Govt transitioned from 'Beti Bachao' to 'Amit Shah's Beta Bachao': Rahul

Agencies

October 10, 2017

New Delhi, Oct 10: The government had transitioned from "Beti Bachao" to "Beta Bachao", Congress vice president Rahul Gandhi said today in another swipe following a report alleging that a firm owned by BJP chief Amit Shah's son saw a huge rise in turnover after the party came to power.

Gandhi's remark came after several Union ministers came out in support of Shah's son Jay Amit Shah. "Amazing transition from Beti Bachao to Beta Bachao," Gandhi said on Twitter, using the term "Shehzada" to describe Shah's son.

He also tagged a report headlined "Piyush Goyal defends Jay Shahs business dealings for second day" along with his tweet. Yesterday, Gandhi had pressed Prime Minister Narendra Modi to "say something" on claims in the report in the news portal The Wire.

"Modiji, ...Did you act as a watchman or were you a partner? Please say something," he had said. The Congress has launched an all-out attack on the BJP chief with several party leaders holding press conferences across the country to hit out at Shah's son over his alleged business dealings while prodding the prime minister to speak on the issue.

The charge has been rejected by the BJP and Shah's son, who termed the report "false, derogatory and defamatory". The Congress is asking Prime Minister Modi to remove him as BJP chief and order a probe by Supreme Court judges.

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Adani Group in Crisis: $30 Billion Wiped Out after US Bribery and Fraud Charges Emerge

News Network

November 21,2024

Shares of Adani Group companies lost about $28 billion in market value in morning trade on Thursday after US prosecutors charged the billionaire chairman of the Indian conglomerate in an alleged bribery and fraud scheme.

Gautam Adani's flagship company Adani Enterprises tumbled 23 per cent, while Adani Ports, Adani Total Gas, Adani Green, Adani Power, Adani Wilmar and Adani Energy Solutions, ACC , Ambuja Cements and NDTV fell between 20 per cent and 90 per cent.

Adani group's 10 listed stocks had a total market capitalisation of about $141 billion at 0534 GMT, compared to $169.08 billion on Tuesday.

US authorities said Adani and seven other defendants, including his nephew Sagar Adani, agreed to pay about $265 million in bribes to Indian government officials to obtain contracts expected to yield $2 billion of profit over 20 years, and develop India's largest solar power plant project.

Adani Green in a statement on Thursday said the US Justice Department had issued a criminal indictment against board members Gautam Adani and Sagar Adani and the Securities and Exchange Commission had issued a civil complaint against them.

The US Justice Department also included Adani Green board member Vneet Jaain in the criminal indictment, it said.

Adani Green's units had decided not to proceed with the proposed US dollar denominated bond offerings due to developments, it added.

"Investors will shy away from Adani Group stocks ... and that's what this sharp selling is signifying," said Saurabh Jain, assistant vice president of retail equities research at SMC Global Securities.

"This could hurt the credibility of the group and maybe borrowing costs will rise," he said.

The indictment comes nearly two years after US shortseller Hindenburg Research alleged that Adani had improperly used tax havens and was involved in stock manipulation, allegations the conglomerate denied.

Also in early Asian trading on Thursday, Adani dollar bonds slumped, with prices down 3c-5c on bonds for Adani Ports and Special Economic Zone. The falls were the largest since the Adani Group came under a short-seller attack in February 2023.

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