“None Of Adani’s 11 Public Companies Subject To Indictment”: Group CFO On US Charges

New Delhi:

The Adani Group said today that the US government report is linked to one contract of Adani Green Energy, representing approximately 10 per cent of the subsidiary’s business. None of the Adani Group’s 11 public companies is implicated or accused of any wrongdoing, the group’s Chief Financial Officer (CFO) Jugeshinder Singh said in a statement.

The Adani Group has strongly condemned the US report, terming it “baseless.”

In his post on Saturday, CFO Jugeshinder Singh said no Adani entity is accused of any wrongdoing in the legal filing in US.

“You would have seen a lot of news in the last two days regarding Adani Group matters. This specifically relates to one contract of Adani Green which is roughly 10 per cent of overall business of Adani Green (there is a lot more precise and comprehensive detail of this which we will elaborate in an appropriate forum),” Mr Singh said in the statement.

Hi All,
You would have seen a lot of news in the last 2 days re @AdaniOnline matters. This specifically relates to one contract of #adanigreen which is roughly 10% of overall business of Adani Green(there is a lot more precise & comprehensive detail of this which we will…

— Jugeshinder Robbie Singh (@jugeshinder) November 23, 2024

“The Adani Group has a portfolio of 11 public companies and none are subject to indictment ( i.e. defendants in any legal proceedings in the recent DOJ lawyer filings to a court in NYC). None of the issuers ( i.e. companies in our portfolio or specific issuers that are subsidiaries of the public companies) are accused of any wrong doing in the said legal filing. 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 fullness of time once we review in detail the matter as presented in the legal filing,” he added.

Mr Singh also said that the conglomerate became aware of the “specificity” of the allegations only two days ago.

After the report surfaced, the Adani Group said that these are mere allegations and must be seen only as that. It has also decided to examine a legal course of action. 

“The allegations made by the US Department of Justice and the US Securities and Exchange Commission against directors of Adani Green are baseless and denied,” the Adani Group said in a statement.

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