Adani Group CFO clarifies: “No US indictments against 11 public firms”

Adani Group CFO’s big statement on US report

Adani Group Chief Financial Officer (CFO) Jugeshinder Singh addressed the ongoing controversy regarding allegations of fraud involving the conglomerate, asserting that the allegations are limited to a single contract related to Adani Green Energy, which accounts for just 10% of the group’s total business.

In a statement posted on X (formerly Twitter) on Saturday, Singh clarified that none of Adani Group’s 11 publicly listed companies or their subsidiaries are named in any legal proceedings filed by the US Department of Justice (DoJ). He emphasized that the companies are not defendants in the case and have not been accused of any wrongdoing.

“@AdaniOnline has a portfolio of 11 public companies and none are subject to indictment or are defendants in any legal proceedings in the recent DoJ filings,” Singh wrote, addressing the allegations. “None of the issuers in our portfolio, nor any subsidiaries of these public companies, are accused of any wrongdoing in the legal filings.”

Singh further highlighted that the Adani Group had previously disclosed the potential risks associated with the situation in its February 2024 offering circular. He also reiterated that the allegations, which have not been proven, should not be assumed as facts.

“There is a lot of news and reports that may try to pick unrelated items and create headlines. My humble request is that we will respond fully in due time once we have reviewed the matter in detail,” he said. “Please note that no court has ruled on this matter, and as outlined by the DoJ lawyers, these are ‘allegations’ and the accused maintain the presumption of innocence.”

The CFO reassured stakeholders that the group would provide a more detailed response once it has consulted with its legal counsel, as the case remains sub-judice.

Earlier, the Adani Group had strongly denied the allegations made by the DoJ and the US Securities and Exchange Commission (SEC) regarding its subsidiary Adani Green Energy. The group had vowed to pursue all available legal options in response to the claims.

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