Adani Green Confirms Non-Involvement of Gautam Adani, Sagar Adani and Vneet Jain; Adani Shares in Focus

Investors will keep a close watch on Adani shares during today’s trading session as Adani Green Energy shrugged off the claims about the directors’ corrupt practices.

In a press release, the company refuted the allegations of bribery as baseless. It also noted the media reports naming Gautam Adani, Sagar Adani, and Vneet Jaain for violating FCPA by terming it as incorrect.

The company said, “Gautam Adani, Sagar Adani, and Vneet Jaain have not been charged with violations of the Foreign Corrupt Practices Act (FCPA) in an indictment by the United States Department of Justice (DOJ) or a civil complaint by the US Securities and Exchange Commission (SEC).”

It added, “Media articles stating that certain of our directors—namely Mr. Gautam Adani, Mr. Sagar Adani, and Mr. Vneet Jaain—have been charged with FCPA violations are misleading. These individuals are not named in any counts related to bribery, corruption, or conspiracy to obstruct justice.”

What are the charges?

As per the available documents Gautam Adani, Sagar Adani, and Vneet Jain are reportedly involved in -

1. Securities Fraud Conspiracy

2. Wire Fraud Conspiracy

3. Securities Fraud

Additionally, SEC has filed a complaint against Gautam Adani and Sagar Adani for –

1. Violating specific sections of the Securities Act of 1933 and the Securities Exchange Act of 1934.

2. Aiding and abetting AGEL in its violations of these acts.

Allegations of Concealment and Fraud

US authorities have accused the conglomerate of hiding critical information from investors and financial institutions in the country. Notably, Adani group raised millions of dollars for renewable projects, coupled with alleged misconducts.

Last year, a report by Hindenburg Research accused the group of stock manipulation and accounting fraud, which in turn wiped out $150 from the group’s market value.