Adani Group Shuts Down US Report: No Wrongdoing in 11 Public Companies, Claims CFO

Adani Green Energy's group Chief Financial Officer, Jugeshinder Singh, said in a statement on Saturday that the issue was with respect to only one contract with the subsidiary and accounts for just about 10% of the subsidiary's total business.

By Gaurav Santosh Nov 23, 2024, 12:44 IST

The Adani Group has firmly repudiated all the accusations produced by the US Department of Justice (DOJ) and the US Securities and Exchange Commission (SEC), stating that no indictments or legal wrongdoing have been filed against any of its 11 public companies. Adani Green Energy's group Chief Financial Officer, Jugeshinder Singh, said in a statement on Saturday that the issue was with respect to only one contract with the subsidiary and accounts for just about 10% of the subsidiary's total business.

The controversy surfaced after a US report implicated Adani Green Energy's directors in legal filings with the SEC and DOJ. Singh, however, clarified that none of the public entities under the Adani Group or their subsidiaries were accused of illegal activities according to the legal documents filed with the New York City court.

Adani Group Refutes Charges

Singh pointed out in his statement that the specific allegations against the Adani Group have only recently surfaced, on Monday. He emphasized that though news may sensationalize the issue, still the claims brought against Adani Group remain mere reports with no basis in law. "There is a lot of noise around the news but let me reiterate: None of the 11 public companies of the Adani Group is involved or implicated in the DOJ or SEC filings," he added.

Singh further clarified that the report pertains to a small fraction of Adani Green Energy's business and indicated that no wrongdoing has been established or alleged. "We will respond fully once we have reviewed the matter in greater detail," Singh added.

Legal Response by the Adani Group

After the publication of the report, the Adani Group unveiled plans to consider legal action after saying the allegations were baseless. The conglomerate denied misconduct and reiterated its commitment to transparency and moral business practices.

The CFO of the group reiterated that such allegations could be given careful judgment as regards the realities if further clarification is given. "These are mere allegations, and they do not reflect the reality of our operations," Singh concluded.

As the Adani Group continues to review the legal filings, all eyes are on how this development will unfold and whether any further legal action will be taken.

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