Adani Green Energy Ltd has issued an official statement addressing charges brought against its board members, including Gautam Adani, Sagar Adani, and Vneet Jaain, by the United States Department of Justice (DOJ) and the Securities and Exchange Commission (SEC).
The allegations pertain to an alleged bribery case involving solar energy contracts.
Adani Green’s official statement
Adani Green stated, “The United States Department of Justice and the United States Securities and Exchange Commission have issued a criminal indictment and brought a civil complaint, respectively, in the United States District Court for the Eastern District of New York, against our Board members, Gautam Adani and Sagar Adani. The United States Department of Justice have also included our Board member, Vneet Jaain, in such criminal indictment. In light of these developments, our subsidiaries have presently decided not to proceed with the proposed USD-denominated bond offerings.”
This was submitted to BSE and NSE for Adani Green Energy Limited.
Business decisions amid legal challenges
As a precautionary measure, plans for USD-denominated bond offerings have been halted.
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The allegations have put Adani Green under intense scrutiny, as it is a key player in India’s renewable energy sector. This development may affect investor sentiment regarding the group.
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