Adani, nephew not charged under US Foreign Corrupt Practices Act: Adani Green

New Delhi, Nov 27: Billionaire Gautam Adani and his nephew Sagar Adani have not been charged with any violations of the US Foreign Corrupt Practices Act (FCPA) in the indictment filed by US authorities in a court in a bribery case, the Adani Group said on Wednesday.

Gautam Adani, founder chairman of the ports-to-energy conglomerate, Sagar Adani and another key executive, Vneet Jaain, have been charged by the US Department of Justice with being part of an alleged scheme to pay USD 265 million in bribes to Indian officials to win contracts for supply of solar electricity that would yield USD 2 billion profit over a 20-year period.

In a stock exchange filing, Adani Green Energy Ltd, which is at the centre of the bribery allegations, said reports claiming that the three have been charged with FCPA violations “are incorrect”.

They have been charged with offences that are punishable with a monetary fine or penalty.

“Gautam Adani, Sagar Adani and Vneet Jaain have not been charged with any violation of the FCPA in the counts set forth in the indictment of the US DOJ or civil complaint of the US SEC.

“These directors have been charged on three counts in the criminal indictment, namely (i) alleged securities fraud conspiracy, (ii) alleged wire fraud conspiracy, and (iii) alleged securities fraud,” the filing said.

The Adani Group has denied all allegations and said it will take all possible legal recourse to defend itself.

A criminal indictment has been filed before the United States District Court Eastern District of New York by the Department of Justice in the case of USA against Gautam Adani, Sagar Adani and Vneet Jaain.

“The indictment does not specify any quantum of any fine/penalty,” the company said.

The civil complaint alleges that the executives violated certain sections of the

Securities Act of 1933 and the Securities Act of 1934, and aided and abetted Adani Green Energy Limited’s violation of the Acts, it said.

“Although the complaint prays for an order directing the defendants to pay civil monetary penalties, it does not quantify the amount of penalty,” it said. (PTI)

Hot this week

Pay hike of Assam ministers, MLAs likely as 3-member panel submits report

Full report likely by Oct 30 Guwahati Sept 25: There...

Meghalaya Biological Park Inaugurated After 25 Years: A New Chapter in Conservation and Education

Shillong, Nov 28: Though it took nearly 25 years...

Meghalaya man missing in Bangkok

Shillong, Jan 10: A 57-year-old Meghalaya resident, Mr. Treactchell...

ANSAM rejects Kuki’s separate administration demand, says bifurcation not acceptable

Guwahati, Sept 8: Rejecting the separate administration demand of...

Meghalaya’s historic fiber paves the way for eco-friendly products and sustainable livelihoods

By Roopak Goswami Shillong, Oct 25: From making earbuds to...

Nine men trapped in swollen Tawi river rescued in Jammu

Jammu, June 25: Nine men were rescued Wednesday in...

Mizoram Child Rights Commission demands stringent punishment against man for sexual abuse

Aizawl, June 25: Mizoram State Commission for Protection of...

Indian astronaut Shubhanshu Shukla embarks on space odyssey

New Delhi, June 25: Indian astronaut Shubhanshu Shukla scripted...

Chopra emerges winner at Golden Spike meet, joins coach Zelezny among title winners

Ostrava (Czech Republic), June 25: Indian javelin throw superstar...

No change of plans for Bumrah after opening Test defeat, says Gambhir

Leeds, June 25: The Indian team management will not...

Drone debris found in Ukraine indicates Russia using new technology from Iran

Moscow, June 25: Last week, Ukrainian drone hunters picking...

Explosive kills 7 Israeli soldiers in Gaza inside armoured vehicle: military

Jerusalem, June 25: Seven Israeli soldiers were killed on...

Iranian-backed hackers go to work after US strikes

Washington, June 25: Hackers backing Tehran have targeted US...
spot_img

Related Articles

Popular Categories

spot_imgspot_img