Adani Group Chairman Gautam Adani on Wednesday said the dismissal of the US criminal case against him and his nephew Sagar Adani had reinforced his faith in the rule of law and underscored the importance of honouring commitments during periods of adversity.
Addressing employees and partners, Adani said criticism of the group should also be seen as an opportunity for introspection.
He reflected on the Hindenburg Research allegations of 2023 and the subsequent US Justice Department case, days after a federal judge in New York dismissed the criminal charges.
The episode, he said, had strengthened his conviction that “enduring confidence is earned by honouring commitments, standing by one’s values and doing the right thing, especially in difficult times”.
Adani also recalled the group’s decision to withdraw its Rs 20,000 crore follow-on public offering (FPO) in 2023, despite the issue being fully subscribed.
“Trust is greater than any legal right,” he said, adding that while laws confer rights, values determine when those rights should be exercised.
The conglomerate withdrew the FPO after Hindenburg Research alleged stock manipulation, improper use of offshore tax havens and excessive debt. The group denied the allegations.
The US case followed in November 2024, when federal prosecutors accused Adani and others of agreeing to pay about $265 million in bribes to government officials in India to secure solar-power contracts and of misleading US investors. Adani and the group denied wrongdoing.
On August 10, US District Judge Nicholas Garaufis dismissed the criminal charges after the Justice Department sought to withdraw the case.
Adani said the group remained focused on running its businesses throughout the legal proceedings, with employees, suppliers, contractors, vendors and partners continuing to deliver on their commitments.
“While public attention remained fixed on the legal proceedings, employees, workers, suppliers, contractors, vendors and partners quietly continued building businesses, serving customers and delivering on their commitments,” he said.
“Their unwavering dedication helped turn one of the Group’s most challenging chapters into one of its strongest periods of growth.”
The episode, Adani added, had also deepened his faith in people. He recalled receiving encouragement and support from individuals across India whom he had never met.