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News Topical, Digital Desk : Adani Group News: The US Securities and Exchange Commission (SEC) has informed the New York District Court that summons and complaints have not yet been served on billionaire industrialist Gautam Adani and his nephew Sagar Adani.
The case is related to the allegations leveled by the SEC in November 2024, accusing Gautam and Sagar Adani of making "false and misleading" statements during the raising of $175 million in debt in connection with Adani Green Energy.
Seeking cooperation from India
The SEC told the court that Gautam and Sagar Adani are in India and assistance has been sought from the Law Ministry of India to serve the summons to them. The US agency is coordinating with Indian courts in the process of sending summons under the Hague Convention. In March, the Law Ministry of India sent this summons to a sessions court in Gujarat so that summons could be served to Gautam and Sagar Adani from there.
Summons not yet reached
The recent filing of the SEC also clarifies that the Indian courts have not yet summoned Gautam and Sagar Adani. The SEC told the court that they will submit the next report on the progress of this process by August 11. Summary of allegations The SEC and the US Department of Justice allege that Gautam Adani and Sagar Adani have violated federal securities laws and falsified business information related to Adani Green Energy. Apart from this, they have also been accused of paying bribes for solar energy contracts in India, which the Adani Group has denied. Group's response The Adani Group has termed these allegations as baseless and said that they will use all legal options. Senior advocate Mukul Rohatgi also clarified in the press conference that there are no charges against Gautam and Sagar Adani under the US Anti-Corruption Act (FCPA). Further action The hearing of this case is going on in the US court and more updates are likely in this case in the coming time. The SEC and the US Department of Justice are investigating this matter and trying to get cooperation from the Government of India so that the summons can be sent effectively.
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