The Adani group has appointed an independent law firm to review the indictment against group chief Gautam Adani, his nephew Sagar Adani and another key executive in the alleged $265 million bribery case.
This was disclosed by group firm Adani Green Energy Ltd (AGEL) in its notes to accounts as part of the results for the third quarter ended December 31, 2024, which was announced on Thursday.
In November last year,the US Department ofJustice’s (DoJ) indictment filed in a New York Court charged Gautam Adani, Sagar and AGEL executive Vneet Jaain for allegedly being part of a scheme to pay bribes to secure solar power sale contracts.
They were charged with securities fraud conspiracy, wire fraud conspiracy and securities fraud. The Adani group subsequently denied all charges, and termed them as “baseless”.
“The company, in discussion with Adani group management, has appointed independent law firms to perform independent review” in the US indictment matter, AGEL said in the notes to the earnings statement.
It, however, did not name the firms.
AGEL said it has not been named as a defendant inthe indictment and civil complaint and added that“it had made all appropriate disclosures in the past,including in bond offering circulars”.