Azure Power Settles Bribery Allegations with $23 Million Payout

Azure Power has settled a lawsuit for $23 million in a US court over alleged bribery and data misrepresentation. Former executives faced charges of misleading investors. The settlement aims for corporate transparency and forward focus on sustainable energy. Shareholders affected by the misrepresentation will be compensated.

Devdiscourse News Desk | New Delhi | Updated: 09-09-2025 19:01 IST | Created: 09-09-2025 19:01 IST

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Solar energy firm Azure Power has reached a $23 million settlement in a US district court, resolving charges of alleged bribery and data misrepresentation, the company announced on Tuesday.

The charges were levied by a New York district court against Azure and its former executives Ranjit Gupta, Murali Subramanian, and Pawan Kumar Agrawal. The accusations included making false claims about compliance with anti-corruption laws and causing damage to investors who bought shares at artificially inflated prices.

The settlement, conditionally approved by the court on April 30, 2025, has received final approval, enabling Azure Power to focus on delivering sustainable energy solutions and maintaining ethical integrity. Affected shareholders will receive compensation for losses on purchases of shares between January 1, 2020, and November 20, 2024.