Committed to compliances, every attack makes us stronger: Gautam Adani
Jaipur (PTI): Coming out in public for the first time after recent allegations and his indictment in the US, Adani group chairman Gautam Adani on Saturday said his conglomerate was committed to compliances and "every attack makes us stronger".
"Less than two week back, we faced a set of allegations from the US about compliance practices. This is not the first time we have faced such challenges. What I can tell you is that every attack makes us stronger," he said addressing the 51st Gems and Jewellery Award here.
On November 20, 2024, the United States Department of Justice and the US Securities and Exchange Commission (SEC) issued an indictment and a civil complaint in the New York district court against Gautam Adani, Sagar Adani and Vneet Jaain, key functionaries of Adani Green Energy Ltd (AGEL).
The charges relate to allegations of securities fraud, wire fraud and violation of the SEC guidelines that led to materially false and misleading statements in the bond offering documents of AGEL with respect to anti-bribery and anti-corruption policies.
Adani Group had issued a statement denying all allegations as baseless, and said it would seek legal recourse to defend itself.
Speaking at Saturday's event, Adani said that despite a lot of vested reporting, no one from Adani's side has been charged with any violation of the FCPA (Foreign Corrupt Practices Act) of the US or any conspiracy to obstruct justice.
"The fact is that despite a lot of the vested reporting, no one from the Adani side has been charged with any violation of the FCPA or any conspiracy to obstruct justice. Yet, in today's world, negativity spreads faster than facts," he said, adding that the group was committed to regulatory compliances.
"As we work through the legal process, I want to re-confirm our absolute commitment to world class regulatory compliance," he added.
Adani Green Energy Ltd, the renewable energy arm of the port-to-energy conglomerate, on November 21 scrapped a USD 600-million bond issue.
The 20-year green bond was over-subscribed three times, hours before the US prosecutors charged Gautam Adani and associates with participating in a scheme to pay over USD 250 million bribe to Indian officials in exchange for favourable terms for solar power contracts.
Following the indictment, Adani group companies' stocks also tanked in the Mumbai trade. Ten listed firms of the group lost about USD 26 billion (Rs 2.19 lakh crore) in market value -- more than double of what the conglomerate had lost when US short-seller Hindenburg brought out a damning report in January 2023.
However, since Wednesday, stocks of all the group firms have recovered. Shares of nine of the 11 listed Adani Group firms ended higher on Friday, with Adani Green Energy surging almost 22 per cent and Adani Energy climbing nearly 16 per cent.
"Over the years, I have come to accept that the roadblocks we face are the price of pioneering. The bolder your dreams, the more the world will scrutinise you. But it is precisely in that scrutiny that you must find the courage to rise, to challenge the status quo, and to build a path where none exists," he said.
Adani said that the group had successes but the challenges have been bigger.
"However, these challenges have not broken us. Instead, they have defined us. They have made us tougher and give us the unshakeable belief that after every fall, we will rise again, stronger and more resilient than before," he said.
Last year, the conglomerate had scrapped a Rs 20,000 crore Follow-on Public Offer (FPO) at its flagship firm Adani Enterprises Ltd after US short-seller Hindenburg Research's report in January, which alleged the group of stock manipulation and accounting fraud.
Adani had rejected all allegations and threatened to sue Hindenburg for its "reckless" attempt to sabotage the mega share sale at Adani Enterprises.
But the allegation led to a free-fall of the group firms' stocks, which at the lowest point saw USD 150 billion in market value being eroded.
Talking about the Hindernburg report, he said, "This was not a typical financial strike, it was a double hit, targeting our financial stability and pulling us into a political controversy. All of this was further amplified by certain media with vested interests. But even in the face of such adversity, our commitment to our principles remained strong."
Adani said that after successfully raising Rs 20,000 crore from India's largest-ever FPO, the company made the extraordinary decision to return the proceeds.
"We then further demonstrated our resilience by raising capital from several international sources and proactively reducing our debt-to-EBITDA ratio to below 2.5 times, an unmatched metric in the global infrastructure space," he said.
"Our all-time record financial results in the same year showcased our commitment to operational excellence. Not a single Indian or foreign credit rating agency downgraded us. Finally, the Supreme Court of India's affirmation of our actions validated our approach," he said.
He further said that in 2010, when the group was investing in a coal mine in Australia, its objective was to make India energy secure and replace every two tonnes of poor-quality Indian coal with one tonne of high-quality coal from Australia.
However, he said, the resistance from NGOs was huge and lasted almost a decade.
"It was so intense that we ended up funding the entire project of 10 billion dollars with our own equity. While we now have a world class operating mine in Australia and it could be seen as a great sign of our resilience," he said.
Adani also shared his journey of becoming an entrepreneur and highlighted its dominance in various sectors.
He also advised businessmen to embrace technology and sustainability for progress, empower and uplift the skilled workforce and nurture the younger generation and equip them to balance tradition with transformation, culture with innovation and legacy with sustainability.
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Oppn, X users flag concerns over US envoy Sergio Gor’s visit to Army’s western command
New Delhi: A visit by the US Ambassador to India, Sergio Gor, to Chandigarh on Monday has triggered sharp criticism from opposition leaders and social media users, raising questions about national security and foreign policy.
On X, Ambassador Gor announced his visit, writing, “Just landed in Chandigarh. Looking forward to visiting the Western Command of the Indian Army.”
Just landed in Chandigarh. Looking forward to visiting the Western Command of the Indian Army
— Ambassador Sergio Gor (@USAmbIndia) February 16, 2026
Soon after, opposition voices questioned the broader implications of the visit. Congress Kerala, in a post, commented, “Why so much panic? We’ve already seen Pakistan's ISI getting access to Pathankot Airbase with this government's blessings. Didn't they say then ‘Modi ne kiya ho to kuch soch samajh kar kiya hoga?’ Compared to that, this is very small.”
Why so much panic? We’ve already seen Pakistan's ISI getting access to Pathankot Airbase with this government's blessings.
— Congress Kerala (@INCKerala) February 16, 2026
Didn't they say then "Modi ne kiya ho to kuch soch samajh kar kiya hoga?"
Compared to that, this is very small. pic.twitter.com/gNNuAGQBPC
Shiv Sena (UBT) leader Priyanka Chaturvedi also weighed in, writing, “Since India’s national strategic interests are now tied to what US wants India to do, this visit seems to sync with that.”
She further added, “India’s history will remember the de-escalation announcement between India and Pak was announced on social media by the US President before Indians got to know from their own government. US Ambassador is doing the job for his nation, who is doing for us? The answer is blowing in the wind.”
Since India’s national strategic interests are now tied to what US wants India to do, this visit seems to sync with that. India’s history will remember the de-escalation announcement between India and Pak was announced on social media by the US President before Indians got to… pic.twitter.com/rYMq5NhJHA
— Priyanka Chaturvedi🇮🇳 (@priyankac19) February 16, 2026
The visit comes against the backdrop of the growing US-India defence partnership.
Writer and political analyst @rajuparulekar commented on ‘X’, “East India Company is back!”
“Is it allowed for an ambassador to visit any army unit in india?” asked another user.
Several X users expressed concerns over the appropriateness of the visit.
One asked, “Is it allowed for an ambassador to visit any army unit in India?” Another wrote, “Why an ambassador visiting our army places? To talk to Chandigarh lobby for F-35?”
Why an ambassador visiting our army places ? To talk to chandigarh lobby for f-35 ??
— Rohan Sagar (@RohanSagar03) February 16, 2026
“We have completely sold Indian sovereignty. Rothschild the evil Bankers will now control NSE. Modi sold Bharat Mata to Trump . And now American imperialist is visiting our army command . Scary,” wrote another user.
“The Indian Army isn’t part of geopolitics, so why is he interested in visiting there?,” opined another.
The Indian Army isn’t part of geopolitics, so why is he interested in visiting there?
— Aditya Pratap Singh (@Adi_IIMCIAN) February 16, 2026
On Sunday, Gor welcomed Admiral Samuel Paparo, Commander of the United States Indo-Pacific Command (INDOPACOM), highlighting efforts to expand the growing US-India defence partnership.
In a post on X, Gor wrote, “Delighted to have @INDOPACOM Commander Admiral Samuel Paparo in India to expand the U.S.-India defense partnership. Now is the time to strengthen vital cooperation between our two nations.”
On Monday, Admiral Samuel J. Paparo Jr visited the headquarters of India’s Western Army Command along with the American envoy Sergio Gor. The delegation was briefed on the formation’s capabilities, its past operations, and future plans.
The American delegation also visited Bengaluru, where they met three start-ups, two in the space sector and one in defence, and participated in an Indo-US conference.
