Adani Green Energy Ltd (AGEL) has issued a statement clarifying that its chairman Gautam Adani, Sagar Adani, and senior executive Vneet Jaain have not been charged with violations of the US Foreign Corrupt Practices Act (FCPA). This follows media reports suggesting otherwise, which the company has categorically dismissed as incorrect.

AGEL’s Official Clarification

In its statement, AGEL addressed allegations reported by certain media outlets, emphasizing that the charges listed in the US Department of Justice (DOJ) criminal indictment and the US Securities and Exchange Commission (SEC) civil complaint do not include accusations of bribery or corruption under the FCPA.

“Mr. Gautam Adani, Mr. Sagar Adani, and Mr. Vneet Jaain have not been charged with any violation of the FCPA in the counts set forth in the indictment of the US DOJ or the civil complaint of the US SEC. These directors have been charged with three counts in the criminal indictment, namely alleged securities fraud conspiracy, alleged wire fraud conspiracy, and alleged securities fraud,” the statement read.

The company reiterated that none of the charges relate to the FCPA or any allegations of bribery and corruption.

Details of the Charges

AGEL clarified the specific charges outlined in the indictment. These include:

1. Alleged securities fraud conspiracy
2. Alleged wire fraud conspiracy
3. Alleged securities fraud

The company emphasized that misleading media reports have caused unnecessary speculation and released the clarification to prevent the spread of false information.

Legal Perspective

Senior advocate and former Attorney General of India Mukul Rohatgi also addressed the issue, confirming that neither Gautam Adani nor Sagar Adani has been charged under the FCPA in the US indictment. Speaking to the media, Rohatgi explained that the FCPA is akin to India’s Prevention of Corruption Act and highlighted that no charges of obstruction of justice (another serious count in the indictment) have been brought against them either.

"There are five counts in this indictment, but Gautam Adani and his nephew are not charged with FCPA violations (count 1) or obstruction of justice (count 5). The indictment does mention alleged bribery of Indian entities for solar power contracts but does not elaborate on how these bribes were made," Rohatgi said.

Background

The clarification comes amid heightened scrutiny and speculation following the media reports. AGEL’s statement aims to set the record straight regarding the nature of the charges and ensure accurate reporting. While the indictment involves serious allegations such as securities fraud, the company and its legal counsel have categorically denied any connection to FCPA violations.

The case continues to draw attention, with observers closely monitoring developments involving the Adani Group.