Adani Green Energy Ltd announced that an independent review conducted by external law firms found no non-compliance or irregularities related to US bribery allegations against its founder Gautam Adani and top executives.
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Dado Ruvic/Reuters
Adani Green, the renewable energy arm of Adani Group, stated that its “independent review” of the US indictment of its founder, Gautam Adani, and top executives of Adani Green—accused of paying bribes for power contracts—“did not identify any non-compliances or irregularities.”
“To uphold the principles of good governance, the Holding Company appointed independent law firms to perform an independent review to assess and evaluate related non-compliance, if any, in this matter such independent review also did not identify any non-compliances or irregularities in the matter,” stated Adani Green as part of fourth-quarter results announced on Monday night.
The United States Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) had filed an indictment and a civil complaint in the New York District Court against Gautam Adani, his nephew Sagar Adani, and Vineet Jain, key executives of Adani Green Energy Ltd, for their alleged role in a USD 265 million bribery scheme to secure state energy contracts.
“Based on the independent review referred to above, the Management of the Holding Company has concluded that the Holding Company and subsidiaries have complied with applicable laws and regulations, and the pending proceedings as stated above are not expected to have any material consequences on the Holding Company and on the Group, and accordingly, no adjustments have been made to these consolidated financial results in this regard,” the company added.
Meanwhile, the company’s Board of Directors, in a meeting held on Monday evening, reappointed Vneet Jain as the Managing Director of Adani Green for a consecutive period of five years, effective July 10.
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Published on April 29, 2025
