allegations have created a stir across the world. Adani Group has businesses in many countries of the world. In such a situation, many countries have even talked about considering or canceling business relationships and projects with them.
According to the report, CEC chief Gary Genster has announced to step down from the post when Donald Trump assumes the presidency. Donald Trump will assume the presidency on January 20. Genster’s five-year term will officially end in 2026. But for some time now, with the change in the White House, there has been a tradition of change in the head of this organization as well.
During Genster’s tenure, CEC took many important steps to bring greater transparency in the market. He laid emphasis on disclosure by corporate houses. But, he remained embroiled in many legal issues. Just hours before his resignation, a new rule of the CEC was rejected. America’s stock market is worth about 27 trillion dollars. In the statement issued regarding the resignation, Ganster said that the CEC has achieved its goal. He has implemented his rules without any fear or intimidation.
what is the allegation
Adani has been accused by US agencies of paying a bribe of $ 265 million (about Rs 2,200 crore) to get a solar power contract in India. These allegations have been leveled against the country’s second richest person Adani and his nephew Sagar Adani and seven other people. They are accused of bribing officials of Andhra Pradesh and Odisha to buy expensive solar energy. American agencies say that Adani Group hid this information which is a fraud on investors.
FIRST PUBLISHED: November 22, 2024, 06:29 IST
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