Independent review clears Adani of wrongdoing in US bribery case
What's the story
Adani Green has said that an independent investigation into US bribery charges against its founder Gautam Adani and top executives has found no evidence of wrongdoing. The allegations involved a $265 million bribe for power contracts. Despite the allegations, the firm remains confident of its legal compliance and doesn't foresee any significant impact from the ongoing US legal proceedings.
Legal proceedings
US authorities indict Adani and executives in November
In November, US authorities charged Gautam Adani, his nephew Sagar Adani (Executive Director of the company), and Managing Director Vneet S. Jaain. They were accused of bribing to obtain Indian power supply contracts and deceiving US investors during fundraising. However, the Adani Group has strongly denied these allegations which it described as "baseless."
Investigation process
Independent law firms conducted thorough review
In light of the US indictment, Adani Green hired independent law firms in January to conduct a thorough review of the allegations. The results of this investigation were submitted to the exchange and indicated that both Adani Green and its subsidiaries have complied with all applicable laws and regulations. The company said, "The management of holding company concluded that it, along with its subsidiaries, complied with applicable laws and regulations."
Legal assurance
Adani Green reaffirms commitment to legal compliance
Adani Green has reiterated its commitment to comply with all laws and regulations. The company does not expect the US proceedings to have significant implications for the group. In February, the US Securities and Exchange Commission sought assistance from Indian authorities in relation to this investigation.
Leadership continuity
Vneet Jaain reappointed as MD amid allegations
Despite the ongoing US indictment, Adani Green has reappointed Vneet Jaain as its Managing Director for another five years, effective July 10. The company lauded Jaain's leadership, saying he has "spearheaded the group's strategy for its energy and infrastructure business and has been instrumental in growing various businesses from conceptualization to operation" over his 15-year tenure.