This company of Adani is clean, till date there is no stain on its reputation

Gautam Adani News: There has been a lot of commotion recently over the allegations of bribery leveled by US prosecutors against the Adani Group. On this matter, the group's Chief Financial Officer (CFO) Jugeshinder Robi Singh has clarified the situation and said that none of the 11 listed companies of the Adani Group have been accused of any wrongdoing.

Adani Group's stand on the allegations

Jugeshinder Singh issued a statement on the social media platform X (formerly Twitter) and said that a detailed response will be given after getting approval from the lawyers on the allegations against the group. He said,

"There are many such reports in which an attempt has been made to make headlines by raising unrelated items. Our request is to respond only after the review of the matter under the legal process is completed."

Singh also made it clear that these are just allegations and no court has given any decision in this matter so far. According to the US Justice Department, the accused should be considered innocent until proven guilty in court.

Charges against Gautam Adani

The US prosecution has accused Adani Group founder Gautam Adani of conspiring to pay bribes of more than $250 million (about Rs 2,100 crore) to Indian officials to gain benefits in a solar power contract. The case is related to a contract of Adani Green Energy.

CFO statement: No allegations against the group

CFO Jugeshinder Singh clarified that none of the 11 listed companies of the Adani Group are under legal proceedings or indictment. It was also said that the case relates only to a contract of Adani Green, which accounts for only 10% of the company's total business. He said that more accurate information on this issue would be shared at the appropriate time and platform.

February 2024 disclosure and developments

Singh mentioned that in February 2024, the group had disclosed risk factors in the 144A offering circular. However, it was not clarified what information was shared at that time. He also said that the group got clear information about the US prosecution only two days ago.

Adani Group's huge portfolio

The Adani Group has a total portfolio of 11 public companies, which are active in various sectors like energy, logistics, ports and green energy. Singh said that all these companies have always followed the laws and at present no company is a part of any legal dispute.

Group's response: Allegations baseless

The Adani Group has termed these allegations as baseless and said that it is a law-compliant company. The group said in a statement,

"We strictly follow all regulatory and legal protocols. The allegations of the US prosecution are baseless."

What will happen next?

This matter has brought the Adani Group to the center of discussion internationally. However, the group has clarified its stand and called it a part of the legal process and said that a detailed reply will be presented soon.

This allegation can be a big challenge for Gautam Adani and his group not only from a legal but also from a business point of view. Now it remains to be seen what further developments emerge in this matter and what steps the group takes to maintain its reputation.