Gautam Adani welcomes US court's decision, says will continue to build for our nation
Washington/New Delhi, Aug 11 Gautam Adani, Chairman of the Adani Group, has welcomed the US court's decision with "humility and deep respect for the judicial process", as the court dismissed all criminal charges against Gautam Adani, Sagar Adani and their associate Vneet Jaain.
Judge Nicholas Garaufis of the United States District Court for the Eastern District of New York dismissed criminal charges against the Adani Group on Monday related to securities and wire fraud with prejudice.
"Throughout this challenging period, our faith in truth, fairness and the rule of law remained unwavering," the Adani Group Chairman said in a post on X.
"My deepest gratitude to those who never lost faith in us, in the system and in India's capacity for justice," said Gautam Adani.
Separately, the court finalised a settlement between the Adanis and the US Securities and Exchange Commission (SEC), which will see the former pay the US government $18 million and formally settle the civil securities fraud charges against them.
"We will continue doing what matters: building for our nation, creating value that outlasts us and serving a purpose larger than ourselves. That is our commitment," Gautam Adani mentioned in the X post.
Last month, the US Department of Justice told a federal court that investors suffered no financial losses in the securities at the centre of the case against billionaire industrialist Gautam Adani, arguing that the absence of investor losses further undermined the government's own prosecution and reinforced its decision to seek dismissal of all criminal charges.
In a detailed filing before the US District Court for the Eastern District of New York, the Department said one of the central weaknesses in the securities fraud case was that investors had not suffered any financial harm.
"Not a single penny has ever been lost on the securities at issue," the filing states. It adds that two of the notes involved in the case "are fully paid back", while "the other two notes are currently paid up, with no indication of any change ahead".
— IANS
Reader Comments
While I'm happy for the Adani Group, let's not forget the $18 million settlement with SEC. It's not a complete clean chit. Having said that, the dismissal of criminal charges with prejudice is indeed significant. The Indian business ecosystem needs this positivity right now. Hope this clears the air for future investments.
This is what happens when you have faith in the system. The way our Indian companies are being targeted by foreign agencies sometimes feels unfair. But truth always wins! Adani ji's statement about "building for our nation" is exactly the kind of vision India needs for infrastructure development. 💪
As someone who follows global business news, I feel this was the right call by the US court. The evidence clearly showed no investor losses. However, the $18 million settlement does leave some questions about corporate governance practices. I hope this serves as a learning moment for all Indian conglomerates to maintain even higher transparency standards going forward.
Finally some good news for India Inc! The opposition was already making political noise over this, but the facts have proven otherwise. Adani Group has been instrumental in developing ports, airports and renewable energy across India. This decision will boost investor confidence in Indian markets. Jai Hind! 🇮🇳
The way Adani ji maintained his composure throughout this international legal battle is commendable. From a business perspective, this clears the overhang that was affecting Adani group stocks. Now the focus should shift to the massive infrastructure projects that will create thousands of jobs. This is a win for India's growth story.
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