Mumbai/New Delhi: Adani Green Energy said on Wednesday that Gautam Adani, Sagar Adani And Vineet Jain has not been accused of any violation Foreign Corrupt Practices Act (FCPA) on the matters set forth in the criminal indictment US Department of Justice (DOJ) or a civil complaint by the U.S. Securities and Exchange Commission (SEC).
“These directors are charged in the criminal indictment on three counts, namely, alleged securities fraud conspiracy, alleged wire fraud conspiracy, and alleged securities fraud,” the company said in a stock exchange filing. The directors were charged with violations of the FCPA.
Former Attorney General and senior lawyer Mukul Rohatgi, while addressing a press conference early on Wednesday, also said that neither Gautam nor Sagar Adani had been charged in the two important cases.
‘Mcap suffered loss of $55 billion after the 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, “My assessment is and it is clear that There are 5 charges or count 5. It is very important to note that count 1 and count 5 are more important than the others, but neither count 1 nor count 5 has charged Mr. Adani or his nephew. .
“So count 1 contained in paragraph 124 of the indictment is against certain individuals other than the two Adanis. It involves certain of their executives and a foreign individual, this is a conspiracy to violate the Foreign Corrupt Practices Act. It’s called the FCPA. Rohatgi said, this is somewhat similar to the Anti-Corruption Act in India.
The penalties for the other three charges are less severe than the corruption charges. Adani Group had earlier denied all the allegations and said it would seek legal remedies. In a separate note, Adani Group said that since the indictment, it has lost about $55 billion in market capitalization of 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 for their alleged role in a $265 million (Rs 2,000 crore) bribery case to secure solar power supply contracts in India. Was convicted for. Edible oil to port giants amid second major dispute in 22 months. The DoJ and SEC have issued a criminal indictment and filed a civil complaint against three directors of the company. Adani Green also said on Wednesday that no fines or penalties have been set in the US criminal indictment. However, three of its directors face monetary penalties under the civil complaint but the amount has not been specified.
On November 20, the DoJ charged Gautam Adani and other defendants with “conspiracy to commit securities and wire fraud and real securities fraud for their role in a multi-billion dollar scheme to obtain funds based on American investors and global financial institutions.” Convicted of “composing”. “False and misleading statements”. Jain is not included in count 1.