Shares of Adani Group companies would remain in focus on Tuesday’s trade, as a US-based judge, Nicholas Garaufis, dropped criminal charges against Indian billionaire Gautam Adani and his associates. 

In a social media post on X, Gautam Adani expressed gratitude towards the US Court’s decision, adding that the conglomerate will continue with its work in the country. “Throughout this challenging period, our faith in truth, fairness and the rule of law remained unwavering,” the post read. 

The judge reviewed the prosecutor’s decision to abandon the case and examined whether the Indian billionaire, who had promised to invest $10 billion in the United States in 2024, influenced the decision, Reuters reported. 

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Garaufis said he was satisfied that the investment pledge did not play a role in the Justice Department’s decision. However, he criticised Principal Associate Deputy Attorney General Trent McCotter for working with Adani’s defence lawyers to drop the charges without seeking the input from prosecutors who had investigated the case. 

“The irregularities in the decision to dismiss the indictment are concerning,” Garaufis wrote, the filing by Reuters read. “McCotter appears to have eschewed the professional opinions of innumerable officials from various ​federal offices and replaced them with his singular judgment.”

A spokesperson from the Department of Justice pointed to a July 4 court filing in which McCotter said that the dismissal of charges was brought forth after meeting with Adani’s lawyers and other Justice Department lawyers and conducting his own research and analysis.

McCotter also said the case was largely foreign in nature, and hence difficult to prove, adding that it was inconsistent with the Justice Department’s current priorities.

Garaufis clarified that the dismissal should not be read as his agreement with the Justice Department’s decision or an opinion about the merits of the case. The judge asked the Justice Department to provide him with additional information so he can decide whether charges against other defendants should be dropped as well.  

Why was Gautam Adani charged?

Indian Billionaire, Gautam Adani was charged in 2024 with allegedly bribing the Indian Government to secure approval for a solar energy plant for his conglomerate’s subsidiary and misleading US investors about the company’s anti-corruption practices.

The Adani Group had consistently denied the allegations, and the chairman has not appeared in the US court to respond to the charges. 

Separately, in a civil case brought by the U.S. Securities and Exchange Commission, Gautam Adani agreed to pay $6 million, and his nephew Sagar Adani agreed to pay $12 million. Also, Adani Enterprises has agreed to pay $275 million to the U.S. Treasury to settle alleged violations of Iran sanctions.

(With agency inputs from Reuters)