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By EquityPandit

BUSINESS

Adani Green Appoints Law Firm to Fight US Indictment 

These suggestions will be discussed during a meeting of Adani Power's board on Wednesday, 29 January.

Adani Green has engaged independent law firms to assess the US indictment against founder Gautam Adani and senior Adani Green executives, alleging $265 million in bribes for power contracts, the company announced late Thursday.

The announcement, included in a 33-page earnings regulatory filing, did not disclose the names of the law firms but reaffirmed the company’s adherence to applicable laws and regulations.

In November, US authorities indicted Gautam Adani, his nephew and Executive Director Sagar Adani, and Managing Director Vneet S. Jaain, accusing them of bribery to secure Indian power supply contracts and misleading US investors during fundraising activities. The Adani Group has denied these allegations, calling them “baseless.”

Adani Green clarified that the company itself is not named as a defendant in the indictment or civil complaint. It also stated that all necessary disclosures had been made previously, including in bond offering documents.

The management reiterated the company’s compliance with applicable laws and regulations while withholding further details about the legal review.

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