Adani appoints independent law firms to review U.S. indictment

Adani Green Energy Ltd addresses U.S. indictment, appoints independent law firms for review, denies all charges.

Adani group has appointed independent law firms to review the U.S. indictment against its founder chairman Gautam Adani, his nephew and another key executive in a USD 265 million bribery case, according to a stock exchange filing by a group firm.

Gautam Adani indictment: In-depth coverage

Adani Green Energy Ltd (AGEL), which is said to have benefited from getting renewable energy supply contracts in lieu of payment of the bribe to unnamed Indian officials, in the filing, asserted that it was in "compliance with applicable laws and regulations".

"The company, in discussion with Adani group management, has appointed independent law firms to perform independent review" in the US indictment matter, AGEL said in notes to the third quarter earnings statement.

It, however, did not name the firms.

In November last year, the U.S. Department of Justice's (US DoJ) indictment filed in a New York Court charged Gautam Adani, founder chairman of the ports-to-energy conglomerate, his nephew Sagar, and AGEL executive Vneet Jaain for allegedly being part of a scheme to pay bribes to secure solar power sale contracts that could benefit bring in USD 2 billion of profits over 20 year period to the firm.

They were charged with securities fraud conspiracy, wire fraud conspiracy and securities fraud.