The Adani Group has vigorously denied the allegations of bribery and violations of the US Foreign Corrupt Practices Act (FCPA) against its chairman, Gautam Adani, his nephew Sagar Adani, and senior executive Vneet Jaain. This follows a case filed by the US Department of Justice (DOJ) which suggests the involvement of the Adani executives in a scheme to pay bribes totaling USD 265 million to Indian officials to secure solar electricity contracts. However, the company has dismissed these claims as baseless, stating that none of the individuals mentioned have been charged with FCPA violations.
In a filing with the stock exchange, Adani Green Energy Ltd, the company at the center of the allegations, clarified that Gautam Adani, Sagar Adani, and Vneet Jaain have not been charged with any violation of the FCPA in the indictment issued by the US DOJ or the civil complaint filed by the US Securities and Exchange Commission (SEC). The company emphasized that the charges related to securities fraud conspiracy, wire fraud conspiracy, and securities fraud have no specific mention of the amount of penalties or fines.
The allegations claim that the Adani executives participated in an elaborate bribery scheme involving Indian officials to secure solar electricity contracts estimated to generate USD 2 billion in profits over the next two decades. Despite the serious nature of the charges, the Adani Group has steadfastly denied the accusations, promising to take all necessary legal steps to clear their names and protect their interests.
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In a joint press conference, former Attorney General of India, Mukul Rohatgi, and senior advocate Mahesh Jethmalani strongly refuted the bribery allegations. Rohatgi, after reviewing the 54-page indictment, noted that neither Gautam Adani nor Sagar Adani was named in two of the most critical counts of the indictment, namely Count One and Count Five. Rohatgi further highlighted that the charges lack clarity, as there are no specifics on who was allegedly bribed or how the alleged bribes were paid.
Rohatgi pointed out that the indictment primarily targets other individuals, with the Adani executives being loosely connected to the case. He criticized the vague nature of the allegations, arguing that it is impossible to mount a meaningful defense against such ambiguous claims.
Mahesh Jethmalani also took the opportunity to criticize the political nature of the allegations, accusing opposition parties of using the case as a tool to divert attention from their political setbacks. “The Congress and the INDI Alliance are politicizing this issue, attempting to distract from their failure in Maharashtra elections,” Jethmalani remarked. He stressed that foreign-linked issues like the Adani case, often raised by opposition parties, were harmful to the country’s interests.
Mahesh Jethmalani also raised concerns over the timing and intent behind the DOJ’s actions, citing former US President Donald Trump’s past criticisms of the agency. “The DOJ’s actions seem hasty and lack substance. This could very well be a political maneuver,” he said. Jethmalani speculated that Gautam Adani’s public congratulations to Donald Trump after his electoral victory might have brought unnecessary attention and scrutiny from the US authorities.
The Adani Group reiterated its strong stance against the allegations in its statement, emphasizing that the company would pursue all available legal options to defend itself. “We categorically deny the allegations and will take all necessary legal recourse to safeguard the interests of the company and its executives,” the statement read.
Despite the ongoing legal challenges, the Adani Group remains resolute in its commitment to addressing the charges through proper legal channels. The company’s response underlines its confidence that the allegations are unfounded and that it will clear its name in due course.
The Adani Group’s robust defense, led by top legal experts like Mukul Rohatgi and Mahesh Jethmalani, has set the stage for a prolonged legal battle over the bribery allegations. As the case continues to unfold, both the Adani Group and its defenders maintain that the charges are politically motivated and lack concrete evidence. With the stakes high, the company remains committed to protecting its reputation and addressing the accusations with all legal tools at its disposal.
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