Manipur continues to burn: Houses torched in Moreh Bazar, vehicles set on fire

News Network

July 26, 2023

New Delhi, July 26: Several houses in Moreh Bazar in Manipur, situated close to the border with Myanmar, which remained abandoned since the Meitei-Kuki clashes broke out on May 3, were set on fire by unidentified persons on Wednesday.

The incident took place hours after two vehicles used by central security forces were burnt down in Kuki-dominated Kangpokpi district. The vehicles were coming from Dimpaur in Nagaland when they were stopped at Sapormeina area on NH2 and were set on fire. Kuki residents wanted to check the vehicles and some lit fire when the security forces refused to allow them to get inside their vehicles.

There was, however, no human casualty in both incidents, security sources said.

Thousands, belonging to both Kuki and Meitei communities, fled Moreh as violence started on May 3. Many houses were set on fire while many were left behind by the displaced persons. Moreh is a busy business border town with mixed population, where the Kukis are in majority.

Over 140 people have been killed and over 60,000 others have been displaced due to the clashes between the Meitei and the Kukis since May 3.

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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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