SC rejects Karnataka plea to stall draft Cauvery scheme

Agencies

May 16, 2018

New Delhi, May 16: The Supreme Court today rejected Karnataka's plea that finalisation of the draft Cauvery management scheme should be put on hold as the process of formation of a new government in the state is underway.

The apex court also asked the Centre to modify a provision in the draft Cauvery management scheme that authorises the Union government to issue directions "from time to time" on Cauvery water distribution between four southern riparian states, Tamil Nadu, Karnataka, Kerala and Puducherry.

A bench headed by Chief Justice Dipak Misra asked Attorney General K K Venugopal to modify the scheme and submit it for approval tomorrow.

The bench, also comprising Justices A M Khanwilkar and D Y Chandrachud, did not accept the vehement submission of senior advocate Shyam Divan, representing Karnataka, that the finalisation of the draft Cauvery scheme be put on hold till the first week of July as the process of government formation was on in the state.

"All the states concerned are making submissions to the draft scheme. I am requesting for adjournment till first week of July as I do not have the assistance and instruction from the council of ministers of Karnataka," Divan said.

"It was the Centre which has to set up the draft scheme," the court said while rejecting Karnataka's plea.

The bench has now fixed the matter for tomorrow to consider the modified draft scheme, which will ensure compliance of the February 16 apex court judgment relating to Cauvery water distribution among four states.

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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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