The US SEC said that it had charged Gautam Adani and Sagar Adani "for conduct arising out of a massive bribery scheme". The US SEC said that it had charged Gautam Adani and Sagar Adani "for conduct arising out of a massive bribery scheme". The US SEC said that it had charged Gautam Adani and Sagar Adani "for conduct arising out of a massive bribery scheme". The Securities and Exchange Board of India will consider stepping in the matter of a US federal court's indictment of Gautam Adani and some other Adani Group officials for their alleged roles in a fraud scheme against US investors involving false statements and concealment of alleged bribery in state solar power projects only if cooperation is invoked under the inter-regulatory bilateral memorandum of understanding with the US Securities and Exchange Commission, a senior SEBI official told Informist on the sidelines of an event in Mumbai today.
The US SEC said in a press release Wednesday that it had charged Gautam Adani and Sagar Adani, in their capacity as officials of Adani Green Energy Ltd, "for conduct arising out of a massive bribery scheme". Given the charges, SEBI will soon decide if its intervention is required under the inter-regulatory cooperation pact with the SEC, the official indicated.
According to the SEC, "the bribery scheme was orchestrated to enable the two renewable energy companies to capitalize on a multi-billion-dollar solar energy project that the companies had been awarded by the Indian government."
During the alleged scheme, "Adani Green raised more than $175 million from U.S. investors and Azure Power’s stock was traded on the New York Stock Exchange," the SEC said in a press release. The US market regulator has also charged an executive of Azure Power Global Ltd, Cyril Cabanes, for the same conduct arising out of the alleged bribery.