Adani Green Energy Ltd (AGEL) has clarified that Gautam Adani, Sagar Adani, and senior executive Vneet Jaain have not been charged with violating the US Foreign Corrupt Practices Act (FCPA). Media reports suggesting otherwise were termed incorrect by the company. According to AGEL, the three individuals are instead facing allegations related to securities fraud conspiracy, wire fraud conspiracy, and securities fraud as per the US Department of Justice (DOJ) indictment and the US Securities and Exchange Commission (SEC) civil complaint.
The company emphasized that the DOJ and SEC charges do not include bribery or corruption claims against the directors. While the indictment comprises five charges, Gautam Adani, Sagar Adani, and Vneet Jaain are not implicated in the counts related to FCPA violations or conspiracy to obstruct justice. Senior attorney Mukul Rohatgi also highlighted the absence of details about any alleged bribes or recipients in the chargesheet.
Amid speculation over the potential impact of these legal proceedings on the Adani Group, AGEL dismissed the media reports as misleading. The company issued the clarification to address confusion and prevent the spread of inaccurate information. As the legal process unfolds in the US, stakeholders and observers await further developments regarding the case.