The indictment says Adani executives paid bribes to secure agreements with discoms to buy solar power from Seci, in a bid that Adani Green had won in a 2019 tender. Seci's inability to find buyers for the power generated by these projects, which US Securities and Exchange Commission (SEC) alleges was priced "above market rate", was a key factor in the alleged bribery scheme. Adani group has denied the allegations.
"Seci will not be reviewing the order (the US indictment) or initiating a probe now on the issue, as there is no basis for that. There is no document with us other than the order, on the basis of which we could comment on the issue. I have heard of it only from the media. Further, I am not sure whether any norms have been violated and if anybody has been named in the order," Seci chairman and managing director R.P. Gupta told Mint.
Here's an overview of how Seci operates, the systemic challenges it faces, and potential flaws.
This story is from the November 23, 2024 edition of Hindustan Times.
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This story is from the November 23, 2024 edition of Hindustan Times.
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