India’s lower house of parliament adjourned for a second consecutive day on Wednesday following an uproar by lawmakers demanding a debate on the U.S. indictment of billionaire Gautam Adani, while shares in companies belonging to the Adani Group recovered some earlier losses.
Last week, the United States charged Adani, his nephew and managing director Sagar Adani, and Adani Green’s managing director Vneet S. Jaain with participating in a scheme to pay $265 million in bribes and mislead U.S. investors to secure power contracts in India.
The port-to-electricity conglomerate dismissed the allegations as “baseless” and vowed to “pursue all possible legal remedies.”
India’s opposition, led by the Congress Party, has accused Prime Minister Narendra Modi and the Bharatiya Janata Party (BJP) of protecting Adani and obstructing investigations into the company within India.
As work in Parliament was disrupted for the second day since the winter session began this week, MPs shouted slogans and demanded a debate on the allegations against Adani.
In a scathing attack, Congress leader Rahul Gandhi said Gautam Adani should be arrested.
“The gentleman is facing charges in the United States… and the government is protecting him,” Gandhi told reporters outside Parliament.
The government has not commented on the charges. However, the ruling BJP has refrained from engaging in the debate.
A BJP spokesperson stated the party had no reason to defend Gautam Adani, adding, “We are not against industrialists but see them as partners in nation-building. Let him defend himself. If anything was done wrong, the law will take its course.”
On Wednesday, Adani Green, the company at the center of the indictment, clarified that Gautam Adani had been charged in the U.S. for alleged securities law violations and faces potential fines. However, he has not been charged under the U.S. Foreign Corrupt Practices Act.
In a filing to the stock exchange, Adani Green noted that the complaint filed by the U.S. Securities and Exchange Commission (SEC) “includes an order directing the defendants to pay civil monetary penalties (but) does not specify the amount of the penalty.”
The SEC’s civil action is being conducted alongside an indictment by U.S. federal prosecutors against Gautam Adani and others.
