Adani Green Energy Ltd (AGEL) has issued a statement clarifying that Gautam Adani, Sagar Adani, and senior executive Vneet Jaain have not been charged with violations of the US Foreign Corrupt Practices Act (FCPA). This follows media reports suggesting otherwise, which the company has termed as incorrect.
CLARIFICATION FROM ADANI GREEN
In its official statement, AGEL addressed the claims made in certain media articles.
"Mr. Gautam Adani, Mr. Sagar Adani and Mr. Vneet Jaain have not been charged with any violation of the FCPA in the counts set forth in the indictment of the US DOJ or civil complaint of the US SEC. These directors have been charged on three counts in the criminal indictment namely (i) alleged securities fraud conspiracy, (ii) alleged wire fraud conspiracy, and (iii) alleged securities fraud," said the statement from Adani Green Energy Limited.
The company highlighted that the charges in the US Department of Justice (DOJ) indictment and the civil complaint by the US Securities and Exchange Commission (SEC) do not include allegations of bribery or corruption against these individuals.
CHARGES OUTLINED IN THE INDICTMENT
The statement from AGEL specified the counts in which the directors have been named. According to the company, the criminal indictment lists three counts against Gautam Adani, Sagar Adani, and Vneet Jaain:
Alleged securities fraud conspiracy
Alleged wire fraud conspiracy
Alleged securities fraud
The company reiterated that these counts do not pertain to any violations of the FCPA.
AGEL dismissed the reports circulating in the media, calling them misleading. The company said it was necessary to issue this clarification to prevent the spread of inaccurate information.
The media reports had caused a stir, leading to speculation about the potential impact on the Adani Group. However, AGEL’s clarification aims to dispel doubts surrounding the nature of the charges. Market watchers and stakeholders will now await further developments as legal proceedings in the US continue.
Source: India Today