Allegations against directors ‘baseless and denied’, says Adani Group
“We assure our stakeholders, partners and employees that we are a law-abiding organization, fully compliant with all laws,” says company as stocks nosedive
The Adani Group, in the eye of a fresh storm after US prosecutors charged group chief Gautam Adani and his associates for allegedly paying USD 250 million in bribes to Indian officials for securing state power contracts, has issued a statement denying the allegations as “baseless”.
“As stated by the US Department of Justice itself, ‘the charges in the indictment are allegations and the defendants are presumed innocent unless and until proved guilty.’ All possible legal recourse will be sought,” the statement read.
Also read: ‘Modi govt protecting him’: Rahul seeks Adani’s arrest, probe against SEBI chief
Assurance to stakeholders
The group added in the statement that it has “always upheld and is steadfastly committed to maintaining the highest standards of governance, transparency and regulatory compliance”.
“We assure our stakeholders, partners and employees that we are a law-abiding organization, fully compliant with all laws,” the company said.
Already, three Adani Group stocks have registered a 20 per cent crash since Thursday morning, with the combined market capitalization of all 11 Adani stocks falling by around Rs 2.25 lakh crore to Rs 12 lakh crore, the Economic Times reported.
Group under fire
This has reportedly been the Group’s worst trading day since the Hindenburg Research allegations emerged in early 2023. Since then, the company has been under fire from the Opposition, with SEBI chief Madhabi Puri Buch subsequently being accused of not probing the group due to personal interests.
The Congress, which has followed up on the US short seller Hindenburg’s allegations with its own disclosures on the matter, has sought immediate arrest of Gautam Adani and the removal and investigations of Madhabi Puri Buch.
Also read: US indictment against Gautam Adani could spark international probes, investor exodus
US prosecutors have indicted Adani, his nephew Sagar Adani, and six other executives for allegedly paying Rs 2,029 crore in bribes between 2020 and 2024 to Indian government officials for securing solar power contracts with state electricity distribution companies.
