Gautam Adani
No one in the 11 listed companies of Adani Group has been accused of any wrongdoing. Adani Group Chief Financial Officer (CFO) Jugeshinder Robi Singh said this on the allegations of group founder and chairman Gautam Adani’s involvement in a bribery case in America. Singh posted on Singh said, “There are many such reports in which an attempt has been made to create headlines by picking unrelated items. My humble request is that we will respond in a timely manner after a detailed review of the matter presented in the legal process.
No court has ruled on the indictment
He also said that no court has ruled on the indictment and that as U.S. Justice Department lawyers have pointed out, these are “charges and the defendants are presumptively innocent.” He further said that the group was founded on And the US indictment against Chairman Gautam Adani apparently came to light two days ago. “We knew something was going on (and in February 2024 we disclosed the risk factors in the 144A offering circular.),” the CFO said. He did not, however, say what the company disclosed in February 2024.
None of the 11 public companies subject to prosecution
He said Adani Group has a portfolio of 11 public companies and none of them is subject to prosecution. That means these companies are not defendants in any legal proceedings recently filed by the lawyer in a New York court. He said the indictment pertains to one contract of Adani Green, which accounts for about 10 percent of Adani Green’s total business. Singh said that there are many more precise and comprehensive details about this, which we will elaborate on at the appropriate forum.
What are the allegations?
Gautam Adani has been accused by US prosecutors of being part of a conspiracy to pay bribes of more than US$250 million (about Rs 2,100 crore) to Indian officials in exchange for favorable terms for solar power contracts. Adani Group had on Thursday denied the allegations, saying that the allegations by US prosecutors are baseless and the group is complying with all laws.
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