No one from group charged for violating FCPA, obstructing justice: Gautam Adani on US, SEC bribery allegations
Billionaire
Gautam Adani
, while addressing the
Adani Group
's FY26 AGM on Tuesday, stated that no one from the group has been charged with violating the Foreign Corrupt Practices Act (FCPA) or obstructing justice in relation to the bribery allegations made by the United States and SEC.
"Even in the face of the storms and relentless scrutiny, the Adani Group has never backed down. This was tested again last year, when we faced allegations from the US Department of Justice and the SEC relating to
Adani Green Energy
. Despite all the noise, the facts are that no one from the Adani Group has been charged with violating the FCPA or conspiring to obstruct justice," said Adani while speaking at company's AGM.
"We cooperate with legal processes, let me also restate that our governance is of global standards, and our compliance frameworks are non-negotiable," said Adani.
The comments of the billionaire are based on US authorities indicting Adani and his nephew, Sagar Adani for allegedly paying bribes to secure Indian power supply contracts, and misled U.S. investors during fund raises. The SEC summoned Adani and his nephew, alleging they paid millions in bribes to Indian officials while misrepresenting antibribery compliance during a $750 million Adani Green Energy bond offering.
Previously, the US Securities and Exchange Commission had requested assistance from India's Ministry of Law and Justice in its investigation of Gautam Adani and his nephew Sagar Adani over alleged securities fraud and a $265 million bribery scheme, reported Reuters citing a court filing.
Last year, federal prosecutors in Brooklyn unsealed an indictment accusing Adani of bribing Indian officials to convince them to buy electricity produced by Adani Green Energy , a subsidiary of his Adani Group conglomerate, and then misleading U.S. investors by providing reassuring information about the company's anti-corruption practices.
What is the bribery case?
The Securities and Exchange Commission had in its indictment said that Gautam Adani, Sagar Adani and six others paid $265 million in bribes to Indian state government officials between 2020 and 2024. The payments were reportedly made to secure lucrative solar power contracts projected to yield $2 billion in profits over 20 years. 'Within 21 days after service of this summons on you (not counting the day you received it)... you must serve on the plaintiff (SEC) an answer to the attached complaint or a motion under Rule 12 of the Federal Rules of Civil Procedure," the notice stated. It also warned, "If you fail to respond, judgment by default will be entered against you for the relief demanded in the complaint,' according to the PTI report.
The SEC claims Adani Green Energy Ltd raised $2 billion from American and foreign investors based on false statements.
'Adani Green and the defendants also emphasised to underwriters and potential investors that Adani Green had implemented robust anti-bribery and anticorruption processes and that Adani Green was a leader in India in good corporate governance. None of this was true," the SEC said.
The DoJ alleges the company concealed ongoing bribery allegations while raising funds from American investors, violating the US Securities Act.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
Business Standard
30 minutes ago
- Business Standard
Tata Group secures top spot as India's most valuable brand: Report
Tata Group (brand value up 10 per cent to $31.6 billion) has once again secured its position as India's most valuable brand, becoming the first Indian brand to cross the $30 billion threshold, according to a report by Brand Finance. 'This historic milestone underscores India's expanding economic clout and the Tata Group's multi-sector dominance, with strategic investments in electronics, EVs, semiconductors, AI and renewables,' the report stated. The report noted that India's projected GDP growth—pegged between 6 per cent and 7 per cent for FY2025–26—bolstered by sustained capacity expansion, strong domestic demand and public–private partnerships, has positioned leading Indian brands to capitalise on global opportunities, even amid ongoing volatility. India's top 10 most valuable brands collectively registered double-digit growth in brand value, the report added. In its methodology, Brand Finance defines brand value as the net economic benefit a brand owner would achieve by licensing the brand in the open market. Brand strength refers to a brand's performance on intangible measures relative to its competitors. Ajimon Francis, managing director, Brand Finance India, said: 'India is embracing the 'Create in India' clarion call with renewed energy. Whether it's manufacturing, financial services, entertainment, holistic healing or hospitality, Brand Bharat is rewriting narratives globally. The nation's economic vibrancy, digital infrastructure and industrial expansion are turning its top brands into global beacons. In a challenging geopolitical order, India is finely balancing hard power and soft power.'
Time of India
31 minutes ago
- Time of India
Coal stock at Indian power plants rises to 61.3 MT, sufficient for 25 days of use
Coal stock at thermal power plants across the country reached an all-time high of 61.3 million tonnes, a Railways Ministry statement said. This record stockpile is possible due to mechanised loading of coal on to wagons - called silo loading, and is sufficient to meet 25 days of India's consumption. Officials said the coal stock at Indian power plants is now more than Canada's total coal production. The statement was issued after a joint review by Coal and Mines Minister , G Kishan Reddy, and Railways Minister, Ashwini Vaishnaw. The Ministers focused on expanding silo infrastructure across key coalfields. Silo loading refers to the mechanized process of loading bulk materials (like coal) into railway wagons directly from a storage silo, rather than using conventional methods like front-end loaders or manual shoveling. It ensures uniform coal sizing, eliminates complaints related to oversized boulders from power plants, reduces damage to wagons, and enables reliable operations unaffected by adverse weather conditions. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Accounting Automation Software Might Help You To Earn More Accounting Automation Software | Search ads Undo 'There has been a notable increase in the share of coal loaded through silos—from 18.8% in 2022–23 to 29% in 2025–26 (till date)—demonstrating a clear and sustained push towards improving coal logistics,' the statement added.
NDTV
35 minutes ago
- NDTV
Shun Double Standards In Combating Terrorism: Ajit Doval At China Meet
Beijing: National Security Adviser Ajit Doval on Tuesday called for shunning double standards in combating terrorism and urged members of the Shanghai Cooperation Organisation (SCO) to hold accountable perpetrators, organisers and financers of cross-border terrorism, seen as a reference to Pakistan. Mr Doval made the remarks in an address at a meeting of the security council secretaries of the SCO in Beijing. The NSA conveyed India's deep concern over the continued threat from UN-proscribed terror groups such as Lashkar-e-Taiba (LeT), Jaish-e-Mohammed (JeM), Al Qaeda, ISIS and its affiliates. More importantly, Mr Doval highlighted the need to shun "double standards" in the fight against terror. Any act of terrorism, including cross-border terror, is a "crime against humanity", Doval said. The NSA specifically called on SCO member states to hold accountable the perpetrators, organisers, financiers and sponsors of acts of cross-border terror and to help bring them to justice. Though he didn't directly name Pakistan, his remarks appeared to be directed against Pakistan. The NSA said New Delhi launched Operation Sindoor to dismantle terror infrastructure and deter terrorists from carrying out attacks in India following the Pahalgam terror strike. Besides India and China, the SCO comprises Pakistan, Iran, Kazakhstan, Kyrgyzstan, Russia, Tajikistan and Uzbekistan. In his remarks, Mr Doval pitched for decisive action against terrorists proscribed by the UN and groups such as LeT, JeM and their proxies, as well as dismantling of their "terror eco-systems". He said New Delhi launched Operation Sindoor to dismantle terror infrastructure and deter terrorists from carrying out attacks in India following the Pahalgam terror strike. In response to the attack in Pahalgam in which TRF, a proxy of LeT, killed 26 Indian and Nepalese nationals and injured several others after segregating them on the basis of religion, India launched Operation Sindoor to dismantle terror infrastructure, he said. Mr Doval said India's actions were "measured and non escalatory". The NSA also pitched an "algorithm of joint actions" to counter challenges posed by international terrorist groups such as al-Qaeda and its affiliates. He also floated the idea of a "joint information operation" to counter extremist ideology and joint measures to counter radicalisation that leads to terrorism, separatism and extremism. Defence Minister Rajnath Singh is also travelling to China's Qingdao to attend the SCO defence ministers conclave beginning Wednesday. Singh is set to press the SCO to ramp up efforts to contain terrorism. The defence minister is expected to highlight India's continued commitment to the principles and mandate of the SCO, outline India's vision towards achieving greater international peace and security, and called for joint and consistent efforts to eliminate terrorism and extremism in the region, according to an official readout.
