Gautam Adani, nephew Sagar not charged with bribery, but with fraud: Adani Green
New Delhi: Billionaire Gautam Adani and his nephew Sagar Adani have not been charged with any violations of the US Foreign Corrupt Practices Act (FCPA) in the indictment filed by US authorities in a court in a bribery case, the Adani Group said on Wednesday.
Gautam Adani, founder chairman of the ports-to-energy conglomerate, Sagar Adani and another key executive, Vneet Jaain, have been charged by the US Department of Justice with being part of an alleged scheme to pay USD 265 million in bribes to Indian officials to win contracts for supply of solar electricity that would yield USD 2 billion profit over a 20-year period.
In a stock exchange filing, Adani Green Energy Ltd, which is at the centre of the bribery allegations, said reports claiming that the three have been charged with FCPA violations "are incorrect".
They have been charged with offences that are punishable with a monetary fine or penalty.
"Gautam Adani, Sagar Adani and Vneet Jaain have not been charged with any violation of the FCPA in the counts set forth in the indictment of the US DOJ or civil complaint of the US SEC.
"These directors have been charged on three counts in the criminal indictment, namely (i) alleged securities fraud conspiracy, (ii) alleged wire fraud conspiracy, and (iii) alleged securities fraud," the filing said.
The Adani Group has denied all allegations and said it will take all possible legal recourse to defend itself.
A criminal indictment has been filed before the United States District Court Eastern District of New York by the Department of Justice in the case of USA against Gautam Adani, Sagar Adani and Vneet Jaain.
"The indictment does not specify any quantum of any fine/penalty," the company said.
The civil complaint alleges that the executives violated certain sections of the Securities Act of 1933 and the Securities Act of 1934, and aided and abetted Adani Green Energy Limited's violation of the Acts, it said.
"Although the complaint prays for an order directing the defendants to pay civil monetary penalties, it does not quantify the amount of penalty," it said.
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LS proceedings adjourned till noon amid Opposition protests over Adani bribery row, other issues
New Delhi (PTI): Lok Sabha proceedings were adjourned till 12 noon on Wednesday amid protests by Opposition members over the Adani controversy, recent violence in Sambhal in Uttar Pradesh and other issues.
As soon as the House met for the day, many Opposition members, including from Congress, were on their feet as they sought to raise various issues.
Some members from the Congress and Samajwadi Party were in the Well while other Opposition members stood in the aisle and shouted slogans.
Speaker Om Birla asked the Opposition members to allow the Question Hour and said they can take up their issues later.
Amid the din, one question was taken up.
However, the protests continued and the proceedings, which went on for about six minutes, were adjourned till noon.
The Opposition members wanted to discuss the Adani controversy and the recent violence in Uttar Pradesh's Sambhal.
The Adani Group said on Wednesday that Gautam Adani, and his nephew Sagar have not been charged with any violation of the US Foreign Corrupt Practices Act (FCPA) in the indictment that authorities filed in the New York court in an alleged bribery case.
