Reference to the latest controversy involving the Adani conglomerate, according to some media reports, the core of the allegation is that some discoms refused to get into agreements with 'Solar Energy Company of India' (SECL), because the price that SECL had committed to 'Adani Green' and 'Azure Power', was above the market rates - and Adanis then, the US regulator alleges, bribed state officials to get them to sign the agreements with SECL. The US case is based on the premise that this is where the corruption happened, and this is what 'Adani Green' did not tell investors in America.
It is here that the focus needs to be on SECL, which should make a statement that, all dealings with the two entities were as per the established norms laid down for any dealing, and the same were duly audited by their statutory auditors. and were found to be above board. Secondly, the discoms in question too need to come out in the open, and state that the said agreements being referred to, were signed only after following the established norms and procedures, and were subsequently duly audited by their statutory auditors, and no question marks were raised.
Certainly, the records/documents to substantiate the same, would be privileged information and can be revealed only to the right authorities, but for now to calm nerves, such statements should not be delayed.
Then a key source for the evidence may well have been a cellphone notes, which was used to track details of the bribes offered and promised. These notes included the names of the states, the exact amount paid to officials, the amount of power discoms would purchase, the per megawatt rate for the bribe offered, title of government officials among other details.
It would be only appropriate that such details are shared with our authorities, for a parallel investigation.
Though indictment means a formal accusation and not a conviction, and it is hoped that the conglomerate would be given ample opportunity to present their defense, before the final verdict is delivered, yet in the interests of our "Infra Diplomacy", it would only be prudent for us to take due note of the same, and initiate the steps required to come out clean.
It is here that the focus needs to be on SECL, which should make a statement that, all dealings with the two entities were as per the established norms laid down for any dealing, and the same were duly audited by their statutory auditors. and were found to be above board. Secondly, the discoms in question too need to come out in the open, and state that the said agreements being referred to, were signed only after following the established norms and procedures, and were subsequently duly audited by their statutory auditors, and no question marks were raised.
Certainly, the records/documents to substantiate the same, would be privileged information and can be revealed only to the right authorities, but for now to calm nerves, such statements should not be delayed.
Then a key source for the evidence may well have been a cellphone notes, which was used to track details of the bribes offered and promised. These notes included the names of the states, the exact amount paid to officials, the amount of power discoms would purchase, the per megawatt rate for the bribe offered, title of government officials among other details.
It would be only appropriate that such details are shared with our authorities, for a parallel investigation.
Though indictment means a formal accusation and not a conviction, and it is hoped that the conglomerate would be given ample opportunity to present their defense, before the final verdict is delivered, yet in the interests of our "Infra Diplomacy", it would only be prudent for us to take due note of the same, and initiate the steps required to come out clean.