New Delhi [India]: Following the US prosecutors charging Adani Group Chairman Gautam Adani and others in alleged Solar Energy Contract bribery case, Vidya Bhushan Soni, former Indian Ambassador to Bangladesh, downplayed concerns over the framing of charges, emphasising that the Indian government is not involved in the alleged wrongdoing.
He further noted that the issue revolves around a private firm’s actions, specifically bribes paid to state government officials, which he called a side business that would not impact India’s reputation.
While speaking with media, Soni said, “…Framing charges is something that we don’t have to worry about. They will go through the process, as I think the Washington press secretary also has mentioned that let the law take its own progress. Let the process start. And they will ask questions and they will ask documents whatever it is, some of them are already in their position.”
He added, “So we from India, we don’t have to worry because it’s something which a private firm has done. The Indian government is not involved. Yes, there is an issue of bribes being paid to government officials, but there were state officials, and it was not the centre which was doing it, and it was some side business which you may call it, so that shouldn’t affect us, but our main concern is that Indian corporate image takes a hit.”
However, the former Ambassador expressed worry that the situation could degrade India’s corporate image and deter investors, potentially creating a perception that India lacks transparency and rule of law.
Soni told media, “That is what to my mind is worrisome because a kind of situation is being created by vested interests in the US whereby they are levelling charges which can affect investors to come to India, which means that there is no transparency in the Indian system because investment will take place only when there are people feel comfortable that the rule of law will prevail. So that is, I think, the effort on their part, but our system which will survive. These are hiccups which can happen, so I don’t think we have to worry about it except that in the short term. In this uncertain situation. interests may like to fish in troubled waters for their benefit and to harm India.”
Earlier, the US Attorney’s Office for the Eastern District of New York unsealed criminal charges against Gautam Adani and other executives linking them to an alleged bribery scheme. The Adani Group strongly refuted bribery allegations made by the US Department of Justice and the US Securities and Exchange Commission against directors of the Adani Green, terming them baseless.
Adani Group spokesperson, in an official statement, said all legal recourse will be taken. “The US Department of Justice and the US Securities and Exchange Commission against directors of Adani Green are baseless and denied,” the statement read.
The group further highlighted a key aspect of the legal proceedings. “As stated by the US Department of Justice itself, ‘The charges in the indictment are allegations and the defendants are presumed innocent unless and until proven guilty.’ All possible legal recourse will be sought,” the statement said.Amid these allegations, Adani Green Energy also informed stock exchanges that its subsidiaries have decided to defer their planned US dollar-denominated bond offerings.