Shares of Ad. Green Energy Limited (AGEL) rebounded on Wednesday (November 27), jumping over 8 per cent after the company issued a detailed clarification about recent bribery allegations involving its directors.
By 12:42 pm IST, the stock was trading at Rs 975.15 per share, up by 8.52 per cent, with a day’s high of Rs 988.40 after opening at Rs 890. The company stock by 1:00 PM IST surged over 9 per cent.
The market rally came as AGEL addressed media reports and legal charges that created uncertainty earlier this week.
Share performance – NSE |
The company through the exchange filing today stated that its directors, including Gautam Ad., Sagar Ad., and Vneet Jaain, had not been charged under the U.S. Foreign Corrupt Practices Act (FCPA) as claimed in some reports.
Ad. Green’s Response to Allegations
In an official statement, Ad. Green Energy Ltd clarified the situation in detail:
“This is in relation to our intimation dated November 21, 2024 (at 9:29 am) that the United States Department of Justice (“US DOJ”) and the United States Securities and Exchange Commission (“US SEC”) have issued a criminal indictment and brought a civil complaint, respectively, in the United States District Court for the Eastern District of New York, against our directors namely Mr. Gautam Ad. and Mr. Sagar Ad.. The US DOJ have also included our director namely, Mr. Vneet Jaain, in such criminal indictment.”
The company further emphasised that allegations of violating the FCPA were incorrect:
“Our directors, namely Mr. Gautam Ad., Mr. Sagar Ad., and Mr. Vneet Jaain, have not been charged with any violation of the FCPA in the counts set forth in the indictment of the US DOJ or civil complaint of the US SEC.”
“These directors have been charged on three counts in the criminal indictment namely (i) alleged securities fraud conspiracy, (ii) alleged wire fraud conspiracy, and (iii) alleged securities fraud,” added the company in the regulatory filing.
