The storm over Gautam Adani’s alleged bribery scheme has now hit India’s Supreme Court. A fresh plea, citing a U.S. court indictment and SEC complaint, has called for an investigation by Indian authorities into claims that Adani and his associates offered bribes to Indian government officials amounting to $265 million (₹2,236 crore).
Filed by advocate Vishal Tiwari, the plea alleges that the revelations “unveil malpractices” by the Adani Group and warrant a thorough probe in the “interest of the nation.” Tiwari, who had previously petitioned the court following the Hindenburg Report, argues that these new allegations are of “serious nature” and demand immediate attention.
The indictment order claims that Gautam Adani, along with Sagar Adani and Vneet Jaain, orchestrated an elaborate bribery scheme to secure undue benefits. It states that Adani personally met with government officials to propose bribes. The plea further alleges that the Adani Group misled markets and investors by denying knowledge of a U.S. Department of Justice investigation, despite being aware of the probe as early as March 2023.
The plea also questions the conduct of SEBI, India’s market regulator, which was tasked by the Supreme Court in March 2023 to investigate the Adani Group for alleged stock price manipulation, securities rule violations, and undisclosed related-party transactions. The findings of that investigation have yet to be disclosed, a delay the plea suggests undermines investor trust.
“These findings need to be made public to ensure transparency and restore confidence in the market regulator,” the plea states, warning that the lack of disclosure risks eroding investor confidence in India’s financial markets.
Indian stock exchanges have sought clarifications from Adani Group entities regarding alleged disclosure violations linked to the U.S. Department of Justice (DOJ) indictment. Sources told Business Today that the exchanges initiated this process shortly after the DOJ indictment became public last Thursday.
“Once the Adani Group provides its clarification, the same will be made public as per normal procedure,” a source said. SEBI is expected to step in only after the initial responses are reviewed.
Sources also highlighted the jurisdictional differences in regulatory powers. While India’s SEBI focuses on securities law violations, bribery allegations fall under the purview of the Central Bureau of Investigation (CBI). The Enforcement Directorate (ED) handles money laundering probes, and the Serious Fraud Investigation Office (SFIO) investigates company-law matters.
“SEBI will take action only if securities law violations are found,” an expert explained, adding that it remains “premature” to expect any regulatory conclusions on bribery allegations currently under U.S. jurisdiction.