Adani says legal battles reinforced his faith in rule of law

New Delhi: Adani Group Chairman Gautam Adani on Wednesday, August 12, said the dismissal of the US criminal case has left him with humility rather than triumph, saying the experience reinforced his faith in the rule of law and the importance of honouring commitments through periods of adversity.

Speaking to employees and partners in the second edition of Apni Baat, Apno Ke Saath, Adani reflected on the Hindenburg Research allegations of 2023 and the subsequent US Justice Department case, days after a federal judge in New York dismissed the criminal charges against him and his nephew Sagar Adani.

The judge’s ruling ended the criminal case, but also raised concerns about the Justice Department’s decision-making process.

Adani said the episode had strengthened his conviction that “enduring confidence is earned by honouring commitments, standing by one’s values and doing the right thing, especially in difficult times”, according to a statement issued by the conglomerate.

Recalling the Group’s decision to withdraw its Rs 20,000 crore follow-on public offering in 2023, despite the issue being fully subscribed, he said, “Trust is greater than any legal right”.

He added that while laws confer rights, values determine when those rights should be exercised.

The Adani Group withdrew the FPO after Hindenburg Research published allegations of stock manipulation, improper use of offshore tax havens and excessive debt. The group denied the allegations.

The US case followed in November 2024, when federal prosecutors accused Adani and others of agreeing to pay about ISD 265 million in bribes to Indian government officials to secure solar-power contracts and of misleading US investors.

Adani and the group denied wrongdoing. On August 10, US District Judge Nicholas Garaufis dismissed the criminal charges after the Justice Department sought to withdraw the case.

Adani said the group remained focused on executing its businesses during the legal proceedings, while employees, suppliers, contractors, vendors and partners continued to deliver on commitments.

“While public attention remained fixed on the legal proceedings, employees, workers, suppliers, contractors, vendors and partners quietly continued building businesses, serving customers and delivering on their commitments,” he said.

“Their unwavering dedication helped turn one of the Group’s most challenging chapters into one of its strongest periods of growth.”

He also said the episode deepened his faith in people, recounting how individuals across India whom he had never met offered encouragement and support.

Adani said criticism of the group should also be viewed as an opportunity for introspection.

“I also expressed gratitude to those who questioned and criticised the Group, saying criticism, irrespective of intent, offers an opportunity for introspection and improvement,” he said.

FROM ADVERSITY TO NATION-BUILDING

With India preparing to mark its 80th Independence Day, Adani shifted the focus from the legal battle to the country’s longer-term development, urging the more than three lakh employees and partners of the ‘Adani Parivar’ to consider what legacy their generation would leave behind.

“As the country advanced towards Viksit Bharat, he urged every employee and partner to ask a simple but profound question: What will our generation be remembered for?” the Group said in its account of the address.

Adani said the lessons of his own life – including leaving home as a teenager in search of opportunity – had reinforced the importance of integrity, humility and perseverance.

“Character, he reflected, is like an uncut diamond whose brilliance emerges only through perseverance, experience and adversity,” the Group said.

Drawing on the Hindu story of Samudra Manthan, Adani said adversity does not create character, but reveals it.

He said the Hindenburg allegations and the US proceedings had tested the Group’s ability to remain patient, respect due process and stay focused under intense scrutiny.

He cited work at the Khavda Renewable Energy Park and a conversation with young engineer Amit Kumar as an example of what he described as the broader meaning of development.

Development, Adani said, should be measured not only by infrastructure but also by “the hope it inspires, the dignity it restores and the lives it transforms”.

Adani concluded by calling on employees and partners to build institutions capable of lasting beyond their founders.

The task ahead, he said, is not simply to build world-class businesses, but to build institutions that outlast individuals, expand opportunity and help build a stronger, more self-reliant India.

“Those institutions, guided by values and dedicated to service, will help realise the shared vision of Viksit Bharat,” he said.