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The Congress party continued its creative protests outside Parliament on December 11, using symbolic props to highlight the Adani bribery case. 

Congress Protests Amid Adani Allegations

The Congress party continued its creative protests outside Parliament on December 11, using symbolic props to highlight the Adani bribery case.

The Congress party continued its creative protests outside Parliament on December 11, using symbolic props to highlight the Adani bribery case. Following previous protests with jackets, masks, and bags, Congress leaders, including Rahul Gandhi, were seen distributing roses and the Tricolour to BJP MPs. Gandhi presented a rose and a Tricolour to Defence Minister Rajnath Singh as he arrived at the Lok Sabha.
Opposition leaders from the INDIA bloc also participated, carrying roses and flags as they stood at the entrance of Parliament. Congress MP Manickam Tagore explained the gesture, saying, "We are waiting for BJP members and want to give them a card with the Indian flag and a rose to remind them that the nation comes first."
The protest coincided with ongoing opposition accusations that the central government was avoiding discussions about the bribery allegations against Adani. The issue has caused continuous disruptions in both Houses of Parliament since the session began on November 20. The Congress demands a debate on the Adani case, while the BJP counters with claims about Congress' alleged ties to billionaire George Soros, asserting that the former Congress president and the party are linked to organizations funded by Soros, who allegedly supports the separatist cause in Kashmir.
The Adani bribery allegations, which involve over $250 million in bribes between 2020 and 2024, were brought to light by US prosecutors. The case concerns Adani's attempts to secure solar energy contracts from the Indian government under terms that could potentially generate over $2 billion in profits.
Meanwhile, the Opposition INDIA bloc parties submitted a notice in the Rajya Sabha on December 10, seeking the removal of Vice President Jagdeep Dhankhar, accusing him of partisan conduct as the Chairman of the Upper House. While the motion to remove Dhankhar would require a simple majority in the 243-member Rajya Sabha, the opposition lacks the numbers needed to pass it. However, opposition leaders maintained that the motion was an important step to uphold parliamentary democracy.
The Rajya Sabha was adjourned till noon as both opposition and government members exchanged heated accusations over the no-confidence motion against Dhankhar.

Ola Electric hit the upper circuit limit of twenty per cent in Wednesday&rsquo;s trade to close at 88 rupees apiece

News Wrap | Nifty Hits A 3-Week High; Adani Stocks Surge On Clarification; Gig Boost For Ola Electric

Ola Electric hit the upper circuit limit of twenty per cent in Wednesday&rsquo;s trade to close at 88 rupees apiece

Let&rsquo;s start with Asian markets, where investors assessed the impact of a 10 per cent drop in China&rsquo;s industrial profits in October compared to a year ago. Despite this disappointing data, China&rsquo;s CSI 300 gained almost two per cent, and Hong Kong&rsquo;s Hang Seng was up by nearly two-and-a-half per cent. On the other hand, Japan&rsquo;s Nikkei slipped by around one per cent, while South Korea&rsquo;s Kospi was down by seven-tenths of a per cent. While it was a mixed session across the rest of Asia, it turned out to be a day of gains for Indian equities. The Sensex added 230 points to close above 80,200, and the Nifty rose by a third of a per cent to around 24,300. With this, the Nifty has now surged to a three-week high. Of the fifty constituents of the Nifty, twenty-five advanced in Wednesday&rsquo;s session, while an equal number declined. The broader markets continued to outperform the benchmark indices, with the Nifty Midcap Index up by over half a per cent. Shifting focus to stock-specific action, Adani Group stocks were in the spotlight once again, but this time for driving the market higher. Adani Enterprises was the star of the day among Nifty stocks, gaining a whopping twelve per cent. The flagship share of the Adani Group was followed by Adani Ports, which also rose by six per cent. Other group stocks, such as Adani Power and Adani Green Energy, hit their respective upper circuits. This surge in Adani stocks was driven by the group&rsquo;s clarification that its chairman, Gautam Adani, and his nephew, Sagar Adani, have not been charged with any violations of the United States Foreign Corrupt Practices Act in the alleged bribery case indictment. More stock-specific action&mdash;shares of Ola Electric hit the upper circuit limit of twenty per cent in Wednesday&rsquo;s trade to close at 88 rupees apiece. The EV maker had surged in Tuesday&rsquo;s trade as well after launching new electric scooters aimed at gig economy workers. Starting at 39,999 rupees, the models under the Ola Gig range will compete directly with offerings from players like Yulu. The Ola Electric shares also received a boost from global brokerage firm Citi. The brokerage house initiated a Buy call on the stock with a target price of 90 rupees per share, stating that it prefers Ola Electric over Bajaj Auto and TVS Motors. The big headline from the political space&mdash;Maharashtra&rsquo;s Chief Minister and Shiv Sena leader Eknath Shinde has stated that his party will support whoever is chosen by the BJP to lead the Mahayuti government in the state. Shinde refuted rumours that he was upset due to the BJP&rsquo;s plan to have its own leader as the next Chief Minister of the state. The Shiv Sena chief mentioned that he has assured PM Modi and Home Minister Amit Shah that there is no obstruction from his party in forming the government in Maharashtra. Shinde also thanked the duo for their support over the last two years.&nbsp;

Adani Group aims to enter the UPI and e-commerce sectors via ONDC and plans a co-branded credit card, targeting its existing customers. This move seeks to diversify its consumer-facing markets amidst past market manipulation allegations

Adani group plans to foray into payments, e-commerce space: Report

<h2>Adani Group aims to enter the UPI and e-commerce sectors via ONDC and plans a co-branded credit card, targeting its existing customers. This move seeks to diversify its consumer-facing markets amidst past market manipulation allegations</h2>

Adani group has big plans to further diversify its empire into the fast growing payments ecosystem as well as the e-commerce industry. The group is likely to apply for a licence to operate on UPI and is also discussing possibilities of providing online shopping services through the Open Network for Digital Commerce or ONDC, as per a report by Financial Times. The ports to power conglomerate is also reportedly in talks with banks to finalise plans for the launch of a co-branded credit card.
This comes as the power to ports conglomerate is looking to diversify its empire into fast-growing consumer-facing markets.
<h3>Foray in payment and e-commerce sectors</h3>
It is to be noted that ONDC, government-supported public e-commerce platform and UPI form a part of India's much coveted offering, the digital stack. With ONDC&rsquo;s interoperable networks, companies do not need to invest in their own proprietary payments or e-commerce platforms. As per the report, once the plans are finalised, Adani could offer its services through Adani One, which was launched in 2022.
&ldquo;It&rsquo;s our collective effort to build a digital twin that will eventually parallel our traditional businesses,&rdquo; Nitin Sethi, senior vice-president and chief digital officer, consumer businesses, at Adani Group, wrote in a LinkedIn post in December 2022.
As per Financial Times, the company&rsquo;s ecommerce and payments offerings would initially target existing users of its businesses including gas and electricity customers, as well as travellers at its airports. Users would be able to acquire loyalty points through bill payments or duty-free purchases and use them for online shopping.&nbsp;
This push comes over a year after Hindenburg Research accused the group of market manipulation and fraud, prompting a $150 billion rout in the group&rsquo;s listed stocks.
Also watch: <a href="https://www.editorji.com/business-news/adani-enterprises-stock-erases-all-the-losses-made-after-the-hindenburg-report-1716536554164">Adani Enterprises stock erases all the losses made after the Hindenburg report</a>

Asia Index announced that Adani Ports will replace Wipro in the S&P BSE Sensex, effective June 24, 2024. This marks the first Adani Group company in the Sensex. Other changes include Trent Ltd joining Sensex 50

Sensex rejig: Adani ports to replace Wipro in BSE Sensex index from June 24

<h2>Asia Index announced that Adani Ports will replace Wipro in the S&amp;P BSE Sensex, effective June 24, 2024. This marks the first Adani Group company in the Sensex. Other changes include Trent Ltd joining Sensex 50</h2>

Adani Group company Adani Ports and Special Economic Zone will make its way into the S&amp;P BSE Sensex index replacing IT major Wipro, effective June 24.
Asia Index is a joint venture between S&amp;P Dow Jones Indices and BSE. "Effective at the open of Monday, June 24, 2024, the ... changes will be made," Asia Index said
<h3>Adani Ports to join sensex</h3>
With this Adani Ports and Special Economic Zone which is the country's largest private port operator becomes the first Adani Group company to join the Sensex. BSE has also announced changes to its BSE 100, Sensex 50, Sensex Next 50, BSE &nbsp;Bankex, BSE 100 indices.
Apart from this, Tata Group company Trent Ltd will make an entry in Sensex 50, while Divi's Laboratories Ltd will be dropped from the index.
Page Industries, SBI Cards, ICICI Prudential Life Insurance, Jubilant FoodWorks, Zee Entertainment Enterprises will no longer be part of S&amp;P BSE 100 index and will be replaced by REC Ltd, HDFC AMC, Canara Bank, Cummins India, Punjab National Bank.
AU Small Finance Bank, IDFC First Bank will no longer be part of BSE Bankex from June 24 and will be replaced by Yes Bank, Canara Bank.
Also Watch: <a href="https://www.editorji.com/business-news/markets/sensex-reaches-new-all-time-high-nifty-surpasses-23-000-mark-for-first-time-1716527916015">Sensex reaches new all-time high; Nifty surpasses 23,000 mark for first time</a>

The Adani firms have said that legal counsel suggests minimal impact from the regulatory notices, auditors, excluding Adani Wilmar who have taken a cautious stance as SEBI's investigations could have implications on future financial statements

SEBI issues notices to 6 Adani group firms over related party transactions, listing regulations

<h2>The Adani firms have said that legal counsel suggests minimal impact from the regulatory notices, auditors, excluding Adani Wilmar who have taken a cautious stance as SEBI's investigations could have implications on future financial statements</h2>

Market regulator Securities Exchange Board of India (SEBI) has issued show cause notices to six Adani firms. As per regulatory filings by the Adani group companies to the stock exchanges, the notices are sent for alleged breaches in related party transaction and non-compliance with listing regulations.
<h3>Notice to Adani firms</h3>
Adani Enterprise disclosed the receipt of two show-cause notices during the quarter ending on March 31. Similarly, Adani Ports &amp; Special Economic Zone, Adani Power, Adani Energy Solutions, Adani Wilmar and Adani Total Gas also informed the bourses about SEBI's recent inquiries.
SEBI in its notice has alleged non-compliance of provisions of the listing agreement and Listing Obligations and Disclosure Requirements (LODR) regulations pertaining to related party transactions in respect of certain transactions with third parties and validity of peer review certificates of statutory auditors with respect to earlier years which was issued during the quarter that ended March 31, 2024, according to Adani Enterprises.
Responding to the notices, the firms have said that legal counsel suggests minimal impact from the regulatory notices, auditors. However, Adani Wilmar and Adani Total Gas, took a cautious stance as SEBI's investigations could have implications on future financial statements.
"...on account of pending adjudications/outcome of the investigations by the Securities and Exchange Board of India and based on our review of related documents, we are unable to comment on the possible adjustments and /or disclosures, if any, that may be required to be made in the accompanying statement in respect of this matter. We will continue to evaluate the impact of this matter on our opinion based on any changes in circumstances or additional information that may become available," auditors of Adani Enterprises said.
Adani Power in its filings has said that the firm has responded to SEBI on both show cause notices which alleged that certain transactions were not reported in the financial statements of the relevant years and requisite approvals for these transactions were not taken.
"The allegations are that the company has not obtained the requisite approvals, and have not made the required disclosure in the financial statements/ annual report. Not recalling security deposits against terminated contracts leading to not using the funds for company's core business purposes and thus not complying with the company's code of conduct," Adani Ports and SEZ said in its disclosures
<h3>Adani-Hindenburg case</h3>
This regulatory scrutiny by SEBI follows an investigation into allegations levelled against the Adani Group by US-based Hindenburg Research. SEBI in a report submitted to Supreme Court in August identified 13 specific related party transactions under investigation, echoing concerns highlighted in the Hindenburg Report. Supreme Court too raised concerns over appropriateness of over 6,000 related party transactions, casting a shadow over the Adani Group's operations.&nbsp;
"During the quarter ended March 31, 2023, a short seller's report was published making certain allegations against some of the Adani Group companies (including the parent company). In this regard. certain writ petitions were filed with the Hon'ble Supreme Court seeking an independent investigation of the allegations in the short seller's report. During the proceedings, SC observed that the Securities and Exchange Board of India was investigating the matter. The SC also constituted an Expert Committee to investigate as well as suggest measures to strengthen existing laws and regulations and also directed the SEBI to consider certain additional aspects in its scope," Adani Enterprises said in its disclosure
Meanwhile, the expert committee submitted a report finding no regulatory failure in respect of applicable laws and regulations. dated May 6, 2023.
Also Watch: <a href="https://www.editorji.com/business-news/after-hindenburg-crisis-adani-group-in-talks-with-lenders-to-refinance-3-8-billion-debt-report-1686722122714">After Hindenburg crisis, Adani group in talks with lenders to refinance $3.8 billion debt: Report</a>

The Adani Group refutes allegations of bribery amidst reports of an expanded US probe. Denying receipt of any notice from the US Department of Justice

Have not received any notice: Adani Group on reports of US bribery probe

The Adani Group refutes allegations of bribery amidst reports of an expanded US probe. Denying receipt of any notice from the US Department of Justice

The Adani Group has stated that it has not received any notice from the US Department of Justice regarding the investigation into bribery allegations. According to exchange filings, Adani Group Chairman Gautam Adani and his companies have refuted the claims, labeling them as "false."
Reports surfaced last week suggesting that US prosecutors were intensifying their investigation into the Adani Group, focusing on potential bribery activities. Bloomberg, citing undisclosed sources, detailed the probe's expansion, which purportedly includes scrutiny of an Adani entity's involvement in bribery. The investigation is said to encompass the conduct of Gautam Adani himself.
Additionally, the probe reportedly extends to Indian renewable energy company Azure Power Global Ltd. The investigation is being handled by the US Attorney&rsquo;s Office for the Eastern District of New York and the Justice Department&rsquo;s fraud unit in Washington. However, it's important to note that the initiation of an investigation does not imply guilt or wrongdoing, as investigations may not always lead to prosecutions.
Adani companies, including Adani Enterprises Ltd. and Adani Ports and Special Economic Zone Ltd., emphasized their compliance with anti-corruption and anti-bribery laws in India and other countries. They reiterated their commitment to operating with the highest standards of governance.
This development follows previous allegations against the Adani Group. Last year, Hindenburg Research published a report accusing Adani companies of involvement in fraudulent transactions, accounting irregularities, and stock market manipulation. The report triggered a significant stock market decline, resulting in a loss of $111 billion in investor wealth for Adani group companies.

The Supreme Court's rejection of crucial demands by petitioners regarding the SEBI investigation, prompted by allegations outlined in the Hindenburg Research report, is seen as a positive development benefiting the Adani Group.

Adani-Hindenburg case verdict: Adani Group stocks soar after Supreme Court ruling

The Supreme Court's rejection of crucial demands by petitioners regarding the SEBI investigation, prompted by allegations outlined in the Hindenburg Research report, is seen as a positive development benefiting the Adani Group.

The Supreme Court delivered its verdict on the petitions related to alleged fraud accusations against Adani Group companies, stemming from the Hindenburg Research report. This decision has spurred a significant surge in Adani Group stocks during Wednesday's early trading session, contributing to a substantial increase in the conglomerate's overall market capitalisation, surpassing ₹15 lakh crore.
The apex court's dismissal of key demands from petitioners seeking to impede the ongoing Securities and Exchange Board of India (SEBI) investigation into the allegations highlighted in the Hindenburg Research report has been perceived as a favorable outcome for the Adani Group.
Following the court's decision, various stocks within the Adani conglomerate witnessed remarkable upward movements. Adani Enterprises, the group's flagship company, spearheaded the rally, registering a surge of over 9% in early trade. Similarly, Adani Ports marked a 6% surge, reaching its 52-week high of ₹1,144 on the BSE.
Adani Energy Solutions recorded an 18% surge in its stock value, while Adani Power hit its 5% upper circuit limit at ₹544.65 during the initial trading hours. Adani Total Gas experienced a 10% surge, accompanied by a nearly 9% jump in Adani Green Energy. Additionally, Adani Wilmar exhibited a notable increase of nearly 9% in its stock value post-verdict.
Interestingly, the positive momentum extended beyond the Adani stocks, with NDTV shares witnessing an impressive 11% surge, while Ambuja Cements and ACC recorded gains of about 3%, reaching fresh 52-week highs of ₹549 and ₹549.05, respectively.
The Supreme Court's decision has provided a significant boost to investor sentiment, leading to a widespread rally in not only Adani Group stocks but also in select other entities. Market analysts anticipate continued market optimism as the ruling bolsters confidence in the ongoing investigations and the stability of the concerned companies. Also Watch: <a href="https://www.editorji.com/business-news/adani-hindenburg-case-sc-upholds-sebi-probe-1704258997782">Adani-Hindenburg case: SC refuses SIT probe, upholds SEBI investigation</a>

Gautam Adani has become the 16th richest person in the world as his group's shares rally taking his total wealth beyond $70 billion

Gautam Adani's wealth crosses $70 billion as share market rallies after BJP wins 3 states

Gautam Adani has become the 16th richest person in the world as his group's shares rally taking his total wealth beyond $70 billion

Market rally:&nbsp;Adani's wealth has gone past the $70 billion mark due to the ongoing rally in Adani group shares. This comes in line with the market's gains following BJP's win in the three states election.
<h3>Adani gets richer</h3>
With this Adani is now the 16 richest person in the World, as per Bloomberg Billionaire index. On Monday, Gautam Adani saw an increase in his wealth by $4.41 billion. On Tuesday during the early trade the group shares soared up to 14%.&nbsp;
Also Read: <a href="https://www.editorji.com/business-news/us-finds-hindenburg-report-irrelevant-for-granting-funds-to-adani-ports-report-1701761408653">US finds Hindenburg report irrelevant for granting funds to Adani Ports: Report</a>
On Tuesday, shares of Adani Green Energy Ltd soared 14%, followed by Adani Enterprises Ltd (up 8.2%), Adani Ports (up 7.3%) and New Delhi Television Ltd (up 5.7%). Others group stocks such as as Adani Power Ltd, Adani Total Gas Ltd, Adani Wilmar Ltd, Adani Energy Solutions Ltd, Ambuja Cements and ACC advanced 4-6%
<h3>Investors gain confidence</h3>
Experts have mentioned that the result has boosted investor confidence on hopes of the Narendra Modi-led BJP will retain power in general elections next year. The investors believe this could ease uncertainty over political stability.
Elara Securities believe the state elections results would ease market concerns about policy instability and shake-up in policy priorities of the BJP at the Centre in terms of Atmanirbhar Bharat, infrastructure spending, defence indigenisation and energy transition
&nbsp;

Shares of Adani Group companies were trading higher on Monday after the conglomerate announced on Friday plans to spend Rs 7 lakh crore towards capital expenditure over the next 10 years

Adani group stocks make investors richer by over Rs 1.14 lakh crore

Shares of Adani Group companies were trading higher on Monday after the conglomerate announced on Friday plans to spend Rs 7 lakh crore towards capital expenditure over the next 10 years

On Monday, Adani group shares were trading higher, adding as much as Rs 1.14 lakh crore to investors' wealth. For the first time after the Hindenburg fiasco the total market capitalisation of the group has hit Rs 12 lakh crore.
<h3>Adani group shares</h3>
Adani Green Energy was leading the gains with a jump of 8% in the afternoon trade. This was followed by Adani Enterprises extending a 7% gain. ACC, Ambuja Cements and Adani Energy Solutions was up 6%. The rest of the Adani group companies were also extending gains.&nbsp;
Also Read: <a href="https://www.editorji.com/business-news/markets/equity-markets-rally-nifty-sensex-hit-new-high-after-bjp-wins-in-three-states-1701668170592">Equity markets rally: Nifty, Sensex hit new high after BJP wins in three states</a>
Meanwhile, the Sensex and Nifty also hit an all-time high. Sensex surged over 1,000 and Nifty was above 20,550 in the early trade.
<h3>Capital expenditure plans</h3>
The rally in Adani shares come after the group announced its plans to spend Rs 7 lakh crore on its capital expenditure over the next 10 years. At an industry event on Friday, the group's Chief Financial Officer Jugeshinder Singh said that even though the group has a capacity to invest Rs 20 lakh crore it has stalled the move due to lack of high quality vendors.&nbsp;
"As we develop the vendor pool, our capex will go up. If we manage our core strengths of execution and operations to develop and run infrastructure properly, in a 25-year period we will invest up to Rs 80 lakh crore," Singh said.
He further said that the group will focus on the infrastructure business as the margins in FMCG are much lower.&nbsp;








SC's CJI Chandrachud-led bench asserts Supreme Court can't question SEBI probe solely on media reports





 
 













 



Adani versus Hindenburg case: Supreme Court reserves verdict on PILs for court-monitored probe

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<h2>SC's CJI Chandrachud-led bench asserts Supreme Court can't question SEBI probe solely on media reports</h2>
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The Supreme Court has reserved its verdict on petitions probing fraud allegations against Adani Group following the Hindenburg Research report. Chief Justice DY Chandrachud led the bench, stressing SEBI's independence from media influence.
Advocate Prashant Bhushan claimed SEBI's probe lacked credibility due to unaddressed fund links involving Vinod Adani. However, the court stated SEBI couldn't act based solely on media reports.
The case revolves around accusations of Adani inflating share prices, causing a significant stock drop. Petitions also questioned SEBI Act changes shielding Adani Group's market maneuvers.
Also read/watch - <a title="Tesla eyes $2 billion investment in India but with conditions: Report" href="https://www.editorji.com/business-news/economy/tesla-eyes-2-billion-investment-in-india-but-with-conditions-report-1700823418348#google_vignette">Tesla eyes $2 billion investment in India but with conditions: Report</a>
Earlier, SEBI's independent investigation and an expert committee found no major lapses. The court addressed allegations of media manipulation influencing India's actions.
Sharp exchanges erupted over SEBI's impartiality and committee members' associations. Despite conflict claims, the Court sought substantial evidence.
Meanwhile, SEBI affirmed nearing completion of its investigation, citing a need for information from foreign regulators to conclude the two remaining probes.

Quixplained: row over Adani advisor's role in environment ministry panel 

The primary function of the panel is to offer recommendations to the environment ministry regarding project proposals after evaluating their potential impacts.&nbsp;

The inclusion of an advisor from Adani Green Energy Limited (AGEL) in an environment ministry panel created a political uproar on Tuesday, with opposition parties slamming the government for a perceived 'conflict of interest'.
Janardan Choudhary, a key advisor to Adani Green Energy Limited (AGEL), was named as one of the seven non-institutional members by the Union Environment Ministry when it reconstituted the Expert Appraisal Committee for hydroelectricity and river valley projects in September.
The AGEL's 1,500 megawatt Tarali pumping storage project in Maharashtra's Satara came up for consideration during the reconstituted EAC's first meeting on October 17-18, according to the minutes of the meeting available on the Environment Ministry's PARIVESH portal.
Choudhary clarified to PTI that while he attended the October 17 meeting, he refrained from participating in the session focusing on the AGEL Tarali project. He said he serves as an advisor to AGEL and is not on the company's payroll.
Choudhary had a 36-year tenure with NHPC and retired as director (technical) in March 2020. He assumed the role of advisor to AGEL in April 2022.
He also said he had disclosed his affiliation with the company to the ministry before his appointment to the EAC.
Latching onto the issue, political parties criticized the Narendra Modi government, questioning who appointed Choudhury to the EAC and why.
"Adani Pradhan Sevak appointed Adani employee Janardhan Choudhury as a member of EAC under Environment Ministry. This committee has to approve 6 Adani projects (10,300 MW)," the Kerala Congress posted on its official X account.
Shiv Sena (UBT) leader and Rajya Sabha member Priyanka Chaturvedi said on X: "Please don&rsquo;t even mention conflict of interest etc. that applies for others not where friends with benefits are concerned." "If an ethics committee can hold an elected member of parliament guilty for sharing email by calling it a national security and conflict of interest issue, how is a person working as an advisor to a private company, a company that has pending approvals in MoEFs NAC be allowed a seat on the NAC itself? No issues of conflict of interest applicable here? No reasons to investigate and find out how he made it there, who put him there &amp; why is he the chosen one?" she said.
TMC MP Mahua Moitra, facing possible expulsion from the Lok Sabha following a recommendation by the Ethics Committee, said, "Modiji's Ministry of Environment appointed Adani employee Janardhan Choudhury as a member of EAC - 6 Adani projects totalling 10300 MW up for appraisal by this @moefcc committee."

Airlines that have taken the BCCI tender based on previous charges have sought government's intervention as the sudden increase in airport charges is illegal and will make charter operations unviable

Airlines protest Adani's Ahmedabad airport plan to hike fees for charter aircraft during World Cup

<h2>Airlines that have taken the BCCI tender based on previous charges have sought government's intervention as the sudden increase in airport charges is illegal and will make charter operations unviable</h2>

Ahmedabad Airport:&nbsp;Airlines are protesting the Adani group owned Ahmedabad airport's proposal to increase the user charges for charter flights during the ongoing ICC Cricket World Cup.
<h3>User Charge</h3>
As per Economic Times, the airport has increased ground handling charges by more than 10 times, sparking a backlash from major airlines, who have now sought government intervention. The airlines have said that such a sudden increase is illegal and will make charter operations unviable.
Also Read: <a href="https://www.editorji.com/business-news/icc-world-cup-2023-indian-economy-may-see-rs-20-000-crore-boost-says-bank-of-baroda-research-1696500408986">ICC World Cup 2023: Indian economy may see Rs 20,000 crore boost, says Bank of Baroda research</a>
According to the tariff list issued by the Ahmedabad airport in September, the airport has levied a minimum of Rs 265,000 as general aviation charges for any charter flight carrying more than 15 passengers. Above that, it will charge Rs 17,667 per passenger. The airport has also levied extra charges on special flights operated during the Indian Premier League at Rs 6,000 per passenger. These are over and above the landing and parking charges.
<h3>Airport Economic Regulatory Authorities' Notice</h3>
The Airport Economic Regulatory Authorities (AERA) issued a notice saying that levying charges and tariffs that have not been approved by the authority is illegal.&nbsp;
&ldquo;A few airport operators are levying charges without taking approval, resorting to unethical practices. All airport operators are directed to refrain from levying charges which have not been approved by the authority,&rdquo; AERA said in a notice seen by Economic Times.
As per the Economic Times report, AERA has also summoned the top management of the Ahmedabad airport.
AERA has been fixing the airport tariffs for a period of 5 years.
<h3>Charter Flight</h3>
Any flight that has not been filed with the airport operator for a particular season will be charged as a charter.
Airlines like Indigo, SpiceJet and Vistara had bid for the BCCI tender to carry cricketers based on previous charges. The sudden increase in charges will make the flights impossible to fly as the BCCI has failed to pay the extra charges.
<h3>Airport's stance</h3>
An senior official of Adani group has told Economic Times that the extra fees that have been levied are not aeronautical charges and hence a permission from AERA was not required adding that they were reviewing the charges.
&ldquo;Only aeronautical charges like landing, parking charges need permission from the authority. These charges are only for extra services for charter flights and hence should be treated as non-aeronautical,&rdquo; he told the publication.
He further added that the airport had to increase the manpower due to increased movement of charter flights, which has increased the expenses.
&ldquo;Charter operations don&rsquo;t follow a schedule. The airlines are operating charters beyond operating hours for which we had to deploy extra resources. Plus, passengers in charter flights need many other extra services. These have a cost. There has been no increase in charges for scheduled passenger flights,&rdquo; the official told Economic Times.
However, as per the report an government official has refused saying that the charges have been levied for ground handling services, which are critical for aircraft operations.

The Congress took a dig at the central govt over Adani as the G20 summit began in New Delhi

'One Man, One Govt, One Business Group': Congress' dig at govt over Adani issue

The Congress took a dig at the central govt over Adani as the G20 summit began in New Delhi

The Congress on Saturday attacked the government over the Adani issue, saying the G20 theme is 'One Earth, One Family, One Future' but Prime Minister Narendra Modi seems to actually believe in "One Man, One Government, One Business Group".
Congress has been questioning the financial dealings of billionaire Gautam Adani's group after US research firm Hindenburg alleged "irregularities" and charged it with stock price manipulation. The Adani Group has denied all the allegations made in the Hindenburg report and claimed there had been no wrongdoing on its part.
Congress general secretary Jairam Ramesh said in a statement that as the 2023 G20 Summit begins in Delhi, it is worth recalling Modi's many exhortations at previous meetings of the grouping for the international community to crack down on corruption and money laundering.
At the 2014 Brisbane G20 meeting, the prime minister called for global cooperation "to eliminate safe havens for economic offenders", to "track down and unconditionally extradite money launderers" and to "break down the web of complex international regulations and excessive banking secrecy that hide the corrupt and their deeds", the Congress leader said.
At the 2018 Buenos Aires G20 summit, Modi presented a nine-point agenda "for action against fugitive economic offences and asset recovery", Ramesh said.
"The PM's brazenness would be laughable if his complicity in high-level corruption and economic offences were not so serious.
"The PM has not simply facilitated the creation of Modi-made Monopolies (3M) for his close friends, the Adanis, in critical sectors like ports, airports, power and roads using all the tools at his disposal, he has systematically blocked all investigations into Adani's wrongdoing by agencies as varied as SEBI, CBI, ED, the Directorate of Revenue Intelligence (DRI) and the Serious Fraud Investigation Office...," he charged.
This ensures that "tax havens are safe for his close friends and that they continue to enjoy the protection of excessive banking secrecy and complex international regulations", he alleged.
The revelation that at least two opaque funds that are alleged to have done round-tripping, money laundering and to have violated securities laws are directly connected to Adani is the most recent example of how enfeebled agencies have been made "subservient to the Adanis' and the PM's corporate interests", Ramesh said.
"No less a body than the Supreme Court's Expert Committee noted in its damning report how SEBI had itself deleted the requirement for overseas funds to report their actual ownership, something that it belatedly tried to undo in June 2023 when it reintroduced reporting requirements, long after the Adani horse had bolted. Would it have done so without pressure from the top," he asked.
Note that it deleted those requirements long after the departure of UK Sinha, who joined the board of the Adani-owned channel after having previously failed to act on a DRI investigation on Adani, indicative of a broader conspiracy, Ramesh said.
"The PM's 'nine-point agenda' is equally laughable given the ease with which the BJP permitted economic offenders like Nirav Modi, Lalit Modi, Mehul 'Bhai' Choksi and Vijay Mallya to flee the country. The government itself has admitted that it has been able to bring back only two of 72 major economic offenders in recent years," he alleged.
The G20 is intended to be a productive gathering of the major world economies, aimed at dealing with global problems in a cooperative manner, Ramesh noted.
"President Putin may have stayed away, but Prince Potemkin has been in full display with slums being either covered up or demolished, rendering thousands homeless. Stray animals have been cruelly rounded up and mistreated, only to burnish the PM's image.
The G20 slogan is 'One Earth, One Family, One Future'. However, the PM seems to actually believe in 'One Man, One Government, One Business Group'," the Congress general secretary said.
Opposition parties have also been demanding a Joint Parliamentary Committee probe into the Adani issue.

'PM Modi should take action and get the Adani issue investigated,' Rahul Gandhi said

Adani row: Rahul Gandhi questions PM Modi, says he must clear his name

'PM Modi should take action and get the Adani issue investigated,' Rahul Gandhi said

Rahul Gandhi has said that international news reports on the Adani Group's transactions raises serious questions on Prime Minister Narendra Modi and urged him to clear his name.
'The question of course is why is this one gentleman who is close to the prime minister of India being allowed to move a billion dollars to pump up his share price, to use that money to capture Indian assets, airports, ports. Why is there no investigation?' Gandhi questioned.&nbsp;
He also asked why Modi was silent on the matter and not ordering an investigation.&nbsp;
'It is very important that the Prime Minister of India Mr Narendra Modi clear his name and categorically explain what is going on. I don't understand why the PM is not forcing an investigation. Why is he quiet? Why doesn't he say that he is going to make sure that this issue is investigated? This is a very serious question on the prime minister,' the Congress leader.&nbsp;
&nbsp;

Nine of the group firms settled in the negative territory while one ended in the green on Thursday

Allegations shake Adani stocks: Market cap takes a ₹35,000 cr hit

Nine of the group firms settled in the negative territory while one ended in the green on Thursday

Adani Group stocks experienced declines as most of its companies closed lower on Thursday following allegations by investigative platform OCCRP. The report claimed that significant investments in Adani group stocks were made through 'opaque' investment funds based in Mauritius, managed by partners of the billionaire Gautam Adani's promoter family. Adani Group denied the charges, while nine out of ten group firms closed negatively.
Adani Green Energy shares plummeted by 4.39% to Rs 928.05 apiece, Adani Enterprises fell by 3.77% to Rs 2,418.80, and Ambuja Cements dropped 3.53% to Rs 428.50 per share on the BSE. Similarly, other stocks like Adani Energy Solutions, Adani Ports and Special Economic Zone (APSEZ), and Adani Total Gas also experienced declines.
Adani Wilmar fell 2.56%, Adani Power dropped to Rs 321.05, and NDTV to Rs 214.60. In contrast, ACC gained 0.47%, closing at Rs 2,009.55 per share.
The allegations, from an organization supported by entities like George Soros and Rockefeller Brothers Fund, surfaced months after a US short seller's claims impacted Adani Group stocks. The OCCRP investigation cited documents from tax havens and internal emails to allege that certain investors conducted offshore Adani stock transactions that obscured their involvement and resulted in substantial profits. Adani Group denied these allegations as "recycled," emphasizing that previous investigations had cleared them of over-valuation charges.

The Organised Crime and Corruption Reporting Project has alleged hundreds of millions of dollars were invested in publicly traded Adani stocks through Mauritius-based 'opaque' investment funds. 

Congress renews attack on Modi govt over Adani after 'mysterious investors' report

The Organised Crime and Corruption Reporting Project has alleged hundreds of millions of dollars were invested in publicly traded Adani stocks through Mauritius-based 'opaque' investment funds.&nbsp;

The Congress renewed its attack on the Narendra Modi govt over its alleged associations with businessman Gautam Adani after his company was accused of secretly investing in its own shares in a report by the Organised Crime and Corruption Reporting Project.&nbsp;
Congress spokesperson Jairam Ramesh said that the party has asked Prime Minister Modi 100 questions regarding Adani from 28th January to 28th March but there is still no clarity on owns Rs 20,000 crores in Adani's shell companies.&nbsp;
He said that when Rahul Gandhi about the issue in the Lok Sabha he was disqualified from the Parliament.&nbsp;
Jairam Ramesh also said that the issue is not just Adani but the relationship between Modi and Adani.&nbsp;
Citing review of files from multiple tax havens and internal Adani Group emails, OCCRP said its investigation found at least two cases where the "mysterious" investors bought and sold Adani stock through such offshore structures.
The two men, Nasser Ali Shaban Ahli and Chang Chung-Ling, who OCCRP claimed have longtime business ties to the Adani family and have also served as directors and shareholders in Group companies and firms associated with Gautam Adani's elder brother Vinod Adani, "spent years buying and selling Adani stock through offshore structures that obscured their involvement - and made considerable profits in the process." The documents "show that the management company in charge of their investments paid a Vinod Adani company to advice them in their investment", it alleged.
Adani in a statement categorically rejected what it called as "recycled allegations", calling them "yet another concerted bid by Soros-funded interests supported by a section of the foreign media to revive the meritless Hindenburg report".
(with PTI inputs)
Also Watch: <a href="https://www.editorji.com/india-news/g20-summit-2023-preparations-in-full-swing-in-delhi-here-s-how-much-is-it-going-to-cost-1693234014917">G20 Summit 2023 preparations in full swing in Delhi, Here's how much is it going to cost</a>

As reports about SEBI's difficulty to identify the beneficial owners of some foreign portfolio investments in Adani stocks emerged, the market regulator has now tightened FPIs' disclosure norms

Adani-Hindenburg case: SEBI tightens disclosures norms for FPIs to bring transparency

As reports about SEBI's difficulty to identify the beneficial owners of some foreign portfolio investments in Adani stocks emerged, the market regulator has now tightened FPIs' disclosure norms

The Securities Exchange Board of India (SEBI), has mandated additional disclosures from certain FPIs that have concentrated holding in a single Indian company or a group firm. This comes, as SEBI is looking to bring greater transparency to the Indian equity market.
The markets regulator in its notification introduced additional norms related to disclosure of beneficial owners for FPIs holding more than 50% of their Indian equity assets under management in a single Indian corporate group or those that individually, or along with their investor group, hold more than ₹25,000 crore worth of Indian stocks.
Also Read: <a href="https://www.editorji.com/business-news/adani-hindenburg-probe-sebi-to-submit-its-findings-in-supreme-court-today-1691994571349">Adani-Hindenburg probe: SEBI seeks 15 more days to conclude investigation</a>
However, FPIs having a broad-based, pooled structure with a widespread investor base, ownership interest by the government, or government-related investors may not pose significant systemic risk.
&ldquo;Granular details of all entities holding any ownership, economic interest, or exercising control in the FPI, on a full look through basis, up to the level of all natural persons, without any threshold, shall be provided by FPIs,&rdquo; stated the Sebi circular.
This comes after reports regarding SEBI's difficulty in identifying beneficial owners of some foreign portfolio investments in Adani stocks emerged.&nbsp;
With regard to additional disclosures, the regulator said FPIs holding more than 50 per cent of their Indian equity AUM in a single Indian corporate group will have 10 trading days within which they can bring down their exposure.
Post this, such FPIs will have to make additional disclosures. The SEBI has also mandated that once the disclosures are made, the FPIs should not make fresh equity purchases of any company belonging to the corporate group during the next 30 calendar days from the date of exceeding the threshold.
Similarly, the FPIs holding more than Rs 25,000 crore of equity AUM in the Indian markets will have 90 calendar days to bring down their holding, after which they will have to make the additional disclosures.
Accounts of all such FPIs will be blocked for further equity purchases until the holding is brought below Rs 25,000 crore.

In a bid to raise capital for its core business, Adani group is looking to sell 44% of its stake that is worth $2.7 billion from its consumer-staple joint venture with Wilmar International

Adani group mulls exiting $6 billion Wilmar venture: Report

In a bid to raise capital for its core business, Adani group is looking to sell 44% of its stake that is worth $2.7 billion from its consumer-staple joint venture with Wilmar International

Adani Enterprise is looking to sell its stake from its consumer-staple joint venture with Wilmar International, reported Bloomberg. As per the report, Adani group is aiming to free up capital for their core business.&nbsp;
The conglomerate has been looking to sell 44% of its stake which is worth about $2.7 billion at the current share price. The report also mentions that, Gautam Adani and his family may retain a minority stake in a personal capacity following a sale. Adani and Wilmar's stakes together account for nearly 88% of the company's shares.&nbsp;
Also Read: <a href="https://www.editorji.com/business-news/months-after-hindenburg-report-fiasco-adani-group-re-enters-loan-market-with-1-billion-fundraising-plan-1690539512523">Months after Hindenburg report fiasco, Adani group re-enters loan market with $1 Billion fundraising plan</a>
The FMCG company that offers a range of essential kitchen items including edible oil, wheat flour, rice, pulses and sugar, was incorporated as a joint venture in January 1999 between the Adani Group and the Wilmar Group. As of now, the company has 23 plants across 10 states in India. Edible oil brand Fortune is their flagship brand.&nbsp;
Also Read: <a href="https://www.editorji.com/business-news/adani-to-raise-3-5-bn-from-share-sale-in-three-group-cos-1685546024457">Adani to raise $3.5 bn from share sale in three group cos</a>
The company reported a net loss of Rs 790 million in the quarter ending June 30. Management attributed the loss to falling edible oil prices and high-cost inventory.&nbsp;
Adani Group-linked stocks lost nearly $147 billion in market value earlier this year following the scathing report by Hindenburg Research that accused the company of stock manipulation and financial misdeeds.&nbsp;

Adani Group is in talks with Barclays Plc, Deutsche Bank AG and Standard Chartered Plc to borrow $600 million to $750 million to refinance the loan that was borrowed to buy Ambuja cements

Months after Hindenburg report fiasco, Adani group re-enters loan market 

Adani Group is in talks with Barclays Plc, Deutsche Bank AG and Standard Chartered Plc to borrow $600 million to $750 million to refinance the loan that was borrowed to buy Ambuja cements

The Adani group is re-entering the loan market, six months after Hindenburg released its report accusing the group of involving in stock manipulation and accounting fraud for decades. The Adani group denied such reports as "a combination of a targeted misinformation and discredited allegations, the majority of them dating from 2004 to 2015."
The group is aiming at raising more than $1 billion. Adani Group is in talks with Barclays Plc, Deutsche Bank AG and Standard Chartered Plc to borrow between $600 million and $750 million. As per Bloomberg, this fund will be used to refinance the loan the company had taken to acquire &nbsp;Ambuja Cements Ltd.&nbsp;
Adani New Industries has raised $394 million via a loan from Barclays and Deutsche Bank for a solar module project. Ever since the Hindenburg report, the Adani group has been taking various efforts to garner investor confidence.&nbsp;
Also Read: <a href="https://www.editorji.com/business-news/gqg-s-stake-in-adani-group-doubles-in-5-months-owns-rs-25-746-crore-worth-of-adani-shares-1690525080593">GQG's stake in Adani group doubles in 5 months; owns Rs 25,746 crore worth of Adani shares</a>
This step comes months after Adani group improved its debt metrics through fundraising. GQG partners has also raised their stake in the Adani group since the Hindenburg report scandal.&nbsp;
In May, GQG bought Adani stock worth $500 million in May and added $1 billion worth Adani shares in June. The GQG in July had said that its holding in Adani Transmission has jumped to 6.54%. That 6.54% alone was worth Rs 5,887.32 crore.

The deal is estimated at around ₹1,600 crore, with ₹400 crore immediately flowing into the company.

Bain Capital Set to Obtain 90% Stake in Adani Capital and Adani Housing

The deal is estimated at around ₹1,600 crore, with ₹400 crore immediately flowing into the company.

Global private equity major Bain Capital has agreed to acquire 90% of the equity capital of Adani Capital, the shadow banking arm of the diversified Adani group, which lends to small businesses and for low-cost homes, but couldn't make a mark since launch six years ago.
The transaction value which is undisclosed includes buying out 100 per cent of the Adani family's private investments in the company, with the incumbent chief executive Gaurav Gupta fully rolling his stake in the company and continuing to lead.
However, a source told PTI that the deal is for around ₹1,600 crore of which around ₹400 crore will immediately flow into the company.
Bain Capital has also committed $120 million in primary capital to facilitate the company's ongoing growth. Further, Bain is also immediately making available a $50 million liquidity line to the company in the form of non-convertible debentures, a statement from the PE major said late Sunday night.
Gupta and the team have built a business that supports entrepreneurialism and is trying to solve the $300 billion unmet retail MSME credit demand in the country, the statement said quoting its partner Rishi Mandawat.
He also noted that the company has the ability to serve and expand to core segments like agriculture, housing and to underbanked rural areas.
The statement also quoted Gautam Adani, the group chairman that he was happy that a credible investor like Bain is stepping in now and this will help the business grow manyfold from here.
"With Bain committing ₹1,000 crore capital to the company, we are now equipped to grow 4x from here," Gaurav Gupta said.
Adani Capital has built an AUM of nearly ₹4,000 crore and the deal values it around ₹1,600 crore, a source told PTI. It has 170 branches across eight states, and over 2,500 employees.
Avendus Capital was the exclusive financial advisor to Adani Capital, while Rothschild advised to Bain on this transaction.
Bain Capital has deep experience in investing in domestic financial services businesses, including Axis Bank, 360One ( IIFL Wealth), Judo Bank, L&amp;T Finance Holdings, Legacy Corporate Lending, and more.
The transaction is expected to close in Q4 of 2023, pending approvals.
The Adani group has been divesting stakes in key companies after the Hindenburg report in January roiled its plan to raise capital and triggered meltdown in stocks and thus the group valuation. This is the first exit from a business since the report came that alleged stock price manipulation and poor corporate governance which have been denied by the Adani group.&nbsp;

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