An employee of Azure Power had filed a corruption complaint in May 2022 under company policy. In this complaint, serious allegations were made against some former officials of Adani Group and Azure Power. The US Eastern District Attorney of New York and the FBI have filed documents in the court regarding these allegations.
Adani Group and Azure’s side
Adani Group termed the allegations as “baseless” and said they would pursue legal options. On the other hand, Azure Power admitted that some employees at one of their project sites tampered with data and manipulated payments. However, he rejected the bribery allegations, saying no evidence had been found of wrongful payment to any government official.
Whistleblower’s second complaint
In September 2022, Azure received another complaint alleging irregularities in joint ventures and land acquisition. After investigation, Azure said that erroneous payments by “third-party land aggregators” were possible, but no such payments were made by the company.
Azure architecture and operations
Azure Power Global Limited is registered in Mauritius and owns 64 subsidiaries and affiliates. These include Azure Power Rajasthan Pvt. Ltd., Azure Power Punjab Pvt. Ltd., Azure Power Mars Pvt. Ltd., and Azure Power Jupiter Pvt. Ltd. Companies like.
Issue of delisting from NYSE
In November 2022, Azure shares were delisted from the New York Stock Exchange (NYSE). The reason for this was that the company could not submit the necessary reports to the SEC on time. In April 2024, Azure announced that their US reporting requirements were waived following the delisting.
broad impact
This matter is not limited to just Adani Group and Azure. This shows how insider complaints and investigations into large corporate groups can increase their legal and reputational risks.
Disclaimer: This information is for informational purposes only and should not be construed as investment advice. It is recommended to consult a financial advisor before making investment decisions.