New Delhi: Adani Green Energy has said that an independent review of its regulatory compliances, which the United States (US) Department of Justice (DoJ) had said had been violated, has not found any irregularities or non-compliances. "To uphold the principles of good governance, the Holding Company (of AGEL) appointed independent law firms to perform an independent review to assess and evaluate related non-compliance, if any, in this matter," the company said in a stock exchange filing on Tuesday.
"Such independent review also did not identify any non-compliances or irregularities in the matter."
The US DoJ issued a five-count criminal indictment order in November 2024, accusing Adani Group’s chairman Gautam Adani and several of his business associates and former officials of Azure Power of indulging in bribery to secure contracts with power distribution companies for sale of power. “In or about and between 2020 and 2024, senior executives of (i) an Indian renewable energy company, which was a portfolio company of an Indian conglomerate; (ii) an issuer company that operated in the renewable-energy sector whose securities were traded on a United States exchange; and (iii) that issuer’s largest shareholder, a Canadian institutional investor, participated in a scheme to bribe Indian government officials to ensure the execution of lucrative solar energy supply contracts with Indian government entities,” said the indictment order.
The charges against Adani Group included promising more than USD 250 million in bribes to Indian government officials to secure power sale agreements for manufacturing linked solar power project, conspiracies to commit securities and wire fraud, and orchestrating “a multi-billion dollar scheme” to defraud US investors and global financial institutions by giving “false and misleading statements.” The US DOJ said that Adani Green Energy concealed these details as they sought to raise money from US investors.
In its FY25 earning announcement, Adani Green Energy said its holding company has not been named as a defendant in the indictment and civil complaint and the matter was pending for further proceedings. Adani Group had previously denied all allegations as baseless and said it would seek legal recourse to defend itself.