Corporate Behaviour and Free Speech

Interview with Adani auditor - audits of several Adani companies 'qualified' https://www.adaniwatch.org/exclusive_interview_with_adani_auditor_audits_of_several_adani_companies_qualified   Paranjoy Guha Thakurta May 11, 2023

video https://youtu.be/v8mnoV7mPSE

Interview with Adani auditor - audits of several Adani companies 'qualified'
Paranjoy Guha Thakurta May 11, 2023

Explosive allegations made by Adani’s own lawyer could blow lid off Tamil Nadu solar scam  Ramanathan S.  February 29, 2016   https://www.thenewsminute.com/article/explosive-allegations-made-adani-s-own-lawyer-could-blow-lid-tamil-nadu-solar-scam-39587  the Adani group, in an unusual petition to the Madras High Court, sought to gag its own lawyer, Kabilan Manoharan of Ms KabiLaw Attorneys-at-law, after he threatened to publicize illegalities in the project unless his remuneration was increased. Taking cognizance of Adani group’s argument that all the information shared with Kabilan fell under attorney-client privilege, Justice KK Sasisharan of the HC ordered an interim injunction gagging the lawyer from speaking out against the client, noting that this was indeed prima facie blackmail by the lawyer...

..gist of the alleged violations listed out by Adani’s own lawyer, as quoted by the Madras HC order:

1. Illegal purchase of lands at the ground level.

2. Non-compliance with many regulations.

3. Illegal and fraudulent documentation submitted to meet TANGECO specifications for power-purchase agreement (PPA). The lawyer further says that it was on the basis of the PPA that loans amounting to Rs. 2300 crore were taken from IndusInd Bank, SBICaps and Standard Chartered.

4. Violation of SEBI regulations and listing agreements by non-disclosure of material information.

https://solarquarter.com/2022/04/18/adani-solar-expands-to-tamil-nadu-partners-with-festa-solar/   Tamil Nadu government is promoting solar power across the state through Rooftop as well as the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan Yojana (KUSUM) segments. The installation of Adani Solar’s off-grid panels will help consumers mitigate the risks of power cuts while its on-grid panels will assist in reducing electricity costs. ...  Mr. Rahul Bhutiani, Head – Sales & Marketing, Adani Solar, said,...The Indian renewable energy sector has witnessed tremendous success in the installation and supply of solar power. ... We will be offering power facilities via solar panel distribution to customers at competitive rates for applications in the Tamil Nadu market. .. Festa Solar, as the authorized channel partner of Adani Solar, will be responsible for all the solar retail requirements in the region.”

https://www.careratings.com/   https://www.careratings.com/upload/CompanyFiles/PR/17012022064443_Adani_Green_Energy_Limited.pdf Large portfolio of under-construction assets resulting in execution risk, albeit majority of incremental capacities expected to be contracted with stronger counterparties
Around 73% of AGEL’s total portfolio of around 20 GW is under-implementation, marked by operational to under-construction
assets ratio of 0.36:1. AGEL expects to commission projects of over 4 GW each, in FY22 and FY23, and 2 GW each, thereafter till
FY26. Large under-construction portfolio entails high project execution risk as any delay in project completion would lead to time
and cost overrun and its associated financing risks. However, given the modular nature of the operations of AGEL with integration
with its group entities for procurement of solar modules and construction of power evacuation infrastructure, along with its strong
execution capabilities and demonstrated track record of early commissioning of certain assets, mitigate the execution risk to an
extent. Furthermore, the expected commissioning of large capacities ahead of its schedule entails an infirm revenue, which is
part of overall capital budgeting. Any delay in commissioning of capacities beyond the envisaged timelines would increase the
reliance on internal accruals for project financing. 

Vinod Adani Is Part of Promoter Group: Adani Group’s U-Turn on Gautam's Elder Brother https://thewire.in/business/vinod-gautam-adani-u-turn
After saying Vinod Adani does 'not hold any managerial position in any Adani listed entities or their subsidiaries and has no role in their day to day affairs', the conglomerate now says "the Adani Group and Vinod Adani should be seen as one".

even as more reports alleged that Vinod – reportedly a Cypriot national – played a key role in the Adani Group’s foreign deals, the conglomerate maintained that Vinod did not hold “any managerial position in any Adani listed entities or their subsidiaries and has no role in their day to day affairs”.

Now, CNBC-TV18 reports, the Group has said in a statement that the Adani Group and Vinod Adani should be seen as one.

Adani Group Spokesperson has responded to CNBC-TV18 on the query w.r.t the report of Vinod Adani-owned entities acquiring ACC & Ambuja. The Company says Endeavour Trade and Investment (controlled by Vinod Adani), acquirer of ACC & Ambuja Cements, belongs to Adani Group. “We would like to submit that Mr. Gautam Adani and Mr. Rajesh Adani are individual promoters of various listed entities within the Adani group and Mr. Vinod Adani is an immediate relative of the individual promoters,” the group said, per the report.

To usiness Today.. Business Today  comment of the Adani Group on this matter said, “Accordingly, as per the applicable Indian regulations, Mr. Vinod Adani is part of the ‘promoter group’ of various listed entities within the Adani group. This fact has been submitted to Indian regulatory authorities from time to time in various disclosures.”