Gautam adani, Sagar adani, and senior executive Vneet Jaain have not been accused with violating the US Foreign Corrupt Practices Act (FCPA), according to a statement released by adani Green Energy Ltd (AGEL). This comes after media stories that said otherwise, which the business has deemed inaccurate.
 
CLARIFICATION FROM adani GREEN
"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 civil complaint of the US SEC. 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," said the statement from adani Green Energy Limited.

The business emphasized that accusations of bribery or corruption against these people are not included in the charges in the US Department of Justice (DOJ) indictment or the US Securities and Exchange Commission (SEC) civil lawsuit.

CHARGES OUTLINED IN THE INDICTMENT
The counts in which the directors were identified were detailed in the AGEL release. The business claims that gautam adani, Sagar adani, and Vneet Jaain are charged with three charges in the criminal indictment:

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

The company reiterated that these counts do not pertain to any violations of the FCPA.

AGEL referred to the media reports as false and rejected them. The business said that in order to stop false information from spreading, this explanation was required.

Due to the controversy created by the media stories, there was conjecture on the possible effects on the adani Group. AGEL's statement, however, attempts to clear up any confusion over the charges' nature. As legal processes in the US continue, stakeholders and market observers will now have to wait for further information.
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G GOWTHAM

27/11/2024 10:06 AM