The Ministry of External Affairs (MEA) said that the Indian government was not informed in advance by US prosecutors while charging Adani and others of bribery and fraud.
In a statement on November 29, the MEA spokesperson Randhir Jaiswal said it is a legal matter involving private firms and individuals and the US Department of Justice. “There are established procedures and legal avenues in such cases which we believe would be followed. The government of India was not informed in advance on the issue,” he added.
The external affairs ministry said that any request by a foreign government for service of summons/arrest warrant is part of mutual legal assistance. Such requests are examined on merits. “We have not received any request on this case from the US side,” the MEA said on whether US served summons or warrant to Indian mission in Washington on Adani case.
The Indian conglomerate claimed that there were no bribery charges against Gautam Adani and other group executives. It also said that its portfolio companies have sufficient liquidity to cover all debt servicing requirements for at least the next 12 months.
The fresh strength in Adani counters appeared as big investors kept their faith in the group after its clarification on the alleged US bribery case.
Rating agency Crisil, in its latest credit bulletin released on Friday, maintained its strong credit ratings for Adani Group companies. “Despite recent legal developments, including a US indictment followed by materially false and misleading coverage, the agency has maintained a positive outlook on the group’s companies and entities. Adani Group has sufficient liquidity and operational cash flows to meet its debt obligations and committed capex plans over the medium term,” the bulletin stated.
While acknowledging the potential impact of the ongoing legal proceedings, the rating agency said it will continue to closely monitor the situation and any potential regulatory, judicial, or governmental actions that may affect the group’s financial position and operations.
After Abu Dhabi’s International Holding Company (IHC) reaffirmed its support to the Adani Group, other international partners also expressed their continued support for the group.
The Sri Lanka Ports Authority expressed its ongoing confidence in its partnership with Adani, as the Indian group plays a vital role in expanding the country’s port infrastructure.
The Tanzanian government also reaffirmed its commitment to its agreements with Adani Ports, as it feels that there are no concerns regarding the ongoing projects and that all contracts fully comply with Tanzanian law.
Israel also wants Adani Group to continue to invest in the country, Israel’s envoy to India said on November 28, affirming its support for the ports-to-media conglomerate.
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