US SEC charges – Bharat Pulse News

The United States Securities and Exchange Commission (SEC) has accused Gautam Adani of offering bribes to secure solar power procurement deals, particularly through discussions with Andhra Pradesh Chief Minister Jagan Mohan Reddy in August 2021. These claims, part of the SEC's court filings, allege Adani sought to address the state’s hesitancy to finalize agreements with the Solar Energy Corporation of India (SECI). Allegations and Agreements According to the SEC, Adani promised or paid bribes to Andhra Pradesh officials to secure agreements for purchasing seven gigawatts of solar power, then the largest such procurement by any state. The filing also highlights that SECI initially struggled to find buyers for its high-priced solar power, prompting alleged bribe offers by Adani and Azure Power to various state officials. The US Justice Department’s indictment claims a ₹1,750 crore bribe was offered to an unnamed Andhra Pradesh official. Following Adani's alleged interventions, Andhra Pradesh agreed to procure solar power at ₹2.49 per kWh for a 25-year period. Reactions from Political Parties The YSR Congress Party (YSRCP), led by Jagan Reddy, dismissed the allegations, stating no direct agreements existed between the Adani Group and the Andhra government. The party clarified that the 2021 agreement was signed between SECI and Andhra Pradesh’s power distribution companies (Discoms) and had regulatory approval from the Andhra Pradesh Electricity Regulatory Commission and the Central Electricity Regulatory Commission. YSRCP highlighted the financial benefits of the deal, stating, "Procurement of power at such a cheap rate would substantially benefit the state with a saving of ₹3,700 crores per annum." Meanwhile, the Telugu Desam Party (TDP) refrained from immediate comment, with spokesperson Kommareddy Pattabhiram stating that the report needs further review. Adani Group’s Response The Adani Group called the allegations baseless and stated its intention to pursue legal action. It also refuted claims of misrepresentation regarding its anti-bribery compliance program. The allegations have reignited scrutiny over India’s energy procurement processes and the transparency of corporate dealings in the renewable energy sector.

US SEC Alleges Adani Bribery to Secure Solar Power Deals

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