Adani Green Says Independent Review of US Indictment Found No Irregularities

On Monday, Adani Green said that its independent review of the U.S. indictment against founder Gautam Adani and senior Adani Green executives—who were accused of paying $265 million in bribes for power contracts—found no evidence of non-compliance or irregularities.

In November, U.S. authorities indicted Gautam Adani, his nephew and executive director Sagar Adani, and managing director Vneet S. Jain, accusing them of paying bribes to secure Indian power supply contracts and misleading U.S. investors during fundraising efforts. The Adani Group has denied the allegations, dismissing them as "baseless".

In January, the company engaged independent law firms to review the U.S. indictment. Following this review, the management of the holding company determined that both it and its subsidiaries have adhered to all relevant laws and regulations, as stated by Adani Green in an exchange filing. The company added that it does not anticipate the U.S. proceedings will have any material impact on the group. In February, the U.S. Securities and Exchange Commission requested assistance from Indian authorities in its on-going investigation.

The company has reappointed Vineet Jain as Managing Director for an additional five-year term, effective July 10, despite the on-going U.S. indictment. Over his 15-year tenure, Jain has been at the forefront of shaping the group's strategy for its energy and infrastructure divisions. He has played a pivotal role in driving the growth of various businesses, from their conceptualisation to successful operation, as highlighted in a statement by Adani Green.