Adani, associates face no bribery charge, group clarifies

Adani Group has clarified that chairman Gautam Adani, his nephew Sagar Adani, and senior executive Vneet Jain are not facing any bribery charges in the US indictment, refuting media reports that suggested otherwise as "incorrect."

"Media articles which state that certain of our directors namely Mr Gautam Adani, Mr Sagar Adani and Mr Vneet Jaain have been charged with violation(s) of the US Foreign Corrupt Practices Act (FCPA) in the indictment. Such statements are incorrect," Adani Green said in a stock exchange filing.

Adani Green Energy Ltd attracted attention on Wednesday morning following the company's announcement to stock exchanges that Gautam Adani, Sagar Adani, and Vneet Jaain have not been implicated in any violations of the Foreign Corrupt Practices Act (FCPA) as outlined in the indictment from the United States Department of Justice (DOJ) or the civil complaint from the US Securities and Exchange Commission (SEC).

The company clarified that only officials from Azure and CDPQ have been charged with bribery in the DOJ indictment, emphasizing that no bribery allegations have been made against executives of the Adani group. Additionally, the indictment does not mention any specific fines or penalties.

Furthermore, Adani Green Energy indicated that the directors face charges on three counts in the criminal indictment, which include (i) conspiracy to commit securities fraud, (ii) conspiracy to commit wire fraud, and (iii) securities fraud.

Press release sets record straight

The criminal indictment, designated as Cr. No. 24-CR433 has been submitted to the United States District Court for the Eastern District of New York in the case of the United States of America against the Adani group.

"Pursuant to this indictment, some of our directors namely Mr Gautam S Adani, Mr Sagar R Adani and Mr Vneet S Jaain have been charged with alleged securities fraud conspiracy, alleged wire fraud conspiracy and alleged securities fraud," the company said.

A civil complaint, specifically 1:24 Civ 8080, has been submitted to the United States District Court for the Eastern District of New York by the SEC against Gautam Adani and Sagar Adani.

"Pursuant to this civil complaint, some of our directors namely Mr Gautam S Adani and Mr Sagar R Adani have been alleged (i) to have violated certain sections of the Securities Act of 1933 and the Securities Act of 1934, and (ii) to have aided and abetted Adani Green Energy Limited’s violation of the Securities Act of 1933 and the Securities Act of 1934," the company's press release read.

The complaint requests an order for the defendants to pay civil monetary penalties; however, it does not specify the amount of the penalty, as noted by Adani Green Energy.