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Adani Group Refutes Bribery Charge, Stocks See Strong Recovery: 10 Points

  1. All three directors – Gautam Adani, his nephew Sagar Adani, and senior executive Vneet Jaain – are clear of bribery charges, Adani Green said in a stock exchange filing this morning.
  2. Adani Group stocks saw a strong recovery this morning after the statement punched a hole in the US indictment. The group had lost nearly $55 billion across its 11 listed firms since the US indictment.
  3. The statement said the indictment by the US Department of Justice 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, the Adanis and Mr Jaain.
  4. “The ill-founded US action and reckless false reporting have led to significant repercussions for the Indian conglomerate, such as international project cancellations, financial market impact, and sudden examination from strategic partners, investors, and the public,” said the Adani statement.
  5. The conglomerate had earlier refuted the charges as “baseless”. The group’s Chief Financial Officer (CFO) Jugeshinder Singh had clarified none of their 11 publicly listed firms were accused of wrongdoing.
  6. Senior lawyer Mukul Rohtagi this morning countered the misleading reports about the US indictment, stating, “There are five charges. It is very important to note that Count 1 and Count 5 are more important than the others. But neither in Count 1 nor Count 5 is Mr Adani or his nephew charged.”
  7. “When you look at a chargesheet, it must be specific to say that so and so has done such and such act, so and so has bribed certain individuals. But I do not find a single name or detail in the chargesheet as to who has been bribed, in what manner, and which department he belongs. This chargesheet is completely silent,” added the former Attorney General of India.
  8. Mahesh Jethmalai, another senior lawyer, said the Congress was reading too much into the indictment for political purposes and must put out credible evidence of wrongdoing in the public. He also pointed to the timing of the allegations and said it was an attempt at stopping India’s growth story.
  9. “Unless the Congress puts out public evidence of wrongdoing, there is no need for any JPC (joint parliamentary committee) or enquiry. There cannot be an enquiry based on flimsy evidence,” he said. “By blindly following a US indictment, you are behaving like a local agent of a foreign power that is interested in stopping India’s growth,” he added.
  10. The Adani Group this week showcased the strong financials of its portfolio firms to investors, highlighting that external debt is not required to sustain growth.
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