Stock exchanges have sought clarification on violation of disclosure norms by Adani Group entities regarding the alleged bribery case in the US and subsequent cancellation of Kenya’s airport expansion deal.
In its response to the case in the US, Adani Group firms on Thursday had said “there are no allegations made against the company”.
On clarification with regard to Kenya cancelling airport expansion and energy deals following the US bribery and fraud indictments, the group is yet to respond to the bourses.
Indian businessman Gautam Adani who is one of the world’s richest people has been indicted in the US on charges he duped investors by concealing that his company’s huge solar energy project on the subcontinent was being facilitated by an alleged bribery scheme.
Adani, 62, was charged in an indictment unsealed Wednesday with securities fraud and conspiracy to commit securities and wire fraud. The case involves a lucrative arrangement for Adani Green Energy Ltd. and another firm to sell 12 gigawatts of solar power to the Indian government — enough to light millions of homes and businesses.
The indictment paints Adani and his co-defendants as playing two sides of the deal-PTI