Adani Group Dismisses US Allegations of Bribery as Baseless

New Delhi, November 21: The Adani Group has strongly refuted allegations made by the US Department of Justice (DOJ) and the US Securities and Exchange Commission (SEC) against its directors in Adani Green Energy. The company called the accusations of bribery unfounded and reiterated its commitment to full compliance with all laws.

In a statement issued on Thursday, a spokesperson for the Adani Group termed the allegations baseless and devoid of facts. "The group has consistently adhered to all applicable laws," the spokesperson asserted. The statement also emphasized, “The US Department of Justice itself has acknowledged that allegations in the indictment remain charges until proven in a court of law. We will pursue all available legal remedies in this matter.”

Background on the Allegations

US prosecutors have alleged that Adani Green Energy directors paid $250 million in bribes to Indian officials to secure favorable terms for solar energy contracts in India. Following these accusations, shares of Adani Group companies witnessed significant declines during trading, resulting in a combined market capitalization loss of ₹2.45 lakh crore for its listed entities.

Adani Group's Response

The group reiterated its position on transparency and compliance. "We categorically deny these allegations. Our operations have always followed legal protocols and regulations," the spokesperson stated.

The accusations have created ripples in the financial markets, impacting investor confidence. The group assured stakeholders of its resolve to contest the charges and uphold its reputation in domestic and international markets.