New York: Ad. Group founder and chairman Gautam Ad. and his nephew Sagar Ad. have been summoned by the US SEC and given 21 days to respond or give a proposal in a $265 million (roughly Rs. 2,200 crore) bribery case. On the other hand, the CFO of Ad. Group has claimed that there is no legal case against any of the 11 group comp.es and they have not been accused of any wrongdoing.
The US Securities Exchange Commission (SEC) has asked Gautam Ad. and his nephew Sagar Ad. to clarify their stand on allegations that they bribed $26.5 million (about Rs 2,200 crore) to Indian authorities to win solar power contracts in India. Gave bribe. For this, Gautam Ad. has been called to his residence in Shantivan Farm, Ahmedabad, while his nephew Sagar Ad. has been called to his residence in Bodakdev, Ahmedabad to reply within 21 days or prove his innocence.
The New York Eastern District Court said in a Nov. 21 notice that you must file an answer or motion for prosecution with the SEC within 21 days of when you receive the subpoena under Rule 12 of the Federal Rules of Civil Procedure (not when you receive it). . It further states that if you fail to respond, a default order will be entered against you for the relief sought in the complaint. You will have to answer or enter a plea of not guilty to the court.
Ad. Group has denied the allegations made by the US Justice Department and the SEC and said the company will use all available legal resources. Originally, the investigation into this case in America started in 2022 and they found that obstacles were created in the investigation.
Meanwhile, Ad. Group CFO Jugeshinder Robi Singh said the 11 listed Ad. Group comp.es have not been accused of any wrongdoing. Ad. Group will comment in detail on the US case after getting the lawyer’s approval. There are many news stories that try to make headlines by picking up unrelated things. My humble request is that we will respond in a timely manner after a comprehensive review of the matter presented in the legislative process.
He said that no court has yet given its verdict in this matter. US Justice Department lawyers said it was still a charge and the accused were likely innocent.
America is investigating private company, states will have to answer: Center
Center and states joined hands in the case against Gautam Ad. in America!
– State governments have nothing to do with Ad. on solar contract issue: Andhra, Odisha, Chhattisgarh claim
New Delhi: Seven Ad. Group executives, including the country’s top industrialist Gautam Ad. and his nephew Sagar Ad., have been accused in the US of bribing Indian officials and defrauding American investors. The central government has given up on this issue. State governments have also refrained from reacting or taking action in the matter.
Ad. Group has been accused in the US of paying $265 million in bribes to Indian officials for solar projects in India, with Andhra Pradesh officials claiming to have received the largest share of bribes for these contracts. A case has been filed in the New York court against Gautam Ad., Sagar Ad. and seven others in America on this issue. However, sources say that the central government has decided not to interfere in this matter. The Center believes that the investigation conducted by the American agency in America is against a private company in India. BJP has clarified its stand on this issue and said that the names of state governments are allegedly involved in this matter. Therefore, he should answer these allegations independently.
Andhra Pradesh Chief Minister Chandrababu Naidu said the allegations against the Ad. Group date back to the previous YS Jagan Mohan Reddy government. Our government will assess the situation and take action based on evidence. More facts are yet to come to light in the case. On the other hand, YSRCP’s Jagan Mohan Reddy claimed that there was no deal with Ad. in the solar contract signed by his government. Similarly, Tamil Nadu Power Minister Senthil Balaji revealed that since the DMK government came to power in 2021, the state power department has not entered into any direct agreement with the Ad. Group. The state government entered into an agreement with the Solar Energy Corporation of India, a central government agency.
Former Chhattisgarh Chief Minister Bhupesh Baghel and former Energy Minister TS Singh Deo have denied any agreement with Ad. during the Congress rule. He demanded a joint parliamentary investigation into this matter. The BJD, which was in power during the Biju Janata Dal government in Odisha from 2000 to June 2024, said the allegations of bribery leveled against state government officials are false and baseless. Former Odisha Energy Minister and BJD MLA PK Deb said that the Odisha government has nothing to do with this agreement. Whatever agreements were signed were between the power distribution company Gridco and the central government PSU SECI.
