Azure Power Settles USD 23M Bribery Case to Advance Operations
Azure Power has paid USD 23 million to settle a US lawsuit over alleged bribery and irregularities. The case involved former executives and accusations of misrepresented data to inflate stock prices. The settlement, approved by the court, allows Azure to focus on sustainable energy solutions.
- Country:
- India
Azure Power has reached a USD 23 million settlement in a US district court concerning alleged bribery and misconduct, the company announced on Tuesday.
The charges involved Azure and its previous executives, including Ranjit Gupta, Murali Subramanian, and Pawan Kumar Agrawal, who were accused of falsifying data and bribing for project acquisitions.
The settlement, which does not contain any admission of liability, enables Azure to advance in its mission to deliver sustainable energy, while the settlement amount has been allocated to an escrow account.
(With inputs from agencies.)
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