AZURE POWER GLOBAL
Adani Bribery Case: US SEC summons Gautam Adani, nephew Sagar
Gautam Adani and his nephew Sagar Adani have been summoned by a US court. They are accused of bribing Indian officials to secure solar energy contracts. The US Securities and Exchange Commission alleges the bribes totaled USD 265 million. The Adani Group denies the allegations and maintains its commitment to ethical practices.
Down again, but not out: How the Adani story might play out now
Indian billionaire Gautam Adani's business empire faces scrutiny following US bribery charges. The indictment alleges over $250 million in bribes for government contracts, prompting stock sales and project cancellations. While Adani denies the charges, analysts believe the impact on his reputation and future dealings will be significant.
Key events in Gautam Adani's US indictment over alleged bribery scheme
Indian billionaire Gautam Adani and two others have been indicted by U.S. prosecutors for allegedly orchestrating a $265 million bribery scheme in India to secure solar power contracts. The U.S. Securities and Exchange Commission also filed civil charges. The Adani Group denies the allegations.
Insider tracking: Who are the two "co-conspirators" in the Adani probe?
A key question that emerges out of the 52-page indictment order against eight individuals including the Adanis, is who are the two unnamed ¡°co-conspirators¡±, whose role is vividly described. Their identities as per a footnote in the court papers, are known only to the Grand Jury, and have never once been disclosed in the 5-count indictment.
Azure Power: Who are the key people now in the company central to $250 mn 'bribery' case against Adani
Indian billionaire Gautam Adani and associates have been indicted by US prosecutors for an alleged $265 million bribery scheme. They are accused of bribing Indian officials to secure business advantages and misleading US investors. The Adani Group denies the allegations and plans to pursue legal action.
Adani bribery charges add to one of Canada¡¯s largest public pension managers' India nightmare
Three former employees of Canada's CDPQ, including Cyril Cabanes, Saurabh Agarwal, and Deepak Malhotra, were charged with conspiracy to violate the Foreign Corrupt Practices Act. US prosecutors allege they conspired with Indian billionaire Gautam Adani to bribe Indian officials for solar energy contracts, concealing the scheme from US investors.
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How Indian billionaire Gautam Adani's alleged bribery scheme took off and unraveled
Indian billionaire Gautam Adani and associates are facing U.S. charges for allegedly orchestrating a multi-million dollar bribery scheme to secure a solar energy contract. Authorities allege Adani bribed local Indian officials to ensure the purchase of solar power, misleading U.S. investors in the process. The alleged scheme, spanning several years, involved falsified documents and hidden transactions during fundraising efforts.
TDP first red flagged Adani-Azure Andhra deal
TDP's Payyaula Keshav -- now Finance Minister in the Chandrababu Naidu govt -- had raised objections regarding the Adani-Azure solar power deal in Andhra Pradesh, questioning the tender modifications and tariff revisions.
Azure Power responds to US SEC allegations of bribery involving Adani Green
Hours after U.S. prosecutors charged Indian billionaire Gautam Adani and seven others, including former Azure Power officials, in an alleged bribery scheme related to a renewable energy project in India, Azure Power issued a statement reaffirming its commitment to strong governance standards.
Mutual funds bought 46 lakh shares of Adani Enterprises last month
The shares of Adani Enterprises, which plunged 20% on Thursday after billionaire Gautam Adani and seven others faced charges in the United States in a multibillion-dollar bribery and fraud scheme, were among the top largecap picks of mutual funds last month.
Rs 2.24 lakh crore gone! Adani stocks record worst day since Hindenburg crisis
The Adani Group experienced its worst trading day since the Hindenburg controversy, with a Rs 2.24 lakh crore market cap drop following bribery charges against Gautam Adani and other executives by US prosecutors. Adani's net worth plunged by $12 billion, and shares of Adani companies plummeted, impacting bond markets and prompting concern from investors like GQG Partners.
Who are the defendants charged in US indictment of Gautam Adani?
US authorities have charged Gautam Adani and seven others with bribery and fraud. They are accused of paying bribes to secure a solar energy project in India. The charges involve Adani Group, Adani Green Energy, and Azure Power. Adani Group denies the charges. CDPQ, a Canadian investment firm, confirms its former employees are involved and is cooperating with US authorities.
Adani shares crash up to 20% after Gautam Adani indicted in US on bribery, fraud charges
Adani Enterprises Share Price: Gautam Adani and seven others were charged in the US in a multibillion-dollar bribery and fraud case. Adani Group company stocks fell sharply. Adani and the others are accused of bribing Indian officials to secure solar energy contracts. They allegedly defrauded US investors. The US Securities and Exchange Commission filed charges. Adani Group scrapped a $600 million bond offering.
Infosys shares in spotlight after expanding partnership with Microsoft to boost Microsoft Cloud, GenAI adoption
Infosys shares are expected to attract attention on Thursday following the announcement of an expanded partnership with Microsoft to promote the global adoption of generative AI and Azure, Microsoft's cloud platform. Infosys will serve as a strategic supplier for cloud and AI workloads for Microsoft¡¯s enterprise customers.
Infosys, Microsoft expand partnership to boost adoption of Microsoft Cloud, GenAI
Infosys and Microsoft have expanded their partnership to focus on generative AI and cloud solutions. Infosys will integrate Microsoft's generative AI tools into its existing solutions to offer clients better cost-efficiency, scalability, and agility.
Azure Power to prepay green bonds worth USD 310 mn
Azure Power has announced plans to prepay green bonds worth USD 310 million, maturing in December 2024. These bonds are linked to seven utility projects across various Indian states. The refinancing, valued at approximately Rs 24 billion, is underwritten by REC Limited and highlights Azure Power's commitment to sustainable growth in India's renewable energy sector.
ET WLF 2024: India has brAIght future, can power global innovations, says Microsoft Asia president Ahmed Mazhari
The Microsoft top executive said India is not only about New Delhi or Bengaluru but about the citizens in every village and corner of the country, and to ensure that they have an opportunity to achieve more. He said while technology has enabled access and acceleration, 88% of global languages still do not have access to language models, which means 1.2 billion people across the world, a large proportion of them in India, may not be able to access AI to its full potential.
Microsoft hit with another global outage, what it is and are you affected?
Microsoft is in the midst of yet another massive tech issue that is preventing users from using their cloud-based applications including Word, PowerPoint and Outlook, according to reports. The company is working round the clock to resolve this issue, as the cases of outage spiked on DownDetector over the past few hours.
Microsoft outage: Netizens celebrate 'Happy Friday' amid global IT breakdown
A major outage in Microsoft's cloud services on Friday disrupted operations across various sectors worldwide, including airlines, banks, and the London Stock Exchange. Major U.S. airlines like American, Delta, and United issued ground stops, while companies like McDonald's and LSE faced communication issues. The outage, starting around 6 pm ET on Thursday, primarily affected Azure and Office 365 services.
Microsoft Outage: Airlines, banks, stock market, here's list of services affected due to CrowdStrike blue screen error
Microsoft experienced a global outage that had widespread repercussions, including significant disruptions to air travel. Major airlines such as India¡¯s Akasa, IndiGo, Air India, and SpiceJet faced operational challenges. Additionally US¡¯ low-cost carriers like Frontier Airlines, Allegiant, and SunCountry also reported issues affecting their services.
IT firms trim bench strength; GCCs focus on compliance
Happy Thursday! The country¡¯s top IT firms have seen a massive drop in their bench strength, i.e. employees not on active projects. Find out why and more in today¡¯s ETtech Morning Dispatch.
Eye on AI: AI boosts growth for cloud giants, ??US newspapers sue Microsoft, OpenAI
??In the January-toMarch quarter, Amazon¡¯s cloud computing arm Amazon Web Services, Microsoft¡¯s Azure and Google Cloud grew at 17%, 31% and 28%, respectively, the companies reported. Analysts said this was a sign that AI is contributing to the growth and that overall cloud spending is also accelerating, Reuters reported. On the other hand, Meta CEO Mark Zuckerberg in its earnings call emphasised the company¡¯s longterm investment in AI, which led to its shares sinking by 19% on Wednesday, wiping out over $200 billion in market capitalisation.
Axel Springer to migrate some cloud applications to Microsoft's Azure
Axel Springer partners with Microsoft Azure for AI migration, expanding with AI chat experience. Monetizes through Microsoft Advertising. Brands like Politico, Business Insider, Bild, Welt involved. Features AI assistant "Hey_".
US probing Indian billionaire Gautam Adani and his group over potential bribery
Investigators are digging into whether an Adani entity, or people linked to the company including Gautam Adani, were involved in paying officials in India for favorable treatment on an energy project, said the people, who asked not to be identified discussing the confidential effort. The probe, which is also looking at Indian renewable energy company Azure Power Global Ltd., is being handled by the US Attorney¡¯s Office for the Eastern District of New York and the Justice Department¡¯s fraud unit in Washington, said people familiar with the matter.
Azure Power Global gets 99% approval for bond repurchase
The company had on November 28 initiated a consent solicitation process to buy back bonds with a total value of $60 million issued by two special-purpose vehicles: Azure Power Solar Energy Pvt Ltd and Azure Power Energy Ltd, as reported by ET. The proposal looked to amend certain terms for the 2024 and 2026 notes. Azure Power Solar Energy, which had issued $350 million of 5.65% senior notes due in December 2024, had offered to repurchase $40 million of the paper by March 2024.
Azure Power Global to buy back some bonds
The company had on November 28 initiated a consent solicitation process to buy back bonds with a total value of $60 million issued by two special purpose vehicles: Azure Power Solar Energy and Azure Power Energy, as reported by ET.
Azure Power looks to buy back $60-M offshore bonds at par
The move to buy back shares is seen as an attempt by the company to boost investors' confidence, which suffered a setback after its shares were delisted in July by the New York Stock Exchange due to its failure to disclose FY22 annual audited results within the mandated deadline. It eventually published its results on October 12, 2023.
Azure Power India in talks with lenders to modify loan terms
In case of further downgrade of loan facility of Azure Power India BBB or to BBB-, lenders would have the right to reprice or recall the loans, according to a research report by Nomura released on Tuesday. Yes Bank, IndusInd Bank, Axis Bank, DCB Bank, Kotak Infrastructure Debt Fund are among the lenders to Azure Power India.
NYSE suspends trading in Azure Global, delisting process to begin
On July 13, Azure Power Global had informed the stock exchange that it would not be able to complete its filings by August 16, the maximum time allowed by the bourse.
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