Adani agrees to receive legal notice in U.S. SEC civil fraud case, to respond in 90 days

Gautam and Sagar Adani agree to accept legal notice from the U.S. SEC in a civil fraud case, responding in 90 days.

Billionaire Gautam Adani and his nephew, Sagar Adani, have agreed to receive a legal notice from the U.S. Securities and Exchange Commission (SEC) in a civil fraud lawsuit alleging they misled investors about a bribery scheme, according to a court filing.

The stipulation is subject to court approval.

In a filing in a federal court in Brooklyn, New York, seen by PTI, the SEC and U.S.-based lawyers for Mr. Gautam and Mr. Sagar Adani said the lawyers had agreed to accept service of the regulator’s legal papers, removing the need for a Judge to rule on how the defendants should be served.

The joint application (or stipulation) has been submitted for approval from the concerned Court. This is a standard procedural step in U.S. legal proceedings that allows for the orderly resolution of cases.

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If agreed by the Judge, the joint application will allow the SEC matter to progress while giving time to the Adanis to either file their motion to dismiss or their defence within 90 days. The SEC thereafter can file their opposition within a further period of 60 days. The Defendants can file their replies to such opposition within 45 days.