Three top executives of Adani Green Energy, Gautam Adani, Sagar Adani, and Vneet Jaain, have not been accused of violating the Foreign Corrupt Practices Act (FCPA) in the charges of US authorities, the company on Wednesday said in a statement to the stock exchanges.
The Department of Justice (DoJ) indictment, which has five counts or charges, does not have any mention of Chairman Gautam Adani, Executive Director Sagar Adani, or Managing Director and Chief Executive Officer Vneet Jaain and excludes them in count one: "Conspiracy to Violate the FCPA". Neither does it have any mention of these three names in count five: "Conspiracy to obstruct justice".
These directors have been charged on just three counts in the criminal indictment: Alleged securities fraud conspiracy, alleged wire fraud conspiracy, and alleged securities fraud, the company said in an early morning statement.
The clarification comes six days after the US DOJ's charges were filed in a New York court.
The shares of the group's listed companies jumped with stocks gaining ₹1.22 trillion in combined market capitalization by close on Wednesday.
The group found support from advocates Mukul Rohatgi and Mahesh Jethmalani, with Rohatgi, former attorney general, pointing out loopholes in the charges levelled by the DoJ and the Securities and Exchange Commission (SEC).
This story is from the November 28, 2024 edition of Business Standard.
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This story is from the November 28, 2024 edition of Business Standard.
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