Adani Group challenges DoJ, SEC against US bribery claims; assures legal recourse

Adani Group has strongly denied the recent allegations made by the US Department of Justice (DoJ) and the Securities and Exchange Commission (SEC). The company spokesperson labeled the charges “baseless and unproven.” In a detailed statement issued on November 21, a spokesperson emphasized the group’s commitment to transparency, governance, and regulatory compliance across all its operations.

The charges, which name Gautam Adani, his nephew Sagar Adani, and Vneet Jaain, allege a $250 million bribery scheme and concealment of information to secure funds from US investors.

A spokesperson for the group refuted the claims, emphasizing their baseless nature and noted that the defendants are presumed innocent until proven guilty. The group also assured that all possible legal recourse would be pursued.

The group’s statement reassured stakeholders of its commitment to the highest standards of governance, transparency, and regulatory compliance across all operational jurisdictions.

“We are a law-abiding organization, fully compliant with all laws,” the spokesperson affirmed.

This reassurance was accompanied by a pledge to maintain business integrity despite external scrutiny.

Adani Group Media Statement

The allegations made by the US Department of Justice and the US Securities and Exchange Commission against directors of Adani Green are baseless and denied.

As stated by the US Department of Justice itself, “the charges in the indictment are allegations and the defendants are presumed innocent unless and until proven guilty.” All possible legal recourse will be sought.

The Adani Group has always upheld and is steadfastly committed to maintaining the highest standards of governance, transparency and regulatory compliance across all jurisdictions of its operations. We assure our stakeholders, partners and employees that we are a law-abiding organisation, fully compliant with all laws.

– Spokesperson, Adani Group

How the markets reacted?

The news had an immediate impact on the stock market, with Adani Enterprises, Adani Green, and Adani Ports showing signs of early losses on November 21. However, the shares recovered partially, which underscores investor trust in the group’s fundamentals.

Adani Green also announced the withdrawal of its $600 million proposed dollar bond offering following the DoJ’s press release.

The allegations highlight the challenges faced by conglomerates operating in global markets. For the Adani Group, which has led transformative initiatives in clean energy and infrastructure, this episode underscores the need for navigating regulatory landscapes with clarity.