Shares of Adani Green Energy Ltd are in focus on Wednesday morning after the company informed stock exchanges that Gautam Adani, Sagar Adani and Vneet Jaain have not been charged with any violation of the FCPA in the counts set forth in the indictment of the United States Department of Justice (DOJ) or civil complaint of the US Securities and Exchange Commission (SEC).
Adani Green Energy said only Azure & CDPQ officials charged with bribery in the US DoJ indictment and that there were no bribery charges against the Adani group executives. The indictment also does not specify any quantum of any fine or penalty, it noted. "Media articles which state that certain of our directors—namely Mr. Gautam Adani, Mr. Sagar Adani, and Mr. Vneet Jaain—have been charged with violation(s) of the FCPA are incorrect,” the statement said. “They have not been named in any counts related to bribery, corruption, or conspiracy to obstruct justice.”
Adani Green Energy further noted that the directors have been charged on three counts in the criminal indictment namely (i) alleged securities fraud conspiracy, (ii) alleged wire fraud conspiracy, and (iii) alleged securities fraud.
Adani Green Energy noted that a criminal indictment being Cr. No. 24-CR433 has been filed before the United States District Court Eastern District of New York by United States Department of Justice in the case of United States of America against Adanis.
"Pursuant to this indictment, some of our directors namely Mr. Gautam S. Adani, Mr. Sagar R. Adani and Mr. Vneet S. Jaain have been charged with alleged securities fraud conspiracy, alleged wire fraud conspiracy and alleged securities fraud," it said.
Besides, a civil complaint being 1:24 Civ. 8080 has been filed before the United States District Court Eastern District of New York by SEC against Gautam Adani and Sagar Adani.
"Pursuant to this civil complaint, some of our directors namely Mr. Gautam S. Adani and Mr. Sagar R. Adani have been alleged (i) to have violated certain sections of the Securities Act of 1933 and the Securities Act of 1934, and (ii) to have aided and abetted Adani Green Energy Limited’s violation of the Securities Act of 1933 and the Securities Act of 1934," a press release said.
Although the complaint prays for an order directing the defendants to pay civil monetary penalties, it does not quantify the amount of penalty, Adani Green Energy noted.