New Delhi, November 23 (IANS). Jugeshinder Singh, Chief Financial Officer (CFO) of Adani Group, which does business in various sectors, on Saturday spoke on the allegations of fraud leveled against the group. He rejected the allegations regarding the contract related to Adani Green, a company which has 10 percent stake in the group’s total business.
Singh said in a post on X that none of the group’s 11 public companies or their subsidiaries are defendants in the case filed by the US Department of Justice (DOJ), nor are they accused of wrongdoing.
He wrote in the post, “Adani Group has a portfolio of 11 companies. None of them are subject to prosecution (defendants under legal processes in the recent filing of the Ministry of Justice in a New York court). None of the issuers (our portfolio companies incorporated in or specific issuers that are subsidiaries of those companies) are not accused of any wrongdoing in the said legal filing.”
Singh also pointed out that the group had disclosed the potential risks in its February 2024 offering circular, and the allegations remain unproven so far.
Singh said, “A lot of news and reports will try to create a sensational headline with unrelated things. My humble request is that we will give any response after reviewing the matter mentioned in the legal filing in detail.”
“Note that no court has ruled on this and as U.S. Justice Department lawyers have pointed out, these are “charges and the accused should be presumed innocent,” he said.
Adani Group’s CFO said he would comment in more detail once the council approves it, so that we can “publicly discuss the matters that are under consideration.”
Adani Group had earlier denied the allegations leveled by the US Justice Ministry and the US Securities and Exchange Commission against the directors of its subsidiary Adani Green, saying all possible “legal remedies will be explored”.
–IANS
AKJ/ABM
