According to the Adani Group, none of its eleven publicly traded firms have been charged with or involved in any wrongdoing.
Delhi, New Delhi: The Adani Group stated today that one of Adani Green Energy's contracts, which accounts for about 10% of the subsidiary's revenue, is connected to the US government study. According to a statement by the Adani Group's Chief Financial Officer (CFO), Jugeshinder Singh, none of the 11 publicly traded firms are connected to or suspected of any wrongdoing.
The US report has been severely denounced by the Adani Group, which has called it "baseless."
CFO Jugeshinder Singh stated in his tweet on Saturday that the US court filing does not accuse any Adani firm of any misconduct.
Over the past two days, you have likely seen a lot of news about issues pertaining to the Adani Group. This pertains directly to one of Adani Green's contracts, which accounts for about 10% of the company's total revenue (we will go into much more specific and thorough information about this in a suitable forum). In the statement, Mr. Singh stated
"Of the eleven public companies in the Adani Group's portfolio, none are indicted (that is, defendants in any legal proceedings in the most recent DOJ lawyer filings to a court in NYC)." In the aforementioned legal complaint, no issuers—that is, corporations in our portfolio or particular issuers that are subsidiaries of public companies—are charged with any wrongdoing. Numerous news articles and stories attempt to select irrelevant topics in order to generate a headline. After carefully reviewing the case as it is presented in the court filing, I humbly ask that we react as soon as possible," he continued.
Mr. Singh added that just two days ago, the company learned of the "specificity" of the accusations.
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The Adani Group stated that these are simply accusations and should be regarded as such when the report was made public. It has also made the decision to look at a legal option.
"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 stated in a statement.
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