BR Shetty's 'Global Business Summit' a failure: Media reports
Slogans praising PM Modi raised in 'apolitical' summit
Dubai: The NRI Global Business Summit which was organised under the leadership of prominent Indian businessman and NRI, BR Shetty was reportedly failed to attract NRI community and was an absolute failure, according to reports of Malayalam new channel ‘Jai hind’
The organisers of the summit had said that they were expecting about 5000 people to participate in the summit. It had stirred a controversy after banners of the summit were shared. The banners read ‘Hum bhi Chowkidar’. The organisers later clarified that it was apolitical event and refuted reports of affiliation to the BJP. The name of the event was later changed to ‘Naya Bharat’.
The rumors of the summit being orchestrated by the BJP in the wake of forthcoming Lok Sabha Election started doing rounds when close aide of Prime Minister Narendra Modi attending the program was confirmed by the organisers. Moreover, attendees praising and sloganeering in favour of PM Modi ahead of commencing the summit only fuelled the fire to such rumors.
The ‘Hum bhi Chowkidar’ tagline and rumors however failed to drawn people and guests to the event. None of the leading NRI businessmen in UAE participated in the program. Several issues and topics were discussed on the dias during the event, but hundreds of seats remained unoccupied as the Chief Guest delivered its address. A report in ‘Jai Hind’ stated.
Amidst all this, several questions were raised on organizing of such an event to promote one political party in Dubai, where thousands of Indians have over the years stayed together and united setting aside caste, creed, religion and political ideas. Organising of such events can definitely change the scenario among the Indian living abroad and can impact the friendly relations between Indians in place like Dubai.
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.
None of Adani portfolio companies subject to any legal case: Group CFO on promoter indictment in US
New Delhi, Nov 23: None of Adani group portfolio companies, comprising 11 listed firms, have been accused of any wrongdoing, conglomerate's CFO Jugeshinder Robbie Singh said on founder and chairman Gautam Adani's indictment on bribery charges in the US.
In a post on X, Singh said the group would make a detailed comment on the US indictment once it gets counsel approvals.
Adani and seven other defendants, including his nephew Sagar Adani, allegedly agreed to pay about USD 265 million in bribes to Indian government officials between approximately 2020 and 2024 to obtain lucrative solar energy supply contracts on terms that were expected to yield USD 2 billion of profit over 20 years, according to an indictment unsealed in a New York court on Wednesday.
The Securities and Exchange Commission of the US has also charged Gautam Adani and Sagar Adani, executives of Adani Green Energy Ltd and Cyril Cabanes, an executive of Azure Power Global, for "conduct arising out of a massive bribery scheme".
"There is a lot of news and reports that will try to pick unrelated items and create a headline. My humble request is that we will respond in the fullness of time once we review in detail the matter as presented in the legal filing," Singh said.
He hastened to add that no court has ruled on the indictment, and as outlined by lawyers of the US Department of Justice, these are "allegations and the accused have a presumption of innocence".
The CFO, who was the first line of defence when US short-seller Hindenburg Research had accused the ports-to-power conglomerate of fraud in January 2023, said the group became aware of the "specificity" of the US indictment against founder and chairman Gautam Adani two days ago.
"We were aware that something is afoot (and in February 2024 144a offering circular in Risk Factors we disclosed as such. This was the first public issuance of any of our portfolio companies or their subsidiaries or joint venture companies after our annual results of 31st March 2023)," he said.
He, however, did not state what the company had disclosed in February 2024.
Adani Group, he said, has a portfolio of 11 public companies and "none are subject to indictment (i.e. defendants in any legal proceedings in the recent DOJ lawyer filings to a court in NYC)".
"None of the issuers (i.e. companies in our portfolio or specific issuers that are subsidiaries of the public companies) are accused of any wrongdoing in the said legal filing," he said.
The indictment "relates to one contract of Adani Green, which is roughly 10 per cent of overall business of Adani Green (there is a lot more precise and comprehensive detail of this which we will elaborate in an appropriate forum)," he said.
The statement comes two days after Gautam Adani was charged by US prosecutors over his role in an alleged years-long scheme to pay USD 265 million (about RS 2,200 crore) bribes to Indian officials to secure solar energy contracts. The conglomerate has denied the allegations, calling them baseless, and announced plans to seek legal recourse.
The Adani Family has 11 listed entities on the Indian stock exchanges - flagship incubator Adani Enterprises Ltd, electricity producer Adani Power Ltd, ports company Adani Ports & SEZ, power transmission firm Adani Energy Solutions Limited, renewable arm Adani Green Energy Ltd (AGEL), city gas distributor Adani Total Gas Ltd, commodities firm Adani Wilmar Ltd, media firm New Delhi Television Ltd and cement companies Ambuja Cements Limited, ACC Ltd, and Sanghi Industries Ltd.
"There is a lot of news and reports that will try to pick unrelated items and create a headline. My humble request is that we will respond in the fullness of time once we review in detail the matter as presented in the legal filing (Please note that no court has ruled on this and as outlined by lawyers of DOJ these are 'allegations and accused have a presumption of innocence'). We will make a more detailed comment once we get counsel approvals to discuss what we can in public on a matter that is sub-judice," he added.
