Adani Group appoints independent law firms to review US bribery charges

Adani Group has appointed independent law firms to conduct a review of the bribery allegations levelled against its founder chairman Gautam Adani, his nephew and another key executive by US authorities, Adani Green Energy Ltd (AGEL) said in a regulatory filing.

The firm asserted that it was in "compliance with applicable laws and regulations".

“The Holding Company, in discussion with Adani group management, has appointed independent law firms to perform an independent review in this matter,” AGEL said in notes to the third quarter earnings statement.

It, however, did not name the firms.

In November, the US Justice Department unsealed a criminal indictment alleging that Adani and others paid substantial bribes to Indian government officials between 2020 and 2024 to secure lucrative solar energy contracts. Prosecutors said the contracts, tied to a massive solar energy project, were expected to generate over $2 billion in profits over 20 years.

The US DoJ charged Gautam Adani, founder chairman of the ports-to-energy conglomerate, his nephew Sagar, and AGEL executive Vneet Jaain for allegedly being part of a scheme to pay bribes.

The company said it has not been named as a defendant in the indictment and civil complaint.

"As per the indictment, these directors have been charged on three counts in the criminal indictment, namely (i) alleged securities fraud conspiracy (ii) alleged wire fraud conspiracy and (iii) alleged securities fraud for making false and misleading statements, and as per US SEC civil complaint, directors omitting material facts that rendered certain statements misleading to US investors under Securities Act of 1933 and the Securities Act of 1934," AGEL said in the filing.

It went on to assert that it complies with applicable laws and regulations. "Having regard to the fact that there is no allegation/ charge to the company, these unaudited financial results do not carry any adjustments in this regard," it added.