Adani Group Issues Statement, Denies All Allegations by US Justice Department and SEC:Adani Group has completely rejected the allegations made by the US Justice Department and the US Securities and Exchange Commission (SEC). In its official statement, the group has called these allegations “baseless and false” and said that they will exhaust all legal options. Adani Group has assured that they have fully complied with all the laws. The US Justice Department and the US Securities and Exchange Commission have accused Gautam Adani and his associates of paying billions of dollars in bribes to obtain power purchase agreements in India.
Adani Group’s official statement
A media statement issued by an Adani Group spokesperson said, “All allegations made by the US Justice Department and the US Securities and Exchange Commission (SEC) against the directors of Adani Green are baseless and we refute them. As The US Justice Department itself has said that the allegations are only allegations and all possible legal remedies will be pursued until the allegations are proven.
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The statement issued by the group spokesperson on Thursday, November 21 further said, “Adani Group has always followed the highest standards in terms of governance, transparency and regulatory compliance wherever it has operated and in doing so Fully committed to. We assure our stakeholders, partners and employees that we are a law-abiding organization and fully comply with all laws.”
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What are the allegations against Adani Group?
US officials have alleged that Gautam Adani, his nephew Sagar Adani, and other associates paid $265 million (about Rs 2,200 crore) bribes to Indian officials to secure power purchasing agreements.
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Corruption allegations: American prosecutors say that Adani Group raised funds worth $ 3 billion (about Rs 24,000 crore) while hiding its corruption from investors.
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Arrest Warrant: A US court has issued arrest warrants in the names of Gautam Adani and Sagar Adani, who are to be handed over to Indian authorities.
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Civil Action: SEC has also initiated action against Gautam Adani and two associates under the US anti-fraud law, demanding heavy fine and other sanctions.
