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India's Adani Green says independent review on US indictment found no irregularities
Adani Green’s independent review found no irregularities related to U.S. bribery charges; Vneet Jaain reappointed as managing director.
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Reuters - Mon, 28, Apr 2025
- 15:08 EDT
- 67
The logo of the Adani Group is seen on the facade of its Corporate House on the outskirts of Ahmedabad, India, November 21, 2024. / REUTERS/Amit Dave
India's Adani Green on April 28 said that its independent review of the U.S. indictment of founder Gautam Adani and top Adani Green executives, who were accused of paying $265 million in bribes for power contracts, did not identify any non-compliance or irregularities.
In November, U.S. authorities indicted Gautam Adani, his nephew and executive director Sagar Adani and managing director Vneet S. Jaain, alleging that they paid bribes to secure Indian power supply contracts and misled U.S. investors during fund raises.
Also read: India to deliver US summons to Adani for alleged bribery
The Adani Group has denied the charges, calling them "baseless."
The company appointed independent law firms in January to review the U.S. indictment.
Based on this review, the management of the holding company concluded that it, along with its subsidiaries, complied with applicable laws and regulations, Adani Green said in an exchange filing.
The company added it does not expect the U.S. proceedings to have material consequences for the group.
The U.S. Securities and Exchange Commission asked Indian authorities for assistance in February with its investigation.
Meanwhile, the company reappointed Vneet Jaain as its managing director for another five years, effective July 10, despite the U.S. indictment.
Throughout his 15-year tenure, Jaain has been "spearheaded on group’s strategy for its energy and infrastructure business and has been instrumental in growing various businesses from conceptualisation to operation," Adani Green said in a statement.
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