Telangana Government Puts Adani Foundation's ₹100 Crore Donation For Young India Skills University On Hold Amid US Indictment
Jayesh Rajan, Telangana's chief secretary of Industrial promotion wrote, to Dr Priti Adani, chairman of Adani Foundation, to hold the funds earmarked for Young India Skills Foundation due to university has not received the IT (Income Tax) exemption under 80G.
The Telangana government has decided not to pursue the transfer of Rs 100 crore pledged by the Adani Foundation for the Young India Skills University, citing ongoing controversies.
In a letter addressed to Dr. Priti Adani, Chairperson of the Adani Foundation, Jayesh Ranjan, Special Chief Secretary, Government Commissioner for Industrial Promotion, Telangana, expressed gratitude for the commitment but confirmed the government’s decision to hold back on seeking the funds.
"We are thankful to you for committing Rs 100 cr to Young India Skills University on behalf of your Foundation vide your letter dated 18.10.2024. We have so far not asked any of the donors for a physical transfer of funds since the University had not received the IT exemption under section 80G. Though this exemption order has now come recently, I have been instructed by the Chief Minister not to seek a transfer of funds in view of the present circumstances and arising controversies." reads the letter.
The Adani Group has been embroiled turmoil ever since a US Federal court issued indictment orders against compnay chief Gautam Adani and seven others, including Sagar Adani, Gautam Adani's nephew.
The Adani's have been accused of carrying out a mass bribery exercise. In this they have accused of promising bribes worth USD 250 million or Rs 2,100 crore to Indian officials in Indian states.
The Adani group has refuted these allegations, and called them baseless.
The allegations has put the group and its prospects in major jeopardy, with rating agency Moody's saying that these developments would negatively impact their credit status.
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