In his first public address following recent allegations and a U.S. indictment, Gautam Adani, Chairman of the Adani Group, reiterated his company's resilience, declaring that "every attack makes us stronger." Speaking at the 51st Gems and Jewellery Awards on Saturday, Adani addressed the legal challenges his conglomerate is facing, following charges of securities fraud and violations of anti-bribery regulations related to Adani Green Energy Ltd (AGEL).
On November 20, 2024, the U.S. Department of Justice and Securities and Exchange Commission (SEC) filed charges against Gautam Adani and other senior executives, alleging misleading statements in AGEL’s bond offering documents. Despite the gravity of these accusations, Adani rejected the allegations as baseless and stressed that no member of the Adani Group had been charged with violations of the U.S. Foreign Corrupt Practices Act (FCPA).
"Despite a lot of vested reporting, no one from the Adani side has been charged with any violation of the FCPA or any conspiracy to obstruct justice," Adani stated, emphasising the group's ongoing commitment to regulatory compliance. He acknowledged the role of media negativity but noted that "negativity spreads faster than facts" in today’s world.
The legal challenges come at a time when Adani Green Energy had to cancel a $600-million bond issue after the U.S. indictment, causing a temporary dip in Adani Group stock prices. However, shares have since rebounded, with Adani Green Energy surging almost 22% in recent days.
Adani reflected on the group’s past struggles, including the successful but contentious investment in an Australian coal mine, which was opposed by NGOs for nearly a decade. He emphasised that such challenges have only strengthened the group’s resolve. "These challenges have not broken us. Instead, they have defined us," Adani said.
Addressing the larger theme of resilience, Adani urged business leaders to embrace technology, sustainability, and innovation. "The bolder your dreams, the more the world will scrutinize you," he said. "But in that scrutiny, you must find the courage to rise, challenge the status quo, and build a path where none exists."
Adani concluded by reaffirming his commitment to operational excellence, noting that the group's financial stability had remained strong despite external challenges, with no downgrades from credit rating agencies and positive validation from India’s Supreme Court.
(Inputs from agencies)
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