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To contend that the indictment of Gautam Adani, his nephew, and their associates, in the United States has dealt a blow to the ambitions of one of India’s, and the world’s, richest men, would be an understatement. The prominent tycoon, whose proximity to Prime Minister Narendra Modi is the stuff of legends, has never before been hurt like this. His reputation is at stake. And with it, his business plans. The 30,000-word report of the New York-based short-selling firm Hindenburg Research...

Paranjoy Guha Thakurta and Ayush Joshi Nov 23, 2024 According to a government body in India, documents were falsified so that a coal mine being developed by an Adani company could proceed. The Chhattisgarh State Scheduled Tribes Commission released a report on 6 November 2024 stating that the environmental approval given to the Parsa coal project relied on falsified documents purporting to be records of consent by village councils. When trees were felled in preparation for the coal mine in...

As early as 2015, a prominent Indian newspaper reported that everywhere that Modi went, 'Adani was sure to go'. This support has not always helped India. On the contrary, by brazenly promoting the oligarch’s ambitions, Modi has sometimes hurt his country’s relations with her neighbours as well as with other countries. The growth of the Adani Group outside India over the past decade or so has been closely aligned with the diplomatic efforts of Indian Prime Minister Narendra Modi. Many of Adani’s...

The Reliance group headed by Mukesh Ambani has been eyeing a prime plot of land in south-central Mumbai’s Breach Candy area over the last four years. In fact, so keen was it on acquiring it that, at one point, it allegedly made a “backdoor attempt” to wrest control of the family trust that owns the land. It is quite another matter that India’s biggest privately-owned corporate entity did not make much headway as the Seth Damodar Madhavji Charity Trust (henceforth, DMT), controlled by the...

Gokarakonda Naga Saibaba was born in 1967 to a family of poor farmers from Amalapuram in East Godavari district of Andhra Pradesh. The exact date of his birth is not known, as his parents did not record it. He died on October 12, 2024, aged 57, in Hyderabad following post-operation complications after a surgery to remove stones from his gall bladder. After he was afflicted by polio, he used a wheelchair from the age of five. A brilliant student, Saibaba topped his batch of undergraduate students...

However, the government’s plans to create jobs for young Indians are unlikely to be successful because these are dependent on the goodwill of big businesses in the organised sector and not small enterprises in the unorganised sector that have created employment. On the contrary, little is being done for MSMEs (micro, small and medium enterprises) who have been battered and bruised by first, the November 2016 demonetisation, then, the hurriedly implemented goods and services tax (GST) regime and...

On 5 December 2023, President of Kenya William Ruto met Prime Minister of India Narendra Modi at New Delhi’s Hyderabad House, the Indian government’s opulent guest house for visiting dignitaries. As the meeting between the heads of government and their officials was proceeding, there was a ‘surprise visitor’. It was Gautam Adani, one of the world’s richest men and an industrialist who is perceived to be close to Modi. A person who was present at the meeting told one of the writers of this...

The PPF scheme – introduced in all head post offices of India with effect from January 1979 – is popular not only because of its relatively higher rate of interest as compared to fixed deposits, but also because the interest earned from it is free from payment of income tax. The Modi government has amended rules whereby PPF accounts held by NRIs will henceforth earn “zero” interest with effect from October 1, 2024. An order to this effect was issued on August 21, 2024, by the financial services...

Mumbai: Never in the history of the Securities and Exchange Board of India, the regulator of the country’s financial markets, has its chairperson’s credibility been questioned in such a dramatic manner. Although Madhabi Puri Buch – the first woman, the first person who was not a civil servant and the first person from the private sector to head SEBI – had promptly responded to the allegations made in the second report of the US-based short-seller Hindenburg Research released on 10 August, her...

Basic facts and figures Name of coal-power plant: Godda power plant Location: Near the town of Godda, state of Jharkhand, India Adani subsidiary: Adani Power (Jharkhand) Limited, a wholly-owned subsidiary of Adani Power Limited Capacity: 1600 MW Countries involved: India, Bangladesh, Australia Exactly a week after ousted Prime Minister of Bangladesh, Sheikh Hasina, left Dhaka on a military aircraft and landed on the outskirts of Delhi on 5 August 2024, the government of India amended guidelines...

In April 2021, the National Company Law Tribunal (NCLT), a quasi-judicial body in India that adjudicates issues relating to bankrupt companies, admitted the case of a Mumbai-based real estate company, Radius Estates and Developers Private Limited (henceforth Radius), to adjudication through the insolvency process. More than three years later, Adani Goodhomes, a subsidiary of Adani Infrastructure and Developers, acquired the bankrupt firm in a deal which certain creditors have alleged was...

Ashwini Vaishnaw, the Union Minister for Railways has had a rather unusual career trajectory. A former officer of the elite Indian Administrative Service (IAS) who served former Prime Minister of India Atal Behari Vajpayee as his personal secretary, Ashwini Vaishnaw quit the civil service to become a corporate captain before joining politics. He is the only first-time member of the Rajya Sabha to hold two important ministerial portfolios, over and above that of the Railways. As a cabinet...

In the Union Budget 2024-25 presented in Parliament on July 23, the National Democratic Alliance (NDA) government headed by Prime Minister Narendra Modi allocated Rs.2.652 trillion (lakh crore) towards capital expenditure in the Railways. The sum is a marginal increase of roughly 2 per cent over the revised estimate for 2023-24. In what can be construed as the government’s neglect of the preferred mode of long-distance travel for the majority of India’s population, the word “railways” figured...

Despite the rhetoric that the regime’s record in employment generation has not been all that bad by citing questionable data, Finance Minister Nirmala Sitharaman has stolen more than a few leaves from the pre-election manifesto of the biggest Opposition party, the Congress, while announcing schemes such as the internship programme in the country’s top companies, the employment-linked incentive programme, abolition of the “angel tax” to spur investments and by not reducing the budget allocation...

On 4 June 2024, the day it become known that India’s ruling party, the BJP led by Prime Minister Narendra Modi, would return to power for a third five-year term but as a weaker head of government, the prices of the shares of Adani Group companies collapsed amid a general meltdown of the country’s stock markets. Opposition politicians have called for an inquiry into allegations of stock-price manipulation. The story starts on Friday 31 May when there was frantic buying and selling of shares in...

More than a decade ago, when media and civil society were going gung-ho against the then UPA government for the “Coalgate” scandal, the furore was focussed on a report prepared by an independent institution, the Comptroller and Auditor General (CAG) of India, that revealed evidence implicating the Union government and multiple coal mining companies. The CAG had found that the government had allocated a slew of coal blocks to privately-owned mining companies without conducting fair auctions. The...

Half-way through the heat and dust of India’s general elections, Prime Minister Narendra Modi sprung a surprise on the country, including his most ardent supporters. He suggested during a public speech on 8 May 2024 in Karimnagar, Telangana, in southern India, that the country’s two richest men Gautam Adani and Mukesh Ambani were sending carloads of cash to the largest opposition party, the Indian National Congress. Opposition leader, Rahul Gandhi, pledges to institute a parliamentary probe into...

The Securities and Exchange Board of India (SEBI), the regulator of the country’s financial markets, has sent ‘show cause’ notices to six listed companies in the Adani Group. This was revealed by the companies themselves in recent filings to stock-exchange authorities. A notice to show cause is a formal document issued to a party in a dispute that sets out details about an alleged offence or misconduct. Such a notice is usually issued by a law-enforcing authority. The receiving party has a...

A decade ago, in the run-up to the 2014 Lok Sabha election, Narendra Modi, then still the Chief Minister of Gujarat, famously declaimed: “Na khaoonga, na khaane doonga” (Neither will I take bribes, nor will I let others take bribes). He added that he would bring back illegal wealth stashed away in tax havens abroad by rich Indians and distribute the money among the poor—Rs.15 lakh for each poor family. Modi projected himself as a crusader against corruption in general and the corrupt Congress...

THE DEMOLITION, THE VERDICT AND THE TEMPLE: THE DEFINITIVE BOOK ON THE RAM MANDIR PROJECT By Nilanjan Mukhopadhyay Speaking Tiger, Rs 699 The Rashtriya Swayamsevak Sangh and its political arm, the Bharatiya Janata Party, are hopeful that the ‘inauguration’ of the incomplete Ram temple at Ayodhya would consolidate the Hindu vote in favour of the incumbent regime in the run-up to the general elections. Prime Minister Narendra Modi thinks that whipping up religious fervour with the pran pratishtha...

Example 1: Ajay Mishra Teni, Union Minister of State for Home Affairs, is the BJP member of the Lok Sabha from the Kheri constituency in Uttar Pradesh. In October 2021, his son, Ashish Mishra Monu, allegedly drove into a crowd of protesting farmers in Lakhimpur Kheri, killing four farmers and a journalist. The junior Mishra is under trial for murder. The government led by Prime Minister Narendra Modi resisted immense pressure to dismiss Teni from the Cabinet at the time and he has now been...

Sreedhar Ramamurthi was a scientist as well as an activist who worked to ameliorate the condition of those impacted by reckless mining all over India. He worked with many others who shared his ideals about the need to conserve the planet with care. He was no starry-eyed social worker who believed he could change the world overnight. He was down to earth and practical about what could be achieved and what could not, and the extent to which the government could be convinced to support the under...

Here is a tentative list of entities in corporate groups that purchased electoral bonds and the controversies surrounding some of these groups. We know that the Bharatiya Janata Party (BJP) got more than half the funds from the redemption of bonds between 2018 and 2024. One of the companies that bought the bonds is Future Gaming and Hotel Services. This company bought bonds worth Rs 1,368 crore. The person behind this company is Santiago Martin, often called India’s “lottery king.” There have...

A bureaucrat, sometimes described as a civil servant, is, more often than not, a sophisticated slave of his political masters. Not all are, however, equally supine. Among them, a minority displays a strong spine. The privileged lot belonging to the elite IAS who are supposed to hold up the proverbial “steel frame” of the country, are a mixed bunch of the subservient (the majority) and the rebellious (a few). The author of the book under review may consider himself as belonging to the latter...

A trust associated with the Reliance group inaugurated the world’s largest private zoo on February 26. The zoo is the “pet project” of Anant Ambani, son of group head Mukesh Ambani. The zoo is the venue of Anant’s pre-wedding celebrations where the world’s richest and most famous are expected to be in attendance. The project was set up under the shadow of a series of legal challenges around the country by the petitioners concerned, with allegations of illegal transfer of elephants from different...

The Supreme Court judgement on electoral bonds on Thursday is reminiscent of two apparently contradictory cliches. First, it is too little too late. Secondly, it is also better late than never. When the then finance minister, the late Arun Jaitely introduced the proposal to have electoral bonds in his budget speech, it took the government 11 months before it was formally fleshed out. Even then, the law that was struck down by the apex court had to be introduced as a money bill, which does not...

If there were some who were expecting big-ticket announcements to be made by Finance Minister Nirmala Sitharaman while presenting the Interim Budget for 2024-25, the last “budget” before the general elections, they were disappointed. An interim budget is a vote-on-account to provide a grant to the Union government to meet its expenditures for four months. However, since the Narendra Modi government has broken many a convention after he became Prime Minister in May 2014, expectations of populist...

In the wake of recent diplomatic tensions between India and Canada, New Delhi-based BLS International, a company providing outsourcing services to India’s diplomatic missions under the Ministry of External Affairs (MEA), including the issuance of visas electronically, encountered operational disruptions in Canada. Then came accusations that the private firm had botched up the implementation of an e-residency programme in Estonia, a country in northern Europe. The company claims the problems...

Book: India's Experiment with Democracy : The Life of a Nation Through Its Elections Author: S.Y. Quraishi Published by: HarperCollins Price: Rs 699 Conscious that his personal life coincides with that of politically-independent India, the former chief election commissioner, guitar player, the first Muslim officer of the Indian Administrative Service from “old Delhi” after 1947, born into a family of Islamic scholars and the son of a man who insisted that his children be benefitted by “modern...

‘Geo… Jeeoh.’ The constable from the Special Cell of the Delhi Police who was interrogating me that afternoon was finding it difficult to pronounce his proper name. I gently butted in. ‘It’s spelt Geoff but pronounced Jeff.’ ‘You have been speaking to this person in Australia?’ he asked. ‘Yes. Of course, I have,’ I explained. ‘He runs a website called AdaniWatch and I am a contributor to the website.’ The constable had earlier asked me two questions: ‘Do you use Signal?’ I promptly replied ‘yes’...

A feisty opposition woman member of India’s Parliament has vowed to continue her scrutiny of the links between PM Narendra Modi and the Adani Group, despite attacks on her by a government member. Mahua Moitra has been dragged before the parliamentary Ethics Committee for alleged misdemeanours. She has responded defiantly, saying the BJP has picked the ‘wrong person’ to bully. Many of her questions in parliament pertain to Adani’s business operations. A hearing of the Committee on 2 November...

Palestine and Israel continue to dominate the news cycle. Then one learns that several Members of Parliament and leaders belonging to political parties opposed to the ruling regime in this country, those working in the office of Rahul Gandhi, a few individuals apparently on the other side of the divide, not to mention a few journalists, including Siddharth Varadarajan, one of the founding editors of The Wire, Anand Mangnale and Ravi Nair of the Organised Crime and Corruption Reporting Project...

Which Indian hasn’t heard of Chyawanprash? Who hasn’t tasted Churan before or after a meal? The first is an ancient dietary supplement that is a mixture of sugar, honey, ghee, amla, sesame oil, and various berries, herbs, and spices. Churan is a sweet and tangy blend of natural ingredients that helps digestion. The pioneer in making and selling these two products is Shree Baidyanath Ayurved Bhawan Private Limited, the flagship company of the Baidyanath Group. Baidyanath is the oldest name in the...

Over the past few years, Adani Power Mundra Limited (APML) and the state government of Haryana have been embroiled in a dispute over a power purchase agreement. After the dispute reached the courts, it seemed that it would be resolved. However, that has not happened. During the scorching heatwave that gripped Haryana in the summer of 2022, a power company of the Adani Group was accused of deviating from its contractual obligations by delivering a lower quantity of electricity to the state’s...

In April 2023, discussions took place for India’s third-largest cement producer, Shree Cements, to acquire a smaller cement firm, Sanghi Industries. On 21 June, the Income Tax Department in the Ministry of Finance conducted search-and-seizure raids at five locations in the country where Shree Cements had offices and manufacturing plants. On 19 July, Shree Cements abruptly withdrew from the race to acquire Sanghi Industries. On August 3, the Adani company Ambuja Cements succeeded in a bid to take...

A recent column by Bloomberg Opinon’s Andy Mukherjee focussed attention on potential issues of conflict of interest arising out of the position held by Adani Group Chairman Gautam Adani’s daughter-in-law Paridhi Adani in a top Indian law firm that frequently advises companies in the Adani Group. On 2 September, AdaniWatch examined this issue further, detailing 12 cases in which Paridhi’s law firm had advised on major deals between Adani companies and other parties. In this story, AdaniWatch...

A recent column by Bloomberg Opinon’s Andy Mukherjee focussed attention on potential issues of conflict of interest arising out of the position held by Adani Group Chairman Gautam Adani’s daughter-in-law Paridhi Adani in a top Indian law firm that frequently advises companies in the Adani Group. In this article, AdaniWatch asks why the group appears not to have disclosed potential conflicts of interest in certain major deals. The absence of disclosure could impact the interests of minority...

Book: Shadows At Noon: The South Asian Twentieth Century Author: Joya Chatterji Published by: Viking Price: Rs 1299 This is a history teacher’s magnum opus. Running into almost 850 pages, the book is a sprawling, impressionistic, and opinionated journey through a century and half of the trajectories of countries in the Indian subcontinent, mixing personal diaries and anecdotes with historical accounts and analyses. As the author herself describes at the outset, the “structure of the book is...

New Delhi/Bhubaneswar: When India’s premier police investigative agency, the Central Bureau of Investigation (CBI), started a probe into the June 2 Balasore train tragedy, it was termed as an attempt by the Narendra Modi government to find a “political solution” to the inherent technical shortcomings in the country’s railway system that had caused the man-made disaster. Less than 48 hours after the accident, which left at least 275 people dead and 1,000 injured, Union Minister of Railways...

Title: Hurt Sentiments: Secularism And Belonging In South Asia Author: Neeti Nair Publisher: Harvard Pages: 699 While this book explains and contextualises the meanings and the interpretations of the word, ‘secularism’, and the political practices followed in its name over the last eight decades in the Indian subcontinent, its immediate relevance cannot be overemphasised. Neeti Nair offers a historical context of how claims of hurt religious sentiments have been weaponised by majority...

Title: India Is Broken—And why it’s hard to fix: A People Betrayed, 1947 to Today Author: Ashoka Mody Publisher: Juggernaut Pages: 512 Price: ₹899 For an academic and international civil servant to write a magnum opus that takes a broad sweep of India’s contemporary history and political economy, in a language that is understandable to the lay reader, is not an easy endeavour. When Professor Ashoka Mody was asked by an interviewer why he published his book at this juncture, nearly nine years...

The outcome of the elections to the Karnataka legislative assembly has predictably led to euphoria in the Congress and other political parties opposed to the Bharatiya Janata Party. Some have gone to the extent of arguing that Saturday’s results signify the beginning of the end of the authoritarian rule of Prime Minister Narendra Modi. It would be premature to jump to such a conclusion. The next Lok Sabha elections are ten months away. Much could happen in this period. Still, Karnataka is...

During a heat wave in the Indian state of Haryana in 2022, the Adani Group supplied less power than it was contracted to and also diverted power away from Haryana to the state of Gujarat. This summer, Adani Power can officially supply less power to Haryana and get paid more for each unit, despite a Supreme Court judgment which said there is no justification for hiking tariffs. Here, we report on how Haryana’s chief minister has overridden a long-term, binding power contract with Adani, even...

Gurugram/London/Bengaluru: In 2018, the Congress party had alleged that the Narendra Modi government had turned a blind eye to Jatin Mehta’s alleged misdemeanours, allowing him to leave India and delaying the filing of cases against him. It had asked whether the “protection” for him had anything to do with his “close relationship with an industrial house closest to Narendra Modi through marriage of his son”. This industrial house is, of course, the Adani Group. In Part 1 of this two-part series...

Long before allegations of fraud levelled by banks against Nirav Modi and Mehul Choksi made headlines in the media in India and the world, another diamantaire from Gujarat, Jatin Mehta, and his group of companies had caused a major loss to Indian and international banks and became the one of the largest wilful defaulters of loans, together with Kingfisher Airlines headed by Vijay Mallya – all four of them are currently outside India. Unlike the cases of Nirav Modi, Mehul Choksi and Vijay Mallya...

Book: Guru to the World: The Life and Legacy of Vivekananda Author: Ruth Harris Publisher: Belknap Price: ₹799 This nuanced and detailed account of the life and times of Narendranath Datta (1863-1902), better known as Swami Vivekananda, by a professor of European history at the University of Oxford has come at a time when the century-long target of achieving a Hindu rashtra by the Rashtriya Swayamsevak Sangh is arguably at its closest. Ruth Harris’ book on the saffron-robed ascetic, who inspired...

criminal investigation against Adani Enterprises Limited and others registered in India’s capital New Delhi by the Central Bureau of Investigation (CBI) has been pending for three years. The filing of a first information report (FIR) by the CBI in the designated CBI court in New Delhi relates to allegations about rigging of tenders for procurement of coal for power stations owned by the Andhra Pradesh Power Generation Corporation that involve a 'proxy' company named Vyom Tradelinks, which has a...

There is evidence indicating that an entity linked to the Adani Group financially supported a company that violated sanctions imposed by the United Nations Security Council (UNSC) on trade with North Korea. The sanctioned company was owned by sons of Chang Chung-Ling, an Adani Group associate who appeared in the Hindenburg report due to his directorship of Adani entities under scrutiny in that report. At the heart of this issue is a tanker that transferred oil products to a North Korean ship in...

Book: Imprints Of The Populist Time Author: Ranabir Samaddar Publisher: Orient BlackSwan Price: ₹1,105 One dictionary definition of the word, ‘populism’, is that it is a political approach that strives to appeal to ordinary people who feel that their concerns are disregarded by elitist groups. In other words, the word signifies the quality of appealing to, or being aimed at, the proverbial aam admi. The political thinker, Ranabir Samaddar, writes several thousand words in his elaborate attempts...

Paranjoy Guha Thakurta, the journalist who found prominent mention in the Hindenburg Research report that triggered turmoil in the share prices of the Adani Group and cast international glare on Indian probity in corporate governance, breaks his silence two-and-a-half years after a court in Ahmedabad issued a gag order asking him not to speak or write anything that may go against the interests of the Adani Group. Guha Thakurta said he was not willing to hazard a guess on the future of the Adani...