The Adani Group on Thursday categorically refuted bribery allegations against directors of Adani Green Energy made by the US Department of Justice (DOJ) and the US Securities and Exchange Commission (SEC), describing the claims as “baseless.”
In an official statement, a spokesperson for the conglomerate stated, “All legal recourse will be taken,” reiterating the group’s intent to defend itself against the accusations.
Legal Presumption of Innocence Highlighted
The group emphasized the presumption of innocence in legal proceedings, citing the DOJ’s own acknowledgment:
“As stated by the US Department of Justice itself, ‘the charges in the indictment are allegations and the defendants are presumed innocent unless and until proven guilty.’ All possible legal recourse will be sought,” the statement read.
Commitment to Governance and Compliance
Reaffirming its dedication to corporate governance, the Adani Group stated:
“The Adani Group has always upheld and is steadfastly committed to maintaining the highest standards of governance, transparency, and regulatory compliance across all jurisdictions of its operations. We assure our stakeholders, partners, and employees that we are a law-abiding organisation, fully compliant with all laws.”
In light of the allegations, Adani Green Energy informed stock exchanges that its subsidiaries have deferred plans for US dollar-denominated bond offerings.
The company stated, “In light of these developments, our subsidiaries have presently decided not to proceed with the proposed USD-denominated bond offerings.”
The controversy stems from a five-count criminal indictment unsealed in the United States District Court for the Eastern District of New York.
The indictment charges Gautam Adani, Chairman of the Adani Group, along with Sagar R. Adani and Vneet S. Jaain, with conspiracies to commit securities and wire fraud, as well as substantive securities fraud. The alleged scheme involves misrepresentation to obtain funds from U.S. investors and global financial institutions.
According to the U.S. Attorney’s Office, “A five-count criminal indictment was unsealed in federal court charging Gautam Adani, Sagar R. Adani, and Vneet S. Jaain, with conspiracies to commit securities and wire fraud and substantive securities fraud for their roles in a multi-billion-dollar scheme to obtain funds from U.S. investors and global financial institutions on the basis of false and misleading statements.”
The indictment also implicates former executives of a renewable energy company, Ranjit Gupta and Rupesh Agarwal, whose securities traded on the New York Stock Exchange.
Additionally, Cyril Cabanes, Saurabh Agarwal, and Deepak Malhotra—former employees of a Canadian institutional investor—have been charged with conspiracy to violate the Foreign Corrupt Practices Act in connection with the alleged bribery scheme.
