The Adani Group, led by Chairman Gautam Adani, has strongly dismissed the accusations by the US Department of Justice and SEC against him and directors of Adani Green Energy. The Group terms these allegations as completely groundless, reiterating that until proven guilty, the defendants are presumed innocent. This statement emphasizes that these claims are merely allegations and affirms that all legal options will be utilized. Assuring shareholders, the Adani Group emphasizes its commitment to transparency and adherence to regulatory standards across sectors. They promise their stakeholders and employees that they operate under full compliance with the law.
Source: aajtak
What are the Charges Against Gautam Adani?
The American allegations claim Gautam Adani attempted to secure a solar energy project contract for Adani Green Energy Limited by bribing $265 million, hiding these transactions from US banks and investors. Senior officials allegedly agreed to payments to Indian authorities for contract acquisition. Reports, including from the New York Times, indicate that Adani Green Energy misled investors with false statements and secured funds through a bond offering in 2021, with elaborate plans to offer bribes for government contracts.
Impact on Adani Shares
The news of US investigations dramatically affected the Adani Group's stock market performance, leading to a notable decline across several stocks including Adani Enterprises (20%), Adani Energy Solutions (20%), and others, ultimately causing an over 2.2 trillion rupee loss to the group.
Project Under Scrutiny
Adani's company reportedly acquired a contract providing 12 gigawatts of solar energy to the state-owned Solar Energy Corporation of India (SECI). However, lacking buyers impeded the project's progress. Allegations suggest plans included bribing government officials, using code names to obscure their involvement.
