After a U.S. court issued an arrest warrant for Gautam Adani, the Congress-led government in Telangana decided to return the Rs 100 crore donation from the Adani Group. The government, led by Chief Minister Revant Reddy, announced that it would not accept the grant made to the Young India Skills University.
Chief Minister Reddy clarified that the Telangana government had written to the Adani Group, informing them of the decision. He stated that while many companies had donated to the university, the government sought transparency and ethical sources for such funds. Reddy emphasized that accepting money from controversial individuals or organizations goes against the state’s policy.
This decision comes after a U.S. court issued arrest warrants for seven individuals, including Gautam Adani and his son, Sagar Adani. The U.S. Securities and Exchange Commission (SEC) and the Department of Justice (DOJ) have alleged that the Adanis paid nearly $265 million (Rs 2,236 crore) to Indian government officials to secure contracts for their renewable energy business. The case also involves claims of cheating U.S. investors through stock market manipulation.
While no arrests or charges have been made, the legal developments have had a significant impact on the Adani Group. The group’s troubles worsened after the release of the Hindenburg Report, which severely affected its financial standing. However, the U.S. court’s directive makes it clear that the accused individuals are not considered guilty until proven so in court.