The Republican lawmaker asserted that targeting entities that invested tens of billions of dollars and created tens of thousands of jobs for Americans only harmed the U.S. in the long run. File
| Photo Credit: Reuters

A Republican lawmaker has asked the U.S. Department of Justice to preserve all records in connection with the “selective prosecution” of billionaire industrialist Gautam Adani and his group of companies by the Biden administration.

The demand comes less than a week before the President-elect Donald Trump administration takes office.

Rep Lance Gooden, a member of the House Judiciary Committee, in a letter on Tuesday (January 14, 2025) to Attorney General Merrick Garland, demanded that the department preserve and produce all records and documents leading up to its decision to go after the Adani Group.

In another letter to Mr. Garland on January 7, Mr. Gooden had raised serious concerns over the department’s recent indictment of the group.

“The indictment alleged acts conducted entirely within India, involving Indian citizens and officials, with no apparent injury to U.S. interests,” he had noted.

“The allegations in the Adani case, even if proven true, would still fail to make us the appropriate and final arbiter on the issue. These ‘bribes’ were allegedly paid to Indian State government officials, in India, by Indian executives of an Indian company, with no concrete involvement of or injury to any American party,” Mr. Gooden had said.

“Conversely, Smartmatic, an American company responsible for conducting our elections, had executives who allegedly laundered money and paid bribes to foreign governments, according to the Department of Justice’s indictment earlier. However, despite numerous attempts by my colleagues and I to have our concerns addressed before the elections, we were never briefed by your department,” he had argued.

Alleging that the department had been highly selective against Adani and his companies, the Republican lawmaker posed several new questions to Mr. Garland.

“Why has the Department of Justice not indicted a single American if the case involves a significant nexus with the U.S.? Were there no Americans involved in this alleged scheme? Why has the Department of Justice pursued this case against Gautam Adani when the alleged criminal act, and the parties allegedly involved are in India? Do you seek to enforce justice in India?” he asked.

“Will the Department of Justice seek an extradition of the Indian executives involved in this case? What is the Department of Justice’s contingency plan if India refuses to comply with an extradition request and claim sole authority over this case? Is the Department of Justice or the Biden administration willing to escalate this case into an international incident between the U.S. and an ally like India?” he further asked Mr. Garland.

Mr. Gooden said the questions were also to remind him of the probable consequences of the administration’s actions.

India is one of the few reliable partners the U.S. has in the Asia-Pacific region, alongside being one of the fastest-growing and largest economies, he said.

“Such reckless acts of pursuit against its top industrialists could start a harmful narrative against India’s growth. Not respecting India’s authority over this matter could strain and even permanently damage our international relations with a strategically important and key economic and political ally,” he added.

“At this juncture, letting the Indian authorities investigate, determine any injury, and adjudicate on the matter instead of jumping to premature conclusions would be the best and only appropriate course of action. It would also be wise to pursue cases where the department is certain we have appropriate and conclusive jurisdiction, aside from a serious shot at winning,” Mr. Gooden said in the letter.

The Republican lawmaker asserted that targeting entities that invested tens of billions of dollars and created tens of thousands of jobs for Americans only harmed the U.S. in the long run.

“When we forego real threats from violent crime, economic espionage, and CCP (Communist Party of China) influence and go after those who contribute to our economic growth, it discourages valuable new investors hopeful of investing in our country,” Mr. Gooden said.

“An unwelcome and politically charged atmosphere for investors will only stall efforts to revitalise America’s industrial base and economic growth, directly undermine President Trump’s commitment to revive the economy with increased investments. Given the timing of these decisions coincides with the end of the Biden administration, concerns arise that the only true goal here is disruption for President Trump,” he added.

Instead of expending valuable taxpayer resources on opening lengthy and “perhaps politically-motivated” pursuits in foreign countries, the department should co-operate with the incoming administration on better serving the American people, Mr. Gooden said.

“As a cog in the outgoing administration, it is your duty to the public in being mindful of not creating further complications that could compromise America’s geopolitical eminence,” he said in the letter to Mr. Garland.

“Please also report if there has been any communication or negotiation regarding the Adani case between the Department of Justice (including any of its agents, subsidiaries, instrumentalities, or authorised representatives) and any third-party or agent representing any third party that works closely, for, or in conjunction with any entity partly owned or controlled by George Soros,” Mr. Gooden said.

AHMEDABAD: GUJARAT : 21/11/2024 : Adani Corporate House at Shantigram outskirts of Ahmedabad on Thursday November 21, 2024. Photo : VIJAY SONEJI / THE HINDU.
| Photo Credit: VIJAY SONEJI

Adani group stocks were in heavy demand on Tuesday, with Adani Power surging over 19 per cent, bouncing back from previous day’s decline.

The stock of Adani Enterprises soared 8.91%, Adani Ports climbed 6%, Ambuja Cements went up by 4.79%, ACC (4.50%), Sanghi Industries (4.22%) and Adani Wilmar (3%). All Adani group stocks had ended lower on Monday’s trade in-line with weak trend in equities.

Benchmark indices Sensex and Nifty rebounded on Tuesday after four days of sharp decline.

The 30-share BSE benchmark Sensex jumped 505.6 points to 76,835.61 in intra-day trade. The NSE Nifty climbed 179 points to 23,264.95.

New Delhi:

Adani Group companies’ stocks added nearly Rs 27,000 crore to investors’ wealth as most stocks gained in trading this morning.

The market capitalisation of Adani Group firms rose Rs 26,894.46 crore to Rs 13.55 lakh crore at 11.03 am.

The Adani Group companies’ stocks rose 9 per cent.

The group is in early talks to refinance loans worth $1.1 billion.

Nomura had earlier this week said the stocks of Adani companies were the most attractive compared to other Indian companies.

Nomura said the Gautam Adani-led conglomerate can easily face recent turmoil caused by legal issues connected with the US Department of Justice. This is because the Adani Group’s liquidity management has improved, Nomura said.

Adani Green Energy Ltd and Adani Power Ltd were leading the gains among other stocks. Adani Green Energy Ltd jumped 7.38 per cent to Rs 1,232.80 apiece, the highest level since December 9. It was trading 6.42 per cent higher at Rs 1,221.75 apiece as of 11.08 am.

Adani Power Ltd share price rose as much as 5.11 per cent to Rs 545.80 apiece, the highest level since December 6. It was trading 4.36 per cent higher at Rs 541.90 apiece as of 11.09 am.

(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)

Shares of Adani Group firms surged after an Adani Group entity said that Gautam Adani and his aides have not been charged under the U.S. Foreign Corrupt Practices Act. File
| Photo Credit: Reuters

Equity benchmark indices Sensex and Nifty rebounded on Wednesday (November 27, 2024), driven by a sharp rally in Adani group stocks and fresh foreign fund inflows.

The BSE benchmark Sensex climbed 230.02 points, or 0.29%, to settle at 80,234.08. During the day, it surged 507.09 points, or 0.63%, to 80,511.15.

The NSE Nifty rose 80.40 points, or 0.33%, to 24,274.90.

From the 30-share Sensex pack, Adani Ports surged 6%. NTPC, HDFC Bank, Bajaj Finance, Maruti and Axis Bank were among the other gainers.

In contrast, Titan, State Bank of India, Asian Paints, Tata Consultancy Services, HCL Tech, Sun Pharma, IndusInd Bank, and ICICI Bank were among the laggards.

Shares of Adani Group firms, including Adani Power, Adani Total Gas, Adani Enterprises, Adani Energy Solutions, and Adani Green Energy, surged after an Adani Group entity said on Wednesday (November 27, 2024) that Gautam Adani and his aides have not been charged under the U.S. Foreign Corrupt Practices Act, adding that they faced three other charges, including securities and wire fraud that are punishable with monetary fines.

Some of the group firms hit their upper circuit limits.

Foreign Institutional Investors (FIIs) bought equities worth ₹1,157.70 crore on Tuesday (November 26, 2024), according to exchange data.

In Asian markets, Shanghai and Hong Kong settled in the green, while Seoul and Tokyo ended lower.

European markets were trading mostly lower. The U.S. markets ended in positive territory on Tuesday (November 26, 2024).

Global oil benchmark Brent crude climbed 0.63% to $73.23 a barrel.

On Tuesday (November 26, 2024), the BSE benchmark declined 105.79 points, or 0.13%, to close at 80,004.06. The Nifty dipped 27.40 points, or 0.11%, to 24,194.50.