Adani Group Strongly Denies US Allegations As Baseless, To Seek Legal Recourse

The Adani Group has firmly rejected allegations made by the US Department of Justice and the US Securities and Exchange Commission against its directors, describing them as "baseless" and categorically denying any wrongdoing.

In response to the charges brought against Adani Green Energy and its directors, the conglomerate issued a statement emphasising that, as per the DOJ’s own statements, "the charges in the indictment are allegations, and the defendants are presumed innocent unless and until proven guilty."

The group further assured stakeholders that it would pursue all available legal recourse to address these accusations.

The Adani Group has also reiterated its commitment to uphold the highest standards of governance, transparency, and regulatory compliance across all its operations.

"The Adani Group has always upheld and is steadfastly committed to maintaining the highest standards of governance, transparency and regulatory compliance across all jurisdictions of its operations. We assure our stakeholders, partners and employees that we are a law-abiding organisation, fully compliant with all laws." the company statement read.

The allegations, which include charges of corruption and bribery related to the development of Adani’s solar power projects in India, were made public as part of an indictment filed by the US Department of Justice and a civil complaint by the SEC. These charges involve accusations of illegal financial dealings to secure government contracts, including the development of what is said to be India’s largest solar power plant.

In light of these developments, Adani Green Energy made a decision to cancel its planned fundraising through USD-denominated bonds. The move follows Adani Green's arm raising a $600 million bond issue, which was subscribed three times, just hours before the US Department of Justice and US SEC filed alleged charges against Adani Green, its subsidiaries, and the company's board of directors.

“We have decided not to proceed with the proposed USD-denominated bond offerings at this stage,” the statement read, citing the ongoing legal proceedings as a primary reason behind the move.