Adani Green Reaffirms Compliance as Review Finds No Irregularities in US Bribery Case

Adani Green Energy Ltd (AGEL), on April 28, said that an independent review into US bribery accusations involving its top executives, including founder Gautam Adani, found no irregularities or legal non-compliance.

In November, US authorities indicted Gautam Adani, his nephew and Executive Director Sagar Adani and Managing Director Vneet S Jaain, accusing them of paying $26 million in bribes to secure Indian power supply contracts and of misleading US investors during fundraising.

Calling the charges “baseless”, the Adani Group denied the allegatios, according to Reuters.

Despite the US indictment, the company reappointed Vneet Jaain as its Managing Director for another five-year term, effective July 10.

Bribery Case Targets Adani

According to PTI, Adani group had appointed independent law firms in January to conduct a legal review of the US indictment against its founder chairman Gautam Adani, his nephew and another key executive in a $265 million bribery case.

While the names of the firms were not disclosed by the company, it stated in a stock exchange filing that the review found AGEL and its subsidiaries to be in compliance with all applicable laws and regulations.

AGEL was reportedly accused of paying bribe to unnamed Indian officials, in the filing and benefited from getting renewable energy supply contracts in lieu of payment.

However, the company clarified it has not been as defendant in the US indictment. It also claimed that all relevant disclosures had been made in the past, including in its bond offering circulars.

The company added it does not expect the US proceedings to have material consequences for the group.

The indictment filed in a New York Court in November 2025 claimed the bribery scheme could bring in $2 billion in profits over 20 years through solar power sales.