Mumbai/New Delhi: Adani Green Energy said on Wednesday Gautam Adani, Sagar Adani And Vineet Jain has not been charged with any violation. Foreign Corrupt Practices Act (FCPA) on the counts set forth in the criminal indictment US Department of Justice (DoJ) or a civil complaint to the US Securities and Exchange Commission (SEC).
“These directors have been indicted in a criminal indictment on three counts, including conspiracy to commit securities fraud, conspiracy to commit wire fraud, and conspiracy to commit securities fraud,” the company said in a stock exchange filing. Charged with violation of PA.
Former attorney general and senior advocate Mukul Rohatgi, while addressing a news conference earlier on Wednesday, also said that neither Gautam nor Sagar Adani has been charged in the two main cases.
‘$55 billion m cap hit since indictment’
Clarifying that these were his personal legal views and that he was not a spokesperson for the Adani Group (but had appeared for it in several cases), former Attorney General Mukul Rohatgi said on Wednesday, “I guess and it It is clear that there are 5 cases. CHARGES OR 5 COUNTS It is important to note that count 1 and count 5 are more important than others but neither in count 1 nor in count 5 Mr. Adani or his. The nephew is to blame.”
“Therefore after the indictment count 1 contained in para 124 is against certain other persons which reduces the two Adanis. It includes some of their officers and a foreign person, the Foreign Corrupt Practices Act. “Conspiracy to violate. It’s called the FCPA. It’s somewhat similar to the Prevention of Corruption Act in India,” Rohatgi said.
The penalties for the other three charges are less severe than the corruption charges. The Adani Group had earlier denied all the allegations and said it would seek legal action. In a separate note, Adani Group said that since the indictment, it has lost about $55 billion in market capitalization across its 11 listed companies.
Last week, US prosecutors charged billionaire Gautam Adani and his nephew and former executives of Canadian pension fund CDPQ and Azure Power with paying $265 million (Rs 2,000 crore) in bribes to secure solar power supply contracts in India. He was charged for his alleged role in the case. Amid the second major controversy in 22 months, DoJ and the SEC issued a criminal indictment and brought a civil complaint against three of the company’s directors. Adani Green also said on Wednesday that the US criminal indictment did not specify the amount of any fines or penalties. However, three of its directors face financial penalties under a civil complaint but the amount is not specified.
On November 20, the DoJ charged Gautam Adani and other defendants with “securities and wire fraud and conspiracy to commit significant securities fraud” for their role in “a multibillion-dollar scheme to obtain funds from US investors and global financial institutions.” The indictment charged “false and misleading statements”. Jane is not included in count 1.