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Informist, Tuesday, Aug. 12, 2025

 

By Rajesh Gajra

 

NEW DELHI – The US securities market regulator Securities and Exchange Commission made a status report filing Monday with the US District Court in eastern district of New York in a fraud case against Gautam Adani and Sagar Adani that was originally filed on Nov. 20. A spokesperson of the SEC confirmed the development with Informist. Gautam Adani is the chairman of Adani Ports and Special Economic Zone Ltd. and other listed Adani group companies.

 

In its filing Monday, the SEC apprised the court of the status of its efforts to serve the summons and complaint on the Adanis. "Defendants (Gautam Adani and Sagar Adani) are located in India and the SEC's efforts to serve them are ongoing, including a request for assistance from Indian authorities to effect service under the Hague Service Convention," the SEC said in its court filing Monday. The SEC said in the court filing it intends to continue communicating with India's Ministry of Law and Justice on serving the summons under the Hague Service Convention.

 

In the Nov. 20 complaint before the court, the SEC had alleged that the Adanis had violated US federal securities laws by making false and misleading representations about Adani Green Energy Ltd. in connection with a September 2021 debt offering. In a press release on Nov. 20, SEC had said it was charging the Adanis in their capacity as officials of Adani Green Energy "for conduct arising out of a massive bribery scheme."

 

In a press release issued on Nov. 20, the US Attorney's Office at Eastern District of New York under the Department of Justice said the case involved allegations of the two Adanis and other executives having roles in a multi-billion-dollar scheme to obtain funds from US investors and global financial institutions on the basis of false and misleading statements. It was further alleged that more than $175 million in bribes were promised to Indian government officials to secure solar energy contracts.

 

On Nov. 21, the Adani group had denied the charges by the US Department of Justice and SEC and called them baseless. The group had said the charges in the indictment are allegations and as defendants the officials named "are presumed innocent unless and until proven guilty."

 

On Tuesday, shares of Adani Green Energy closed at INR 930.90, up 0.2%, on the National Stock Exchange.  End

 

Edited by Akul Nishant Akhoury

 

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