'Every Attack Makes Us Stronger, Every Obstacle A Stepping Stone’: Gautam Adani Responds To US Charges

Addressing the 51st Gem and Jewellery Awards in Jaipur, the Adani Group chairperson said,"As most of you would have read less than 2 weeks back, we faced a set of allegations from the US about compliance practises at Adani Green Energy. This is not the first time we have faced such challenges. What I can tell you is that every attack makes us stronger and every obstacle becomes a stepping stone."

“Despite a lot of the vested reporting, no one from the Adani side has been charged with any violation of the FCPA or any conspiracy to obstruct justice. In today's world, negativity spreads faster than facts. As we work through the legal process, I want to reconfirm our absolute commitment to world-class regulatory compliance,” Adani was quoted by ANI as saying.

#WATCH | Jaipur, Rajasthan: Addressing 51st Gem & Jewellery Awards, Adani Group Chairman Gautam Adani says, "...As most of you would have read less than 2 weeks back, we faced a set of allegations from the US about compliance practises at Adani Green Energy. This is not the first… pic.twitter.com/LWGT0tDiBC

— ANI (@ANI) November 30, 2024

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US Allegations Against Gautam Adani

A US court has indicted Indian businessman Gautam Adani and seven others, including his nephew Sagar and three executives, on charges of fraud and bribery. The case involves a deal between Adani Green Energy and a US firm to sell 12 gigawatts of solar power to various states. These charges were announced on the same day the company was set to launch a green bond in the US. However, the Adani subsidiary later cancelled the sale.

The business conglomerate in a statement called the allegations “baseless”.

"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 group said in a statement.

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Charges against Adani have fuelled an ardent political debate in India, with Opposition parties attacking the government. Many leaders sought PM Modi’s intervention, asserting that the businessman’s act had brought ‘disrepute’ to the nation.

The Narendra Modi government said that bribery allegations against Gautam Adani is a legal issue between private firms and the US Department of Justice.

"We see this as a legal matter involving private firms and individuals and the US Department of Justice. Obviously, there are established procedures and legal avenues in such cases, which we believe would be followed. The government of India was not informed in advance on the issue. We have not had any conversation with the US government on it," ministry of external affairs spokesperson Randhir Jaiswal said on Friday.