Three top executives of Adani Green Energy, Gautam Adani, Sagar Adani, and Vneet Jaain, have not been accused of violating the Foreign Corrupt Practices Act (FCPA) in the charges of US authorities, the company on Wednesday said in a statement to the stock exchanges.
The Department of Justice (DoJ) indictment, which has five counts or charges, does not have any mention of Chairman Gautam Adani, Executive Director Sagar Adani, or Managing Director and Chief Executive Officer Vneet Jaain and excludes them in count one: "Conspiracy to Violate the FCPA". Neither does it have any mention of these three names in count five: "Conspiracy to obstruct justice".
These directors have been charged on just three counts in the criminal indictment: Alleged securities fraud conspiracy, alleged wire fraud conspiracy, and alleged securities fraud, the company said in an early morning statement.
The clarification comes six days after the US DOJ's charges were filed in a New York court.
The shares of the group's listed companies jumped with stocks gaining ₹1.22 trillion in combined market capitalization by close on Wednesday.
The group found support from advocates Mukul Rohatgi and Mahesh Jethmalani, with Rohatgi, former attorney general, pointing out loopholes in the charges levelled by the DoJ and the Securities and Exchange Commission (SEC).
Denne historien er fra November 28, 2024-utgaven av Business Standard.
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Denne historien er fra November 28, 2024-utgaven av Business Standard.
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Loser takes all
This book was published in September, three months ahead of the US presidential polls, presumably to reveal to voters the dangers of returning Donald Trump to the White House.
J&K HC asks Army to pay 46 years' rent to landowner
The High Court of Jammu and Kashmir and Ladakh recently held that the right to property now falls within the realm of human rights.
India, UK navies to develop electric propulsion for next-gen warships
The ministries of defence of India and the UK have signed a statement of intent (SoI) to cooperate in designing and developing Electric Propulsion Systems for the Indian Navy.
India backs Iskcon, tells Bangladesh to protect minorities
New Delhi hopes arrested monk will get fair trial
HAVING A BALL
Indian bowlers are winning matches and setting IPL auction records. But brands are not yet bowled over. Will Bumrah get bowlers their due?
Link UPI app to bank account with limited funds, set daily limits
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Arpu gains, lower capex augur well for Airtel
Brokerages positive on stock; earnings flows may rise over next 24 mths
NIFTY LOGS BACK-TO-BACK MONTHLY LOSS
Benchmark Nifty 50 index shed 0.3 per cent in November, logging its first back-to-back monthly loss since February 2023.
Lock-up on ₹1.2 trn pre-IPO shares to lift in two months
Lock-up on shares worth nearly ₹1.2 trillion ($14 billion) belonging to 50 companies will end between now and January 31, said Nuvama Institutional Equities in a note.
Margin moderation may cap upsides for Colgate
After gaining over 15 per cent in the first half of the week, the stock of oral care major Colgate-Palmolive (India) has shed about a third of those gains.
