'Please Note...' - Adani Group CFO's Detailed Update On US Court Charges - Full Text

In a post shared on X (formerly Twitter), Jugeshinder Robbie Singh, the Group CFO of Adani, addressed the ongoing legal concerns surrounding Adani Green and its involvement in recent filings by the U.S. Department of Justice (DOJ). Singh’s statement, which sought to clarify the group's position, comes in the wake of increasing media reports over the last two days related to the Adani Group 's business activities. Singh pointed out that the allegations in the DOJ filings, which have sparked a flurry of news reports, specifically concern a contract with Adani Green, which represents approximately 10 per cent of the company’s overall business. He emphasised that the details surrounding this contract would be disclosed in a more appropriate forum at the right time, offering reassurance that the company was aware of the issue as early as two days ago. 

In his post, Singh mentioned that the potential risks associated with this matter had already been disclosed in the Adani Group's February 2024 144A offering circular under "Risk Factors," making it one of the first public issuances from its portfolio companies after the company’s annual results for the fiscal year ending March 2023.

Further addressing the allegations, Singh clarified that Adani Online, which manages a portfolio of 11 public companies, is not subject to any legal proceedings, as suggested in recent reports. He specifically stated, "None of the issuers (i.e., companies in our portfolio or specific issuers that are subsidiaries of the public companies) are accused of any wrongdoing in the said legal filing." The CFO's comments come after reports alleging that some of the group's subsidiaries or affiliates may have been implicated in ongoing legal matters related to the DOJ’s filings.

Singh also reiterated the legal position regarding the ongoing case, stressing that no court has ruled on the matter yet. Referring to the DOJ filings, he underscored the importance of due process, saying that "these are 'allegations' and the accused have the presumption of innocence." He requested patience from the public and media, reassuring stakeholders that Adani would respond in full once it has reviewed the legal documents in detail and obtained the necessary counsel approvals.

While the post has attempted to temper the growing media storm, the Adani Group’s legal situation remains under intense scrutiny. Singh promised that the group would provide a more detailed public response when appropriate, particularly regarding matters that are still sub-judice. The statement, aimed at addressing both investor and public concerns, marks a significant moment in the unfolding legal and financial narrative surrounding the Adani Group, as it navigates potential challenges to its business operations and portfolio companies.

Adani Group on US Court Order: FULL Statement

"The allegations made by the US Department of Justice and the US Securities and Exchange Commission against directors of Adani Green are baseless and denied. As stated by the US Department of Justice itself, "the charges in the indictment are allegations, and the defendants are presumed innocent unless and until proven guilty." All possible legal recourse will be sought. The Adani Group has always upheld and is steadfastly committed to maintaining the highest standards of governance, transparency, and regulatory compliance across all jurisdictions of its operations. We assure our stakeholders, partners and employees that we are a law-abiding organisation, fully compliant with all laws."

Gautam Adani, the billionaire chair of Indian conglomerate Adani Group and one of the world's richest people, was indicted in New York over his role in an alleged $265 million bribery scheme, according to US prosecutors.
Authorities told news agency Reuters that Adani and seven other defendants, including his nephew Sagar Adani, agreed to pay the bribes to Indian government officials to obtain contracts expected to yield $2 billion of profit over 20 years and develop India's largest solar power plant project. A judge has reportedly issued arrest warrants for Gautam Adani and Sagar Adani and prosecutors plan to hand those warrants to foreign law enforcement, court records show. Adani Group, however, denied the allegations and said that the claims were 'baseless'.

(With inputs from Reuters)