Legal Expert Says Dropped U.S. Charges Could Boost Adani Group’s Global Expansion
NEW DELHI — The U.S. decision to drop charges against Adani Enterprises Ltd. could strengthen the Adani Group’s international expansion plans by removing a major legal obstacle, a leading law expert said Tuesday.
Raian Karanjawala, managing partner of Karanjawala & Co., described the development as a “huge victory” for the conglomerate and a positive sign for Indian industry.
“See, the case from what I read in the papers is already settled,” Karanjawala told IANS, adding that the resolution was personally significant for Gautam Adani.
“One is obviously for Gautam Bhai personally, it is a huge victory,” he said. “Now Gautam Bhai is a teetotaller, but otherwise tonight, they should have been opening champagne.”
Karanjawala said the removal of pending international legal concerns would allow the Adani Group to pursue overseas growth without restrictions tied 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 said the development was positive for India, arguing that large industrial groups play an important role in global economic negotiations. World leaders increasingly involve major business figures in strategic international engagements, he said.
“Even from the country’s perspective, I think it is a positive development,” Karanjawala said.
The comments came after the U.S. Department of Justice moved to permanently drop 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 Justice Department requested dismissal of the indictment.
“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 department said. (Source: IANS)
