3 weeks ago
Gautam Adani Thanks Supporters After US Court Dismisses Charges
Gautam Adani is a very important businessman in India who runs a big company called the Adani Group.
Some people in America said he did something wrong with money rules.
A court in America looked at the case and decided to drop all the criminal charges against him and two other people from his company.
The judge who made this decision is named Nicholas Garaufis.
The court also made a separate deal with another American office called the SEC, where Adani's side will pay $18 million to settle civil charges.
Mr Adani said he is happy and thanked everyone who believed in him during the hard time.
He also said he took blessings from God and his parents.
A government office had earlier said that no investors lost any money in this case.
Mr Adani says he will keep working to build things for his country, India.
A US court dismissed all criminal charges against Gautam Adani, Sagar Adani and associate Vneet Jaain in a securities and wire fraud case.
Judge Nicholas Garaufis of the United States District Court for the Eastern District of New York dismissed all criminal charges against the Adani Group officials.
The Adanis separately finalized a settlement with the US Securities and Exchange Commission (SEC), paying the US government $18 million to settle civil securities fraud charges.
Gautam Adani took blessings from God and his parents and thanked all who stood by him during tough times.
The US Department of Justice had told a federal court last month that investors suffered no financial losses on the securities at the centre of the case.
- Who
- Gautam Adani, Chairman of the Adani Group, along with Sagar Adani and associate Vneet Jaain, and Judge Nicholas Garaufis of the United States District Court for the Eastern District of New York.
- What
- A US court dismissed all criminal charges against the Adani Group officials in a securities and wire fraud case, and a separate $18 million settlement with the SEC was finalized.
- Where
- The United States District Court for the Eastern District of New York; Adani responded from India, with reports from Ahmedabad.
- When
- The court decision and Adani's statements came on Tuesday, following a Department of Justice filing last month.
- Why
- The dismissal followed Department of Justice arguments that investors suffered no financial losses on the securities at the centre of the case.
Key facts
- Defendants
- Gautam Adani, Sagar Adani, Vneet Jaain
- Court
- United States District Court for the Eastern District of New York
- Presiding Judge
- Nicholas Garaufis
- Charges Dismissed
- All criminal charges related to securities and wire fraud
- SEC Settlement Amount
- $18 million paid to the US government
- DOJ Position
- Investors suffered no financial losses on the securities at issue
- Civil Charges
- Securities fraud charges formally settled with the SEC
Quotes
Gautam Adani
Chairman of the Adani Group
““We will continue doing what matters: building for our nation, creating value that outlasts us and serving a purpose larger than ourselves. That is our commitment.””
NDTV
thehansindia.com
““Taking the blessings from God and his parents, Gautam Adani thanked all those who stood by him even during tough times and kept their faith in him.””
thehansindia.com
Sources
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