Adani Green says independent review on US indictment found no irregularities

India's Adani Green on Monday said that its independent review of the US indictment of founder Gautam Adani and top Adani Green executives, who were accused of paying $265 million in bribes for power contracts, did not identify any non-compliance or irregularities.

In November, US authorities indicted Gautam Adani, his nephew and Executive Director Sagar Adani and Managing Director Vneet S. Jaain, alleging that they paid bribes to secure Indian power supply contracts and misled US investors during fund raises.

The Adani Group has denied the charges, calling them "baseless."

The company appointed independent law firms in January to review the US indictment.

Based on this review, the management of the holding company concluded that it, along with its subsidiaries, complied with applicable laws and regulations, Adani Green said in an exchange filing.

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

The US Securities and Exchange Commission asked Indian authorities for assistance in February with its investigation.

Meanwhile, the company reappointed Vneet Jaain as its managing director for another five years, effective July 10, despite the US indictment.

Throughout his 15-year tenure, Jaain has been "spearheaded on group’s strategy for its energy and infrastructure business and has been instrumental in growing various businesses from conceptualisation to operation," Adani Green said in a statement.