Power tarrif hike: Be prepared for shock…
Bengaluru: While everyone’s mood in the state is towards election results, the Karnataka Electricity Regulatory Commission (KERC) has decided to give the state consumers a shock of power rate hike.
Usually, the price increases are announced in the last week of March every year and will be effective from April. But in the wake of the Election Code, the Commission had stopped the announcement of the price rise till the election process is over, and it is now going to implement the hike. Sources in the Commission said that the revised rates would be reflected on power bills for May.
This time electricity supplier companies had sought the permission to hike 83 ps to 1.62 ps per unit. BESCOM had sought the approval for a rise of 83 ps, but the commission has allowed increasing 48 ps per unit.
Consumers have complained about inadequate power supplies during an inquiry conducted in last February. However, this would be the highest increase over the previous five years.
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.
New application filed in SC against Adani group over US indictment
New Delhi: A fresh application has been submitted to the Supreme Court of India, seeking the inclusion of key documents related to the recent US indictment of the Adani Group. Filed by advocate Vishal Tiwari, the petition aims to introduce two critical pieces of evidence into an ongoing case related to the Adani Group's financial practices.
The first document is a formal US court indictment accusing Gautam Adani, his relative Sagar Adani, and other company executives of orchestrating a massive bribery scheme to secure solar energy contracts worth billions of dollars in India. The indictment alleges that over $250 million in bribes were paid to Indian government officials to obtain these lucrative contracts.
The second document is a complaint from the US Securities and Exchange Commission (SEC), which accuses the Adani Group of securities fraud. The SEC alleges that Adani executives misled investors to raise funds for these solar projects, despite knowing that part of the capital was linked to corrupt activities.
This development follows the US Attorney's Office's recent charges against the Adani executives, who are accused of masterminding a bribery scheme to secure power supply contracts with state-run utilities in India. The contracts were expected to yield up to $2 billion in profits over two decades.
These charges come amid an ongoing investigation by India's Securities and Exchange Board (SEBI) into the Adani Group, after allegations of stock manipulation and market irregularities surfaced, particularly following the release of the Hindenburg Report in early 2023. The new US legal documents could play a crucial role in strengthening the investigation into the Adani Group's business operations.
