Adani Green on Monday confirmed that an independent review of the US indictment against founder Gautam Adani and top executives did not find any irregularities or non-compliance. The review, commissioned by the company in January, follows US authorities’ accusations that the Adani Group executives paid $265 million in bribes to secure power contracts in India.
In November, US authorities indicted Gautam Adani, his nephew and Executive Director Sagar Adani, and Managing Director Vneet S. Jaain, alleging they misled investors and engaged in corrupt practices to obtain Indian power supply contracts. The Adani Group has consistently denied these charges, dismissing them as “baseless.”
Despite the ongoing investigation, Adani Green reassured investors and the public that its operations remain compliant with all relevant laws and regulations. The company added that it does not anticipate any material consequences from the US proceedings.
In a related development, Adani Green announced the reappointment of Vneet Jaain as managing director for another five years, effective July 10. Jaain, who has been with the company for 15 years, played a key role in the group’s strategy and the growth of its energy and infrastructure businesses.
The US Securities and Exchange Commission (SEC) had requested assistance from Indian authorities in February to aid its investigation into the case. However, the company remains confident that its leadership and subsidiaries adhere to all legal standards.