'No indictments against our 11 public companies': Adani CFO on US report

Adani Group CFO Jugeshinder Singh dismissed the allegations as 'baseless,' assuring stakeholders of no direct involvement by any Adani entity in unlawful acts

The Adani Group has refuted a US government report linking the conglomerate to alleged wrongdoing, emphasising that the claims pertain solely to a specific contract under Adani Green Energy, which accounts for approximately 10 per cent of the subsidiary’s business. The group clarified that none of its 11 publicly listed companies have been accused or implicated in any illegal activity.

 

In a statement released on Saturday, Adani Group Chief Financial Officer (CFO) Jugeshinder Singh condemned the allegations, calling them “baseless”. He assured stakeholders that no Adani entity has been directly involved in any unlawful acts.

 

“You would have seen a lot of news in the last two days regarding Adani Group matters. This specifically relates to one contract of Adani Green, which is roughly 10 per cent of the overall business of Adani Green,” Singh mentioned.

 

 

He further assured that the group would provide “precise and comprehensive details” at an appropriate time.

 

Singh further said, “The Adani Group has a portfolio of 11 public companies, and none are subject to indictment, that is, defendants in any legal proceedings in the recent [Department of Justice] lawyer filings to a court in New York City. None of the issuers or subsidiaries of the public companies are accused of any wrongdoing in the said legal filing.”

 

The CFO criticised media outlets for allegedly creating misleading narratives by linking unrelated matters. "There is a lot of news and reports that will try to pick unrelated items and create a headline. My humble request is that we will respond in fullness of time once we review in detail the matter as presented in the legal filing," he added. 

Hi All,  You would have seen a lot of news in the last 2 days re @AdaniOnline matters. This specifically relates to one contract of #adanigreen which is roughly 10% of overall business of Adani Green(there is a lot more precise & comprehensive detail of this which we will…

— Jugeshinder Robbie Singh (@jugeshinder) November 23, 2024

  Adani Group to explore legal action

 

The group also disclosed that it became aware of the specific allegations only two days ago and has since been reviewing the details. It reiterated that the allegations made by the US Department of Justice and the US Securities and Exchange Commission against directors of Adani Green Energy are unfounded.

 

In a separate statement, the Adani Group said, “These are mere allegations and must be seen only as that. The allegations made by the US Department of Justice and the US Securities and Exchange Commission against directors of Adani Green are baseless and denied.”

 

The conglomerate is reportedly examining potential legal recourse to address the claims.