Adani group has appointed independent law firms to review the US indictment against its founder chairman Gautam Adani, his nephew and another key executive in a USD 265 million bribery case, according to a stock exchange filing by a group firm.

Adani Green Energy Ltd (AGEL), which is said to have benefited from getting renewable energy supply contracts by paying bribes to unnamed Indian officials, asserted in the filing that it was in "compliance with applicable laws and regulations."

"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 notes to the third quarter earnings statement.

It, however, did not name the firms.

In November last year, the US Department of Justice's (US DoJ) indictment filed in a New York Court charged Gautam Adani, founder chairman of the ports-to-energy conglomerate, his nephew Sagar, and AGEL executive Vneet Jaain for allegedly being part of a scheme to pay bribes to secure solar power sale contracts that could benefit bring in USD 2 billion of profits over 20 year period to the firm.

They were charged with securities fraud conspiracy, wire fraud conspiracy and securities fraud.

The Adani group has denied all charges, calling them "baseless".

AGEL said it has not been named as a defendant in the indictment and civil complaint and added that "it had made all appropriate disclosures in the past, including in bond offering circulars".

"As per the indictment, these directors have been charged on three counts in the criminal indictment, namely (i) alleged securities fraud conspiracy (ii) alleged wire fraud conspiracy and (iii) alleged securities fraud for making false and misleading statements, and as per US SEC civil complaint, directors omitting material facts that rendered certain statements misleading to US investors under Securities Act of 1933 and the Securities Act of 1934," AGEL said in the filing.

It went on to assert that it complies with applicable laws and regulations. "Having regard to the fact that there is no allegation/ charge to the company, these unaudited financial results do not carry any adjustments in this regard," it added.

AGEL's auditors - SRBC & Co LLP and Dharmesh Parikh & Co LLP - in their note to the October-December 2024 quarter accounts stated that they are "unable to comment on the possible consequential effects thereof, on the unaudited financial results".

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