INDIAN BILLIONAIRE GAUTAM ADANI CHARGED IN U. S. FOR ALLEGED BRIBERY, FRAUD. (PHOTO).

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  Indian billionaire Gautam Adani charged in US for alleged bribery, fraud Gautam Adani, the chair of Indian conglomerate Adani Group and one of the world’s richest people, whose business empire extends from ports and airports to renewable energy,has been indicted in New York over an alleged multibillion-dollar fraud scheme, United States prosecutors have said. The authorities on Wednesday charged Adani and two other executives at Adani Green Energy, his nephew Sagar Adani and Vneet Jaain, with agreeing between 2020 and 2024 to pay more than $250m in bribes to Indian government officials to obtain solar energy supply contracts expected to yield $2bn in profits. Prosecutors said the renewable energy company also raised more than $3bn in loans and bonds during this period based on false and misleading statements. Shares of Adani Enterprises, the group's flagship firm, closed down 22% on Thursday. Other group firms also closed in the red. Adani Green Energy, which is the firm at the c
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DISCOS SET TO HIKE ELECTRICITY TARIFFS JAN 1.(PHOTO).

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DisCos Set To Hike Electricity Tariffs Jan 1

There are strong indications that the electricity distribution companies (DisCos) in the country will hike their tariffs with effect from January 1.

An official source from one of the electricity distribution companies who confirmed the development under the condition of anonymity said a virtual emergency meeting was held in that regard.

“All has been perfected for the new tariff to take effect from the first of January, 2024.

“It is now left for various electricity distribution companies to enlighten their customers on new developments,” the source said.

He said the National Electricity Regulatory Commission (NERC) had already invited distribution companies for a meeting on the development.

He expressed fear that while it is mandatory for electricity distribution companies to regularly evaluate tariffs every six months, the recent increase would meet customers’ dissatisfaction.

“In fact, we were perturbed by the short notice and how we would reach out to our customers about the increase,” he said.

Asked how much the increase would be, he said, “No idea so far, but the uncertainty has put us in a difficult situation.”

When contacted, another source from the TCN told Daily Trust on Sunday that only the NERC would have an idea of how much the increase would be.




 

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