Every attack makes us stronger, Gautam Adani responds to US allegations

Jaipur:

Adani Group Chairman Gautam Adani today responded to the legal issue involving the US Department of Justice as a challenge the group is facing “not for the first time”.

“As most of you will have read, less than two weeks ago we faced a series of allegations from the United States regarding Adani Green Energy’s compliance practices. This “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 springboard for a more resilient Adani Group.” declared Mr. Adani during the 51st Gem and Jewelery Awards in Jaipur, Rajasthan.

“The fact is that despite extensive reporting, no one on Adani’s side has been charged with violating the FCPA or conspiring to obstruct justice. Yet in today’s world, negativity is spreading faster than the facts – and as we work through the legal process, I want to reconfirm our absolute commitment to world-class regulatory compliance,” Mr Adani said.

He told the gathering that despite the successes of the Adani Group, the challenges it faced were even greater. “These challenges did not break us. On the contrary, they defined us. They made us more resilient and gave us the unwavering belief that after every fall, we will rise again, stronger and more resilient than before.”

He recalled the attack on American short seller Hindenburg Research in January 2023.

“…As we prepared to launch our follow-on public offering (FPO), we encountered a short-selling attack initiated from abroad. This was not a typical financial strike; acted as a double blow – targeting our financial activities and embroiling us in political controversy. All this was further amplified by certain media with vested interests. But even in the face of such adversity, our commitment to our principles is. remained strong,” Mr. Adani said.

“After successfully raising Rs 20,000 crore from India’s largest ever FPO, we took the extraordinary step of returning the proceeds. We then further demonstrated our resilience by raising capital from multiple international sources and proactively reducing our debt-to-EBITDA ratio to less than 2.5 times. an unparalleled measure in the field of global infrastructure.

“Moreover, our record financial results in the same year demonstrated our commitment to operational excellence. No Indian or foreign credit rating agency has downgraded us. Finally, the confirmation of our actions by the Supreme Court of India has validated our approach,” said Mr. Adani.

Gautam Adani, his nephew Sagar Adani and senior executive Vneet Jaain are not charged with corruption by the US Department of Justice, the Adani Group said.

Adani Green, an Adani group company, had also called media reports on the US legal issue “incorrect”, in a stock exchange filing.

The Justice Department’s indictment includes five counts, but the first and fifth counts – conspiracy to violate the FCPA and conspiracy to obstruct justice – do not mention the three directors, Gautam Adani, Sagar Adani and Vneet Jaain, the Adani Group said. .

The Adani Group statement said a “misunderstanding” of the US indictment by various media outlets, foreign and Indian, led to “incorrect and reckless reporting” that the three Adani Group directors were accused of corruption and bribery.

The US indictment is based solely on allegations that bribes were discussed or promised. It provided no evidence that Indian government officials received bribes from Adani executives, the group said.