Adani Green Energy Vindicated: No Irregularities Found in Bribery Case

An independent review found no irregularities in Adani Green Energy’s regulatory compliances. The company was previously indicted in a U.S. court for allegedly bribing Indian officials to secure solar contracts. The Adani Group dismissed the allegations as baseless and intends to defend itself legally.

Adani Green Energy announced that an independent review has cleared the company of any irregularities in the alleged bribery case involving company founder Gautam Adani and other executives. The news follows a U.S. indictment accusing them of paying bribes to Indian officials to secure solar energy contracts.

The indictment filed in November last year included allegations that Adani and senior executives were involved in a scheme to mislead U.S. investors and obtain funds under false pretenses, while concealing their actions concerning the alleged bribery.

Adani Group has consistently repudiated the allegations, labeling them as baseless. The company committed to employing independent law firms for a thorough review, which did not find any compliance breaches. The proceedings remain underway as the Group plans its legal defense.

(With inputs from agencies.)