Today, On 27th November, Senior Advocate Mukul Rohatgi is set to address a press conference to discuss the recent Foreign Corrupt Practices Act (FCPA) allegations against the Adani Group. The allegations, involving Gautam Adani, Sagar Adani, and Vneet Jaain, claim a Rs. 265 million bribery scheme to secure solar energy contracts in India. Rohatgi, representing the Adani Group, is expected to refute these charges and provide a detailed legal perspective on the case.
New Delhi: Senior Advocate and former Attorney General Mukul Rohatgi addressed the press today to clarify allegations under the Foreign Corrupt Practices Act (FCPA) against Gautam Adani, Sagar Adani, and Vneet Jaain.
Speaking on behalf of the Adani Group, Rohatgi firmly denied claims implicating the company or its executives in bribery-related charges, which have recently drawn significant media attention.
Rohatgi emphasized the importance of scrutinizing the details of the indictment.
He stated,
“A charge sheet must specify details of bribery who, how, and when. There isn’t a single mention of Adani executives engaging in bribery in the indictment.”
He further clarified that Counts 1 and 5 of the indictment, while significant, do not name Gautam Adani, his nephew, or any Adani executives.
Count 1 alleges conspiracy to violate the FCPA but does not directly implicate the Adanis. Rohatgi explained,
“Para 124 of the indictment accuses others not Adanis of conspiracy under the FCPA, which is akin to the Prevention of Corruption Act in India.”
Regarding Count 5, which relates to obstruction of justice, Rohatgi noted that this count also excludes Adani executives or officers, implicating foreign parties instead.
Earlier in the day, the Adani Group issued a statement strongly denying the allegations. The group clarified that media claims linking Gautam Adani, Sagar Adani, and Vneet Jaain to the FCPA indictment are unfounded. The statement highlighted that the indictment lists five counts, with Counts 1 and 5 explicitly excluding Adani executives.
These charges instead involve individuals connected to Azure Power and a Canadian investor.
Rohatgi criticized the charges for their lack of precision.
He remarked,
“The chargesheet, while naming Adanis and Indian officials in relation to power purchase and supply, lacks clarity. It doesn’t specify who was bribed or how the bribes were conducted, leaving room for interpretation.”
He pointed out that the allegations rely on claims of “promised” or “discussed” bribes without offering concrete proof.
While acknowledging that some individuals named in Counts 1 and 5 may have indirect links to Adani, Rohatgi underscored that the indictment does not directly accuse Adani executives of wrongdoing.
He noted,
“This distinction could shape how the matter unfolds.”
Rohatgi reiterated that the Adani Group would respond appropriately as the case develops. He cautioned that his comments were based on an initial review of the charges, which have not been independently verified.
He stated,
“When examining a chargesheet, it should clearly specify who has committed which acts, detailing who was bribed and in what way, as well as the relevant department involved. However, I see no names or specifics in this chargesheet regarding who was bribed or how. It is entirely lacking in detail. I’m not sure how one can adequately respond to such a vague chargesheet. Nevertheless, I am confident that the Adanis will seek legal advice from U.S. lawyers,”
Nonetheless, he expressed confidence in the group’s stance, emphasizing that the current indictment fails to meet the rigorous standards required for legal scrutiny.
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Recent allegations have surfaced against Gautam Adani, Sagar Adani, and Vneet Jaain, prominent figures in the Adani Group. U.S. authorities have charged them with orchestrating a bribery scheme involving around Rs. 265 million to secure solar energy contracts in India.
The charges include securities and wire fraud, with accusations that they misrepresented the company’s anti-bribery measures to U.S. investors and financial institutions.
The Adani Group has strongly denied these claims, describing them as unfounded. They emphasize that while their executives face charges related to securities and wire fraud, they have not been charged with violations of the Foreign Corrupt Practices Act (FCPA).
In light of these allegations, the Andhra Pradesh government is reviewing its power purchase agreement with the Adani Group and is considering the potential cancellation of the contract. Additionally, international partners such as TotalEnergies have suspended new investments in Adani companies as investigations continue.
These developments have resulted in significant financial impacts for the Adani Group.
The press conference provided a detailed rebuttal of the FCPA allegations against the Adani Group, with Mukul Rohatgi dismantling claims of bribery and conspiracy as unfounded. As the matter progresses, the focus will remain on whether the charges can withstand judicial scrutiny or if the Adani Group’s clarifications will exonerate its executives from the allegations.