Adani Group’s Gautam Adani and his nephew, Sagar Adani, have in an agreement with the US Securities and Exchange Commission (SEC). They were of making false and misleading statements for a 2021 bond offering by Adani Green Energy, an Adani Group company.
Gautam Adani and Sagar Adani have consented to the penalty without admitting or denying the allegations in the SEC charges filed in 2024.
It is alleged that as the founder and executive director of Adani Green Energy, Gautam Adani and his nephew Sagar Adani, respectively, orchestrated a bribery scheme in which they would offer a large sum of money to Indian government officials if they purchased energy from the company at rates higher than the market price.
The Adanis allegedly raised more than USD175 million from US investors, claiming compliance with anti-bribery laws related to a USD700 million bond offering.
The proposed SEC penalty is subject to the approval of the court, and if approved, would require Gautam Adani to pay USD6 million and Sagar Adani USD12 million, making the penalty USD18 million in total.
The Competition Commission of India had recently given Gautam Adani, Sagar Adani, a few companies from the Adani Group including Adani Green Energy and eight entities, that alleged favourable treatment of the Adani Group for government power purchase agreements.
