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HDFC Bank Denies Charges By US Law Firm

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HDFC Bank Denies Charges By US Law Firm

Private sector lender HDFC Bank on Monday denied allegations of wrongdoing under its lending business. The bank said it would vigorously defend a lawsuit filed against it in the US.

In the information given to the stock exchange, the bank said, ‘The suit has been filed by the sole small shareholder who wants to represent a section of the bank’s shareholders. This is based on the allegations that the bank’s ADR share price declined in July 2020 due to a shareholder claim. The bank denies those allegations and wants to vigorously defend itself in the suit.

The bank said it expected its response to the lawsuit in early 2021. The bank said in its filing, “Since the case is still in a preliminary stage and there is no need to disclose anything at the moment.”

Class action against US law firm Rosen Law Firm and Scal Law for allegedly making misleading public disclosures and failing to inform investors about internal control of borrowing activities in the operation of its vehicle financing unit Has filed suit.

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News Source: EconomicTimes

Also Read: UK Returns 15th Century Idols Of Lord Ram, Sita & Lakshman Stolen 40 Yrs Ago To India

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Oppn seeks probe into Adani charges in US: ‘Obvious protection of PM Modi’

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Oppn seeks probe into Adani charges in US: ‘Obvious protection of PM Modi’

Following US SEC charges of bribery against Gautam Adani, opposition parties criticise PM Narendra Modi and call for a JPC investigation.

As billionaire Gautam Adani faces charges in the US for alleged bribery and fraud, the Opposition on Thursday intensified its attack on the Centre over its alleged links with the Adani Group.

Gautam Adani has been charged in the US with allegedly paying $250 million in bribes to Indian officials between 2020 and 2024 to secure favourable terms for solar energy contracts. The scheme, prosecutors said, could have earned Adani’s group over $25 billion in profits.

Congress demands JPC probe

Reacting to the charges, the Congress called for a Joint Parliamentary Committee (JPC) probe into alleged scams involving Adani’s conglomerate. The party also demanded the appointment of a “new and credible” Sebi chief to investigate Adani’s financial dealings and compliance with securities laws.

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ALSO READ- At 65.2%, Maharashtra records highest voter turnout since 1995 assembly election

Congress leader Jairam Ramesh said the US Securities and Exchange Commission’s (SEC) actions highlight the failure of Indian institutions to investigate the group. “The indictment vindicates Congress’s demand since January 2023 for a JPC into the Modani scams,” Ramesh wrote on X.

He accused Prime Minister Narendra Modi of shielding Adani and claimed Congress’s “Hum Adani Ke Hain Kaun” (HAHK) series had exposed the businessman’s alleged fraud and his ties with the PM.

The fact that it has taken a foreign jurisdiction to properly investigate Adani only shows how Indian institutions have been captured by the BJP, and how decades of institutional development have been undone by greedy and power hungry leaders, the Congress leader said in another post.

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“All of this is consistent with a long record of fraud and criminality carried out with impunity with the obvious protection of the Prime Minister,” Ramesh charged.

Other Oppn leaders join attack

Other opposition leaders joined the attack. Trinamool Congress MP Saket Gokhale questioned the BJP’s involvement in Adani’s dealings and demanded an independent judicial probe.

Aam Aadmi Party leader Sanjay Singh accused PM Modi of allowing Adani to tarnish India’s global reputation.

ALSO READ- Adani Group shares plunge after US SEC charges, Adani Green down 16%

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Adani stocks latest updates

The allegations rattled markets, with Adani Group stocks plunging. Adani Enterprises fell 20 per cent in pre-open trade, while shares of Adani Ports, Adani Green, Adani Power, and others dropped between 7 per cent and 18 per cent.

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