Key Event Summary
Adani Green Energy Limited disclosed that the United States District Court for the Eastern District of New York (US Eastern District NY Court) has dismissed with prejudice the criminal indictment (No. 24-CR-433) against Mr. Gautam S. Adani, Mr. Sagar R. Adani, and Mr. Vneet S. Jaain pursuant to court order dated August 10, 2026.
Background of Proceedings
The criminal indictment was originally filed on October 24, 2024, by the United States Department of Justice (US DOJ) against eight defendants including three directors of Adani Green Energy. The charges included:
- Conspiracy to Violate the Foreign Corrupt Practices Act (FCPA)
- Securities Fraud Conspiracy
- Wire Fraud Conspiracy
- Securities Fraud
- Conspiracy to Obstruct Justice
The indictment alleged serious accusations of foreign corrupt practices, fraud, obstruction, and conspiracy between 2020 and 2024 involving approximately $265 million in alleged bribes to Indian government officials for solar energy contracts.
Dismissal Details
On May 18, 2026, the US DOJ filed a motion seeking dismissal with prejudice of all charges. The court granted the motion in part on August 10, 2026, specifically dismissing:
- Count Two: Securities Fraud Conspiracy
- Count Three: Wire Fraud Conspiracy
- Count Four: Securities Fraud
These counts were dismissed against Mr. Gautam S. Adani, Mr. Sagar R. Adani, and Mr. Vneet S. Jaain (Appearing Defendants) with prejudice, meaning the case cannot be re-opened for the same allegations.
Pending Matters
The court reserved judgment on:
- Count One: Conspiracy to Violate FCPA
- Count Five: Conspiracy to Obstruct Justice
These counts remain pending against five Non-Appearing Defendants: Ranjit Gupta, Cyril Cabanes, Saurabh Agarwal, Deepak Malhotra, and Rupesh Agarwal. The Department of Justice must provide reasons for dismissal and sufficient factual support for these counts by August 31, 2026.
Rationale for Dismissal
The court accepted the US DOJ's "Non-Actionable Puffery Rationale" for dismissing the fraud charges, finding that the alleged misrepresentations in financial documents regarding Adani Green's anti-bribery practices and policies could be interpreted as general statements about reputation and compliance that qualify as inactionable puffery under US securities law.
Company Status Clarification
The disclosure explicitly states that Adani Green Energy Limited was not a party to these proceedings, and no charges were ever brought against the company itself.
Additional Context
The disclosure references previous intimations and clarifications dated November 21, 2024, November 27, 2024, January 23, 2026, January 24, 2026, January 31, 2026, April 8, 2026, April 18, 2026, May 15, 2026 and May 18, 2026 regarding this matter.
Financial Impact
No financial impact on Adani Green Energy Limited was disclosed in the filing, as the company was not a party to the proceedings and no charges were brought against it.