Competition regulator unlikely to take cognizance of media reports on Adani bribery issue
Competition Commission of India (CCI) Chairperson Ravneet Kaur on Friday hinted that the fair trade regulator is not likely to take cognizance of media reports on the bribery charge against the Adani group to initiate a probe, claiming that the panel takes steps only after some information is filed before it. Billionaire Gautam Adani has been charged by US prosecutors for allegedly being part of a scheme to pay over USD 250 million (about Rs 2,100 crore) bribe to Indian officials in exchange for favourable terms for solar power contracts.
Adani group on Thursday denied the charges of paying bribes to secure favourable terms for solar power contracts, saying the allegations by US prosecutors are baseless and the conglomerate is compliant with all laws.
On whether the Adani matter falls under the purview of CCI, Kaur said, «The CCI is governed by the Competition Act… It is meant to promote and sustain competition. If there is any matter which falls in that domain of the Competition Act, then it comes to Competition Commission.»
Replying to a question that the allegations against the industrialist are in nature of competitive practice, the CCI chairperson said, «I am not aware of that. These are all media reports and I am not able to respond to that.»
Asked whether the competition watchdog would take cognisance of media reports in terms of the US prosecutors' allegations, she said, «No, we don't take cognizance of the media reports. We have to have some information which is filed before us, and then the commission
