Independent Review On US Indictment Found No Irregularities, Says Adani Green

Adani Green Energy Ltd. on Monday said an independent review into the indictment of its senior officials in the United States found no irregularities or non-compliance.

In November last year, the US Department of Justice filed an indictment against two executive directors and one non-executive director of the company. They were charged with alleged securities and wire fraud conspiracy, and for allegedly making false and misleading statements.

In January, Adani Green appointed independent law firms to perform an independent review to assess and evaluate related non-compliance, if any, in this matter.

"Such independent review also did not identify any non-compliances or irregularities in the matter," Adani Green said in an exchange filing. The company, along with its founder Gautam Adani, had earlier vehemently rejected the allegations levelled in the US, calling them "baseless".

Based on the independent review, Adani Green's management has concluded that the company and subsidiaries "have complied with applicable laws and regulations", stated the filing made on Monday.

The pending proceedings in the matter are "not expected to have any material consequences on the company", it added.

The company also informed the exchanges that its board has approved the reappointment of Vneet S Jaain as the managing director for a five-year term, with effect from July 10.

Along with the regulatory filing, Adani Green published its financial results for the quarter and year-ended March 31, 2025. The renewable energy supplier's earnings before interest, taxes, depreciation and amortisation from power supply jumped 35% year-on-year in the fourth quarter to Rs 2,453 crore.

For the entire fiscal, the Ebitda crossed the $1-billion mark, as it grew by 22% year-on-year to Rs 8,818 crore.

The company's operational renewable energy capacity grew 30% year-on-year to 14.2 gigawatts in fiscal 2025, which "continues to be India's largest". The firm also reported a greenfield addition of 3.3 GW during the fiscal, which is "India’s highest ever" by any renewable energy firm.

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