Azure Power settles US securities lawsuit, deposits USD 23 mn in escrow account

New Delhi, Sep 9 (PTI) Homegrown Azure Power on Tuesday said it has settled a securities law violation lawsuit filed in the US by depositing USD 23 million into an escrow account.

In a statement on Tuesday, Azure Power said it has resolved the lawsuit in the US.

"As Azure Power Global previously disclosed, a class action lawsuit was filed in the US District Court for the Southern District of New York, case number 1:22-cv-07432, against the company and certain of its former directors and officers, alleging violations of US securities laws," it said.

On April 11, 2025, the company and the court-appointed lead plaintiff, acting on behalf of all members of the settlement class, agreed, subject to court approval, to a full and final settlement of the lawsuit without any admission of liability by any defendant.

The settlement received preliminary approval from the Court on April 30, 2025, and has now been granted final approval. Pursuant to the settlement terms, the company has already transferred the settlement amount of USD 23 million into a designated escrow account established for this purpose.

The company said it believes that this resolution will enable it to move forward with a focus on delivering sustainable energy solutions and creating long-term value for stakeholders.

Azure Power develops, constructs and operates renewable energy projects. PTI ABI ABI DR DR