France's TotalEnergies says no new investment in Adani till bribe charges cleared
New Delhi, Nov 25: French energy giant TotalEnergies SE on Monday said it will make no new financial contribution as part of its investments in Adani group companies till the Indian firm's founder is cleared of bribery charges.
The energy giant said it was not aware of the investigation into the alleged corruption.
TotalEnergies is one of the biggest foreign investors in billionaire Gautam Adani's business empire and had previously taken stakes in the group's renewable energy venture Adani Green Energy Ltd (AEGL) and city gas unit Adani Total Gas Ltd (ATGL).
In a statement, the French firm said it learnt of US authorities indicting Gautam Adani and two other executives for allegedly paying USD 265 million bribes to Indian officials to secure solar power supply contracts for AEGL.
"This indictment does not target AGEL itself, nor any AGEL-related companies," TotalEnergies said. "Until such time when the accusations against the Adani group individuals and their consequences have been clarified, TotalEnergies will not make any new financial contribution as part of its investments in the Adani group of companies."
Adani group has dismissed the allegations brought in the US court as baseless and has said it would seek all possible legal recourse.
TotalEnergies holds a 19.75 per cent stake in Adani Green Energy Ltd - the renewable energy arm of the Indian group helmed by Gautam Adani. It also has a 50 per cent stake in three joint venture companies that produce electricity from sunlight and wind with AEGL.
The French firm also holds a 37.4 per cent stake in Adani Total Gas Ltd, which retails CNG to automobiles and pipes natural gas to households for cooking.
"In accordance with its code of conduct, TotalEnergies rejects corruption in any form," the French giant said in the statement. "TotalEnergies, which is not targeted nor involved in the facts described by such indictment, will take all relevant actions to protect its interests as a minority (19.75 per cent) shareholder of AGEL and as a joint-venture partner (50 per cent) in project companies with AGEL."
The company said it made the investments in Adani's entities "in full compliance with applicable laws".
This was also in line with its own internal governance processes pursuant to due diligence and representations made by the sellers.
"In particular, TotalEnergies was not made aware of the existence of an investigation into the alleged corruption scheme," the statement added.
In January 2021, TotalEnergies acquired a minority interest in the listed company Adani Green Energy Limited (AEGL) of which it now owns 19.75 per cent. As part of its strategy to enhance its development in renewables in India through direct access to a portfolio of assets, it has also acquired a 50 per cent stake in three joint ventures operating renewable assets (AGEL23 in 2020, AREL9 in 2023, and AREL64 in 2024).
The French energy giant had in February last year put on hold a planned investment in Adani Group's USD 50 billion hydrogen project pending results of an audit launched following allegations by a US short-seller.
While the partnership, where the French oil giant was to take a 25 per cent stake in the hydrogen venture of the Adani group, was announced in June 2022, TotalEnergies had not yet signed a contract.
As per the June 2022 announcement, TotalEnergies was to take 25 per cent equity in Adani New Industries Ltd (ANIL) – the Adani Group firm that is investing USD 50 billion over 10 years in a green hydrogen ecosystem, including an initial production capacity of 1 million tonnes before 2030.
The announcement by Total adds to the woes of Adani. The crisis around the group, which began when Hindenburg released a damning report in January 2023, has also been used by the opposition parties to attack the government, alleging that the tycoon's rise was primarily because of his association with Prime Minister Narendra Modi. The government has rejected the allegation.
Hindenburg's allegations of accounting and financial fraud unleashed an over USD 150 billion rout in market value across Adani’s companies. Adani group has vehemently denied the allegations, calling them malicious and an "attack on India".
The group stocks had recovered most of the losses before last week's indictment in a New York Court.
TotalEnergies, France's largest oil and gas company, first joined hands with Adani in 2018 for a liquefied natural gas (LNG) venture before buying a 19.75 per cent stake in AGEL and a stake in solar assets for USD 2.5 billion in 2020-21. It also took a 37.4 per cent stake in ATGL.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Unreserved vacancies for candidates with disabilities open for all categories: SC
New Delhi (PTI): The Supreme Court on Tuesday said "unreserved" vacancies for Persons with Disabilities (PWD) are an open pool where merit remains the decisive factor and that eligible candidates belonging to any social or special category can be employed.
A bench of Justices Sanjay Karol and N Kotiswar Singh set aside a judgement of the Calcutta High Court, saying the "unreserved" category is not a separate "social category" but an open field for all.
It held that a more meritorious PWD candidate belonging to a reserved category like OBC, SC, or ST cannot be barred from an unreserved PWD post simply because a candidate from the "General" category is also available.
"In reservation law, it is well settled that the Unreserved/Open category does not refer to any social/communal category like SCs, STs or OBC. In other words, any post falling under the Unreserved or Open category does not pertain to any particular social category, it provides an open field or pool meant for the world at large, in the sense that it is open to all candidates, irrespective of whether one belongs to any social or special category or not," Justice Singh, who authored the verdict, said.
The court said if an unreserved or open post is meant for the special category of Persons with Disabilities, it means that the said post will be open to all candidates of all vertical social categories, whether Scheduled Castes (SCs), Scheduled Tribes (STs) or Other Backward Classes (OBC), provided such candidates are also PWD.
"Thus, all candidates, whether SC, ST or OBC, but who are Persons with Disabilities, are equally entitled to compete for the post meant for Persons with Disabilities falling under the Unreserved category, the rationale being that all those who are similarly situated must be treated equally," it said.
The case arose from a recruitment drive of the West Bengal State Electricity Transmission Company Limited (WBSETCL) for the post of Junior Engineer (Civil) Grade-II.
The notification included one post specifically earmarked for Unreserved (Persons with Disabilities -- Low Vision).
The controversy involved two candidates, an unreserved category candidate with low vision who scored 55.667 marks and an OBC candidate, also with low vision, who scored 66.667 marks.
The WBSETCL appointed the OBC candidate to the post based on his higher merit.
This was challenged by the general category candidate who said since he was a "qualified unreserved candidate", the vacancy should have gone to him and that reserved category candidates should only be considered if no unreserved PWD candidate is available.
While a single-judge bench of the high court dismissed the plea, a division bench reversed that decision, directing the employer to appoint the less-meritorious unreserved candidate.
The WBSETCL had then appealed to the Supreme Court.
