Amid the latest development in the Adani saga with the US prosecutors charging Gautam Adani and seven others in an alleged bribery scheme, Azure Power reaffirmed its commitment to strong governance standards in its mission to deliver clean energy solutions.
“We are aware of the actions announced by the US Department of Justice and US Securities & Exchange Commission against certain former directors and officers of Azure, as well as certain third parties,” the company told CNBC-TV18.
Former directors, and officers of Azure in US actions have been separated from Azure for more than a year, the company said in a statement.
US authorities have named former Azure Power officials in the case, alongside Adani. Ranjit Gupta, was CEO Azure Power Global, between 2019 and 2022 whose stock was traded on the New York Stock Exchange until November 2023.
Azure Power highlighted that Cabanes had been separated from the company for over a year, and reaffirmed its dedication to strong governance standards in its pursuit of providing clean energy solutions.
Cyril Cabanes, was MD of Asia Pacific and Middle East regions at Caisse de depot et placement du Quebec (CDPQ), a Canadian investment firm, between 2016 and 2023. The indictment document said that an unnamed unit of CDPQ is the top stakeholder of Azure Power. Cabanes, his then-CDPQ colleagues Saurabh Agarwal and Deepak Malhotra and Rupesh Agarwal are accused of joining the conspiracy between 2021 and 2022.
Deepak Malhotra was Director of infrastructure, South Asia, at CDPQ when he joined the board of Azure Power in 2019. He resigned from the board in 2023, along with Cabanes.
Rupesh Agarwal is currently a co-chair at Indian industry lobby group FICCI Renewable Energy CEO Council. From July 2022 to August 2022, the period mentioned in the indictment document, he was the Chief Strategy and Commercial Officer at Azure.
US prosecutors allege the Adani Group paid $265 million in bribes to Indian officials to secure solar energy contracts projected to generate billions in profits.
The indictment accuses Adani and his associates of falsifying statements to obtain over $3 billion in loans and bonds, with charges under the US Foreign Corrupt Practices Act. Arrest warrants have been issued for Adani, his nephew Sagar Adani, and others.
In a statement, the Adani Group denied the allegations and said that the charges made by the US Department of Justice and the US Securities and Exchange Commission against directors of Adani Green are baseless. “All possible legal recourse will be sought,” it said.