New Delhi: Describing the US decision to drop charges against Adani Enterprises Ltd a ‘huge victory’ for the Adani Group and a positive development for the industry and the country, a leading law expert on Tuesday said the development could help strengthen the Group’s international expansion plans.
Speaking to IANS, Raian Karanjawala, Managing Partner of Karanjawala & Co, said the resolution of the case removes a major obstacle for the Adani Group and could strengthen its global presence.
“See, the case from what I read in the papers is already settled,” he said, adding that the development was personally significant for Gautam Adani.
“One is obviously for Gautam Bhai personally, it is a huge victory,” Karanjawala said. “Now Gautam Bhai is a teetotaller, but otherwise tonight, they should have been opening champagne,” he added.
Karanjawala said the removal of all pending international legal concerns would allow the Adani Group expand globally without restrictions linked to the case.
“Secondly, for the Adani Group itself, all fetters are now removed. They can expand as much as they want internationally, as much as they are permitted to do internationally, now that there is no pending case against them internationally,” he said.
He also termed the development positive from an industry and national perspective, saying strong industrial groups play an important role in global economic negotiations.
“Even from the country’s perspective, I think it is a positive development,” he said, citing how world leaders often travel with major industrialists during strategic international engagements.
Referring to US President Donald Trump’s visit to China, Karanjawala said global diplomacy increasingly involves business leaders as part of economic negotiations.
In another significant development, the US Department of Justice has permanently dropped all criminal charges against Gautam Adani and his nephew, Sagar Adani, in an alleged securities and wire fraud case.
In a filing before the Eastern District of New York, the US Department of Justice requested dismissal of the indictment against Adani.
“The Department of Justice has reviewed this case and has decided, in its prosecutorial discretion, not to devote further resources to these criminal charges against individual defendants,” the Justice Department said.
(IANS)
