Home Business Adani Green Cancels $600 Million Bond Plan Amid U.S. Legal Challenges
Adani

Adani Green Cancels $600 Million Bond Plan Amid U.S. Legal Challenges

by rtvenglish
64 views

Adani Green Energy has withdrawn its plans to raise $600 million through U.S. dollar bonds, following the issuance of an arrest warrant in New York against Gautam Adani and others in connection with alleged bribery and fraud. The development comes amid mounting legal scrutiny in the United States.

SEC Alleges Fraud and Bribery
The U.S. Securities and Exchange Commission (SEC) has filed a civil case accusing Gautam Adani, his nephew Sagar Adani, and other executives of violating U.S. securities laws. According to the SEC, Adani Green Energy misled American investors to raise over $175 million and paid approximately $265 million in bribes over two decades to secure approvals for India’s largest solar power project, which generated $2 billion in profits.

ALSO READ: Gautam Adani Faces Arrest Warrant in New York Over Solar Project Scandal

Alongside the SEC lawsuit, criminal charges have been filed under the U.S. Foreign Corrupt Practices Act (FCPA). Prosecutors allege that five individuals conspired to violate anti-bribery laws, while four others are accused of obstructing justice. None of the accused, including Gautam Adani, Sagar Adani, and other executives, are currently in custody, confirmed U.S. Attorney Breon Peace.

Implications for Adani Group Shares
The allegations are expected to have a significant impact on Adani Group companies’ shares. Analysts suggest that the controversies, including claims of misrepresentation to international investors, could erode market confidence.

No comments have been received from the Indian Embassy in Washington regarding the case. The legal developments mark another setback for the Adani Group, which had recently recovered from the fallout of the Hindenburg report. The group now faces heightened scrutiny on the global stage.

ALSO READ: Nagarjuna Seeks Criminal Action Against Minister Konda Surekha

You may also like

Our Company

By upholding a commitment to courageous journalism and an unshakable dedication to igniting social progress, RTV NEWS NETWORK redefines news reporting. At RTV, we stand out in the media landscape as a light of legitimacy and honesty.

Laest News

All Right Reserved. Designed and Developed by RTV