Adani agrees to accept legal notice in US civil fraud case, gets 90 days to reply
India Today
With Gautam Adani and Sagar Adani accepting service, the US civil fraud case will move ahead in New York, giving the businessmen 90 days to respond to allegations of misleading investors.
Billionaire Gautam Adani and his nephew Sagar Adani have agreed to accept service of a legal notice from the US Securities and Exchange Commission (SEC) in a civil fraud case, clearing a major procedural hurdle and setting the stage for the case to move forward in a federal court in Brooklyn, New York.
According to a court filing, Adani's lawyers appeared before the Eastern District of New York and consented to receive the SEC's summons on behalf of their clients. The court noted that while they have agreed to service, the defendants explicitly reserve the right to challenge the case on all grounds, including jurisdiction.
Under the court's directions, Gautam and Sagar Adani now have 90 days to file their response to the SEC's complaint. The regulator would then have up to 60 days to file a reply if required, after which the defendants may submit further responses.
The case stemmed from allegations that Gautam and Sagar Adani misled US investors regarding a bribery scheme linked to Adani Green Energy's solar power contracts in India, in violation of US securities laws and the Foreign Corrupt Practices Act. The SEC initially filed the lawsuit in November 2024.
The matter had been delayed for over a year, as the defendants remained in India and could not be served. Last week, the SEC requested alternative service through the US counsel and business emails after efforts to serve the papers via India's Ministry of Law and Justice failed.
AGEL, the renewable energy arm of the Adani Group, asserted that the company is not a party to the proceedings. The only parties to the proceeding are two directors of the company. However, no criminal charges have been brought against directors. The proceedings are entirely civil in nature.
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