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Azure Power Global Ltd has responded to the charges filed by the US Securities and Exchange Commission (SEC) and the Department of Justice (DOJ) against a former board member, Cyril Cabanes.
“We are aware of the actions announced by the US Department of Justice and U.S. Securities & Exchange Commission against certain former directors and officers of Azure, as well as certain third parties," the company said in an statement exclusively to CNBC-TV18.
The company further stressed its commitment to transparency, adding, “As we initially disclosed in January 2023 and in subsequent filings and annual reports, we have been cooperating with those agencies in relation to those and other matters and we will continue to do so.”
Azure Power highlighted that Cabanes had been separated from the company for over a year, and reaffirmed its dedication to strong governance standards in its pursuit of providing clean energy solutions.
Also read: Adani Group calls allegations 'baseless'; To seek all possible legal recourse
“We have no further comment at this time,” the company concluded.
In parallel, the SEC and DOJ filed charges in the US District Court for the Eastern District of New York, accusing Gautam Adani, Sagar Adani, and Cyril Cabanes of serious violations, including securities fraud and bribery.
The charges allege that Cabanes facilitated a bribery scheme to help Azure Power secure energy contracts in India. The SEC’s investigation is ongoing, with support from other US agencies, including the DOJ and FBI.
“We are aware of the actions announced by the US Department of Justice and U.S. Securities & Exchange Commission against certain former directors and officers of Azure, as well as certain third parties," the company said in an statement exclusively to CNBC-TV18.
The company further stressed its commitment to transparency, adding, “As we initially disclosed in January 2023 and in subsequent filings and annual reports, we have been cooperating with those agencies in relation to those and other matters and we will continue to do so.”
Azure Power highlighted that Cabanes had been separated from the company for over a year, and reaffirmed its dedication to strong governance standards in its pursuit of providing clean energy solutions.
Also read: Adani Group calls allegations 'baseless'; To seek all possible legal recourse
“We have no further comment at this time,” the company concluded.
In parallel, the SEC and DOJ filed charges in the US District Court for the Eastern District of New York, accusing Gautam Adani, Sagar Adani, and Cyril Cabanes of serious violations, including securities fraud and bribery.
The charges allege that Cabanes facilitated a bribery scheme to help Azure Power secure energy contracts in India. The SEC’s investigation is ongoing, with support from other US agencies, including the DOJ and FBI.
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