From Adani bribery allegations to PayTm Bank ban: Six shocks that rocked India Inc in 2024
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This year was no different. While routine challenges are part and parcel of the corporate world, it is the major, often shocking incidents that capture headlines and leave lasting impacts, with all stakeholders — the companies involved, regulators, the public — feeling the effects.
In this recap, ET Online takes a look at some of the most significant cases involving India Inc in 2024 that not only made global headlines but also left stakeholders, in several instances, with costly consequences.
Adani's indictment by US
In November 2023, Gautam Adani, one of India’s wealthiest businessmen, saw $12.4 billion wiped off his fortune when US short-seller Hindenburg Research levelled serious charges of irregularities. Barely had Adani Group recovered from the financial and reputational fallout of that episode when fresh charges related to a $250 million bribery scandal emerged.
In the new case, a US court accused Group Chairman Gautam Adani, his nephew Sagar Adani and Adani Green Energy CEO Vneet Jain, among others, of orchestrating bribery schemes to secure power supply contracts, involving over $2 billion raised through falsified documents.
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