None of Adani portfolio firms subject to any legal case: Group CFO

Adani Group CFO confirms no wrongdoing in 11 listed firms amid founder's US bribery charges.

None of Adani group portfolio companies, comprising 11 listed firms, have been accused of any wrongdoing, conglomerate's CFO Jugeshinder Robbie Singh said on founder and chairman Gautam Adani's indictment on bribery charges in the US.

In a post on X (formerly Twitter), Mr. Singh said the group would make a detailed comment on the US indictment once it gets counsel approvals.

Mr. Adani and seven other defendants, including his nephew Sagar Adani, allegedly agreed to pay about $265 million in bribes to Indian government officials between approximately 2020 and 2024 to obtain lucrative solar energy supply contracts on terms that were expected to yield $2 billion of profit over 20 years, according to an indictment unsealed in a New York court on Wednesday.

The Securities and Exchange Commission of the US has also charged Mr. Adani and Mr. Sagar Adani, executives of Adani Green Energy Ltd and Cyril Cabanes, an executive of Azure Power Global, for "conduct arising out of a massive bribery scheme".

"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 the fullness of time once we review in detail the matter as presented in the legal filing," Mr. Singh said.

He hastened to add that no court has ruled on the indictment, and as outlined by lawyers of the US Department of Justice, these are "allegations and the accused have a presumption of innocence".

The CFO, who was the first line of defence when US short-seller Hindenburg Research had accused the ports-to-power conglomerate of fraud in January 2023, said the group became aware of the "specificity" of the US indictment against founder and chairman Mr. Adani two days ago.