Adani Bribery Case: The case of US prosecutors accusing industrialist Gautam Adani of paying a bribe of $265 million (about Rs 2,200 crore) to Indian officials in exchange for favorable terms for solar power contracts has now reached the Supreme Court. The petitioner in the Adani-Hindenburg case filed a petition in the Supreme Court on Saturday demanding that the allegations of bribery and corruption leveled by US prosecutors against the group be taken on record. The petition states that these allegations are relevant to the current case.

The petition said the US indictment "reveals the nature of misconduct by the group and the allegations are of such a grave nature that they must also be investigated by Indian agencies in the national interest."

The petitioner has also sought submission of the final report of the investigation conducted so far by the Securities and Exchange Board of India (SEBI).

“SEBI must complete its investigation and submit its report and findings so that investor confidence is restored. SEBI’s investigation found allegations of short selling, and the current allegations leveled by foreign authorities may or may not be related to it, but SEBI’s report may clarify it so that investor confidence is not shaken,” the petition said.

Advocate Vishal Tiwari, appearing for the petition, said, "In the present case, it appears that Sebi is not able to make out any substantial case, and such absence of a case is presented as a prima facie position, which cannot be confirmed unless further investigation is conducted."

US prosecutors have accused Adani Group chairman Gautam Adani, his nephew Sagar Adani, and several other officials of bribery and making misleading statements on corporate governance. Adani Group has rejected the allegations of US prosecutors and said that it will take legal action.

Adani Group CFO said none of the group's 11 public companies were subject to prosecution and no company had been accused of any wrongdoing.

In its investigation into the Adani-Hindenburg case, SEBI had earlier said that it had completed 22 out of 24 investigations. Subsequently, four Adani Group companies received show-cause notices from SEBI till September of this financial year.

Adani Green Solutions, Adani Ports & SEZ, Adani Power, and group flagship company Adani Enterprises disclosed show cause notices received from Sebi on allegations of incorrectly classifying shares as public shareholding.

In June, Sebi had also issued a show cause notice to Hindenburg in its investigation into the short-selling case.

Legal experts said though the market regulator can determine whether a violation took place or not, final findings in the matter can only be reached once an order is passed.