Gautam Adani

A 10-week defence campaign involving about 600 pages of legal submissions, presentations and expert testimony helped persuade the US Justice Department to drop bribery and securities fraud charges against billionaire Gautam Adani, according to newly unsealed court filings that detail how one of the year's highest-profile corporate prosecutions was abandoned. Robert J. Giuffra Jr, Adani's lead lawyer and co-chair of Sullivan & Cromwell, in a July 14 filing said the effort, which ran from February 3 to April 17, included a 118-page submission to prosecutors, a 12-page supplemental filing and two slide presentations totalling 130 pages. A separate 151-page presentation was also submitted to the US Securities and Exchange Commission in March. The filing provides the clearest public account yet of how federal prosecutors reversed course in one of the year's most closely watched corporate prosecutions. The case began on November 20, 2024, when US prosecutors unsealed an indictment ...

A Brooklyn federal prosecutor told the court he had no basis to question the Justice Department's decision to drop the fraud and bribery case against Adani, while stopping short of endorsing the move

Adani Group Chairman Gautam Adani has denied under oath that there was any promise, agreement or deal behind the US Department of Justice's move to dismiss a criminal indictment against him, saying, in a sworn affidavit, that he was unaware of any exchange connected to the decision. The affidavit was filed in response to a July 8 order by the US District Court for the Eastern District of New York asking Adani to state under oath whether he was aware of any promise, offer or agreement related to the dismissal of the indictment. Adani said he was not aware of "anything promised, offered, sought, received, agreed to, or accepted" by anyone in connection with the dismissal, and denied knowledge of any agreement involving an exchange of anything of value for dropping the criminal charges. The Justice Department had moved to dismiss charges filed in 2024 under the Biden administration, accusing Adani and seven others of participating in a scheme to pay about USD 250 million in bribes to .

Shares of Adani group companies rallied up to 7% in intraday deals today after Samir Arora's Helios Capital picked up stake in the flagship Adani Enterprises.

Billionaire Gautam Adani will file this week a sworn affidavit in a US federal court stating whether he is aware of any promise, agreement or benefit linked to the US government's decision to dismiss a criminal indictment against him. US District Judge Nicholas Garaufis directed Adani to file the affidavit by July 15 before ruling on the Justice Department's motion to dismiss the indictment with prejudice. The judge asked Adani to state whether he is aware of any promise, offer, agreement or benefit connected to the dismissal, or of any exchange made in return for the charges being dropped. Sources said Adani is likely to file the affidavit this week. The Adani group did not offer any comment on the issue, saying the matter is sub judice. The order of June followed a filing by Principal Associate Deputy Attorney General in the Department of Justice, R Trent McCotter, who said he was the "final and sole decision-maker" behind the dismissal and denied media reports that the decision

Judge Nicholas Garaufis has directed the Indian billionaire to file sworn responses by July 15 on whether any promises or deals were linked to the Justice Department's move to dismiss the indictment

US legal experts said it would be highly unusual for a federal court to reject the Department of Justice's request to dismiss the criminal case against Indian billionaire Gautam Adani, after prosecutors set out detailed legal and policy reasons for seeking to drop the indictment. Under Rule 48(a) of the Federal Rules of Criminal Procedure, the Justice Department must obtain the court's permission to dismiss an indictment. While judges may seek additional information or hold hearings before ruling, legal experts said there is little modern precedent for compelling prosecutors to continue pursuing a case the executive branch has decided to abandon. "It would be very unusual if the courts were to do anything more than accept the department's reasoning and dismiss the case," Adam Goldberg, Corporate Investigations Partner at Pillsbury, told PTI Videos. "The Department of Justice has provided tremendous amounts of detail not just with respect to a host of reasons why it does not want to .

The US Department of Justice has denied that its decision to drop criminal charges against Indian billionaire Gautam Adani and seven others was linked to the Adani Group's plans to invest about USD 10 billion in the United States, saying the prosecution was legally unsustainable and should never have been brought. In a filing, responding to a federal judge's demand for a fuller explanation, Principal Associate Deputy Attorney General R Trent McCotter rejected media reports suggesting the dismissal was influenced by the conglomerate's investment plans. "The current or former Department attorneys... have suggested that I sought dismissal of the securities charges at least in part because of some promise by those defendants to invest money in the United States. That is false," McCotter wrote. "I would have sought dismissal of the securities charges regardless of any mentions of investments," he added, saying he had already concluded that the case should be dropped before the issue was

The US Department of Justice has forcefully defended its decision to abandon the criminal case against Indian billionaire Gautam Adani and seven others, telling a federal judge the prosecution was legally flawed, diplomatically counterproductive and inconsistent with the Trump administration's enforcement priorities. In a sharply worded 10-page filing, the DOJ said the case "should have been dropped a year ago -- or never brought in the first place," arguing that the court had only a limited role in reviewing its decision to dismiss charges with prejudice. The filing came after US District Judge Nicholas Garaufis asked the department to explain why it was seeking to permanently dismiss the indictment, calling its earlier motion "terse, bland, and conclusory". DOJ had in 2024 under the Biden administration indicted Adani and others for allegedly being involved in a scheme to bribe Indian government officials to the tune of USD 250 million and to lie to investors to receive billions .

A US federal judge's decision to seek a fuller explanation from prosecutors before approving the dismissal of criminal charges against Indian billionaire Gautam Adani is a procedural requirement and does not signal that the case is likely to proceed, according to a senior US lawyer familiar with federal criminal practice. "The judge's order is procedural," lawyer Chris Man said. Under Rule 48(a), the Department of Justice must obtain leave of court to dismiss an indictment, and judges can ask questions or seek additional briefing before ruling. "That, by itself, is not unusual," he said. The lawyer added that there is little precedent for a federal court compelling prosecutors to continue pursuing a criminal case once the Justice Department has decided it should be dismissed. Judges "have little discretion," he said. "There is effectively no modern precedent for a judge forcing the Department of Justice to prosecute a case that the executive branch has determined should be abandone

The Justice Department said last month it would no longer pursue the prosecution

The Indian billionaire's lawyers argued that the case falls outside US jurisdiction and that prosecutors cannot prove the alleged bribery in India

Group companies gained after Gautam Adani outlined expansion plans at the AGM, while Morgan Stanley raised its target price for Adani Power and retained an overweight rating

Gautam Adani says the group is expanding across power, nuclear energy, transmission, ports, data centres and cement, backed by large-scale infrastructure investments

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Adani said the group will simplify management structures, strengthen contractor partnerships and improve welfare standards for its nearly 400,000-strong workforce

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Billionaire Gautam Adani said the Adani Group has moved beyond its US legal challenges and is accelerating investments across energy, transport, logistics and digital infrastructure, positioning itself to benefit from rising demand for artificial intelligence-led growth. In his annual letter to shareholders, Adani said the conglomerate remained committed to expansion despite heightened scrutiny over the past year, adding that matters related to the group's US legal proceedings were now "behind us", allowing it to focus on its next phase of growth. Adani described the group's recent Rs 24,930 crore rights issue in flagship firm Adani Enterprises as a vote of confidence from investors at a time when the conglomerate faced questions over governance and regulatory issues. "Even though it was a year in which the world grew more fractured, complex energy security models returned to the centre of national strategy and technology became inseparable from sovereignty, Adani Group remained ...

Adani Group stocks have erased losses triggered by the 2023 Hindenburg report as investor confidence returns amid easing regulatory pressures

The US Department of Justice dropped all criminal charges against Gautam Adani, bringing the high-profile alleged bribery case to an end.