Political analyst Sangit Kumar Ragi claims legal actions against Adani Group are a 'corporate war' by domestic rivals and foreign powers to damage the firm's global credibility, block funding, and ultimately hamper India's growth trajectory.
Adani Case a 'Corporate War': Analyst
According to political analyst Professor Sangit Kumar Ragi, the ongoing legal developments surrounding the Adani Group reflects an underlying domestic corporate rivalry. He claimed that these allegations against the Adani Group are aimed at undermining the conglomerate's global standing rather than a legitimate legal dispute.
"I feel that all these things happened against Gautam Adani due to a corporate war. There is no proof that Adani Group has given bribes in India. There is no information about this. There is no investigation about this. There is no result of this," he told ANI.
According to Ragi, the ultimate objective of the coordinated legal pressure was to damage the financial credibility of the firm on the international stage, preventing it from securing global capital and impacting the national economic trajectory. "I repeatedly feel that this case is a corporate war within India, which wants to bring down the Adani Group. You must have seen that it wants to bring down the corporate credibility of Adani Group. So that they cannot raise funds in other countries of the world. It wants to damage the company," he stated.
Ragi feels that damaging Adani's reputation on the global stage also directly hampers India's growth trajectory, if not its history. "But if this had happened, then it would not have been a case of India's corporate story. It was to damage the growth history of India. So I feel that there were foreign powers involved in this. And there were also some corporate groups of India involved in this. Who wanted to damage Adani somewhere. They wanted to damage their corporate interest. And to damage the interest of India from that of foreign agencies," Ragi added.
Allegations Lack Evidence and Jurisdiction
Professor Ragi highlighted that the allegations lacked any foundational evidence or investigation within the domestic jurisdiction. Speaking to ANI, he pointed out that even foreign regulatory bodies lacked the necessary evidentiary backing to sustain a formal case under their own framework.
"America's agency says that a bribe has been given. They also do not have proof. So a case was not made. That is why you must have seen that Adani's lawyers have given this argument that there is no substance in this case. There is no other jurisdiction. The incident has happened here [in India]. You are doing this to him in America....Later, they accepted that there is no jurisdiction here," Ragi said.
A 'Big Day' for Adani Group
The resolution of these cases represents a significant milestone for the domestic corporate landscape and provides clarity for international investors. "Adani Group and Sagar Adani have said that there is no acceptance in this agreement that they have made a mistake....Today is a big day for Adani Group. It is a good sign for the investors of the Adani Group, and it is a good day for India's corporate sector," Ragi stated.
Corporate Growth Tied to National Prestige
Ragi further noted that the growth of large domestic corporations remains directly tied to the geopolitical influence and prestige of the nation, making state support for such entities a standard global practice. "I believe that when India's corporate sector grows, so does the country. When corporations like Google, Amazon, and Microsoft grew, that is when America's name grew....Would the governments not promote them? They would. Similarly, it is the responsibility of our government to help such corporations grow. They bring foreign currency for you. When their business empire grows, so does your reputation," Ragi stated. (ANI)
(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)