Our Bureau
New Delhi
An independent review of Gautam Adani and the top executives of Adani Greens wired in the US-bribery indictment has stated that the company does not identify with any non-compliance or irregularities.
The company came under the scanner last November with US authorities indicting Gautam Adani, his nephew and Executive Director Sagar Adani and Managing Director Vneet S. Jaain, alleging that they paid bribes to secure Indian power supply contracts and misled U.S. investors during fund raises.
Referring to the charges as baseless, Adani Greens appointed independent law firms in January to review the indictment, which ultimately announced a result in the company’s favour.
Based on this review, the management of the holding company concluded that it, along with its subsidiaries, complied with applicable laws and regulations, Adani Green said in an exchange filing.
Despite the bribery allegations, the company has reappointed Vneet Jaain as its managing director for another five years, effective July 10. The company in a statement said, “Throughout his 15-year tenure, Jaain has been “spearheaded on group’s strategy for its energy and infrastructure business and has been instrumental in growing various businesses from conceptualisation to operation.”
It should be noted that the US Securities and Exchange Commission had reached out to Indian authorities in February this year to aid with the investigative procedures regarding the Adani US indictment case.
