New Delhi: With the US Securities and Exchange Commission (SEC) indicting Adani Group chairman Gautam Adani, his nephew Sagar Adani, executives of Adani Green Energy Ltd and Cyril Cabanes, an executive of Azure Power Global, of bribery charges in the United States, conglomerate’s CFO Jugeshinder Robbie Singh has assured the investors that the 11 listed firms of the group are not subject to any legal case.
With the majority of the Adani Group’s listed companies getting hit during the trading hours on Dalal Street, the stock exchanges have sought clarification from the company on violation of disclosure norms by Adani Group entities regarding the alleged bribery case in the US and the subsequent cancellation of Kenya’s airport expansion deal.
The Adani Group’s listed comoanies e majority of the listed Adani group firms ended higher, bouncing back from the previous day’s sharp fall after billionaire industrialist Gautam Adani was charged in the US for alleged bribery and fraud.
Ambuja Cements surged 3.50 per cent, ACC jumped 3.17 per cent, Adani Enterprises climbed 2.16 per cent, Adani Ports (2.05 per cent), Adani Total Gas (1.18 per cent) and NDTV (0.65 per cent) on the BSE.
The US prosecutors have charged Gautam Adani and others for allegedly being part of an elaborate scheme to pay about Rs 2,200 crore bribe to Indian officials in exchange for favourable terms for solar power contracts.
What Adani Group CFO said on bribery charges
Adani Group firms said “there are no allegations made against the company”. In a post on X, Singh said the conglomerate would release a detailed comment on the US indictment once it gets the green signal from the counsel.
“There is a lot of news and reports that will try to pick unrelated items and create a headline. My humble request is that we will respond in the fullness of time once we review in detail the matter as presented in the legal filing,” Singh said.
Adani Group’s 11 companies are listed on Indian stock exchanges and “none are subject to indictment (i.e. defendants in any legal proceedings in the recent DOJ lawyer filings to a court in NYC)”.
“None of the issuers (i.e. companies in our portfolio or specific issuers that are subsidiaries of the public companies) are accused of any wrongdoing in the said legal filing,” he said.
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