Gautam Adani Responds to US Indictment: ‘Every Attack Makes Us Stronger

Gautam Adani Responds to US Indictment: Adani speaks out for the first time since US indictment

Adani Responds To Allegations

Gautam Adani, one of India’s richest man, stands by his company’s stance on compliance and integrity.

Every attack on him and his company makes them stronger.

In his address in Jaipur, he said, "As most of you would have read less than 2 weeks back, we faced a set of allegations from the US about compliance practises at Adani Green Energy."

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He was speaking at 51st Gem & Jewellery Awards. This is Adani’s first public address since the allegations and indictment in November.

He further added," "In today's world, negativity spreads faster than facts. As we work through the legal process, I want to reconfirm our absolute commitment to world-class regulatory compliance."

Committed to Compliance

Gautam Adani laid emphasis on the previous instances of 'attacks' against his company's activities. he added, "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 stepping stone. 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."

SC Vindicated The Group

Adani cited past instances when the group faced a short-selling attack when the company was preparing for Follow-on Public Offering.

Adani said the company was dragged into a political controversy.

Highlighting his company's success in withering those charges, he said, " But even in the face of such adversity, our commitment to our principles remained strong. After successfully raising Rs 20,000 crore from India’s largest-ever FPO, we 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. Moreover, 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."

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US Indicts Adanis

In November, a US Federal court issued indictment order against Gautam Adani and 7 others, including his nephew Sagar Adani in a USD 265 million bribery case. The group is accused of bribing Indian officials to get solar power deals and also of misleading US investors.

The group has denied these charges, and called them baseless.

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