To
Shri T V Somanathan
Cabinet Secretary
Dear Shri Somanathan,
I have come across an pressure release issued by the Security Exchange Commission (SEC) of the USA (https://www.sec.gov/newsroom/press-releases/2024-181) saying that “
SEC Charges Three Senior Executives in Two Actions Alleging Massive Bribery Scheme Involving Indian Energy Companies Adani Green and Azure Power……Adani Green’s note offering raised $175 million from U.S. investors while bribery scheme was in progress……..The Securities and Exchange Commission today charged Gautam Adani and Sagar Adani, executives of Adani Green Energy Ltd., and Cyril Cabanes, an executive of Azure Power Global Ltd., for conduct arising out of a massive bribery scheme. According to the SEC’s allegations, the bribery scheme was orchestrated to enable the two renewable energy companies to capitalize on a multi-billion-dollar solar energy project that the companies had been awarded by the Indian government. During the alleged scheme, Adani Green raised more than $175 million from U.S. investors and Azure Power’s stock was traded on the New York Stock Exchange.”
The US SEC is a counterpart of SEBI in India. It has statutory powers under the US Security Exchange Commission Act.
Since India is rushing into promoting renewable energy on a large scale and since some of the companies referred by the SEC are closely involved in that campaign, in addition to being involved in several other strategic fields, I request the government to direct the CBI, the ED and other Central investigating agencies to contact the SEC for further details and take up a comprehensive investigation to ascertain the factual position. The indictment by the SEC points to the possibility of large-scale rent seeking in the renewable energy sector in India in view of the multifarious concessions and subsidies granted to companies setting up renewable energy projects in India.
I hope that the government will act at the earliest.
I am making copies of this letter to the CBI, ED, the CBDT for action.
Regards,
Yours sincerely,
E A S Sarma
Former Secretary to the Government of India
Visakhapatnam
