Adani to Respond to US SEC Civil Fraud Notice Within 90 Days
Gautam and Sagar Adani take procedural step in Brooklyn court, preserving all defenses while preparing to file motion to dismiss or response.
US, Jan 31 : Billionaire Gautam Adani and his nephew Sagar Adani have agreed to accept a legal notice from the US Securities and Exchange Commission (SEC) in a civil fraud case, according to a federal court filing in Brooklyn, New York. The stipulation, pending court approval, allows the SEC lawsuit to proceed while giving the Adanis up to 90 days to respond or file a motion to dismiss.
The SEC filed the case in November 2024, alleging that the Adanis misled investors regarding Adani Green Energy Ltd (AGEL) and its role in a bribery scheme worth USD 265 million in India to secure solar power contracts. The Adani Group has repeatedly denied all allegations.
Previously, the lawsuit had been stalled as both Gautam and Sagar Adani were in India and could not be formally served. The court filing confirms that their US counsel agreed to accept service on their behalf, eliminating the need for alternative methods such as service via email.
AGEL clarified that the company itself is not a party to the case, and no criminal charges have been filed against the directors. Gautam and Sagar Adani retain all legal defenses, including objections regarding jurisdiction.
The civil proceedings will follow the standard US court timeline: after the Adanis file their response, the SEC can submit its opposition within 60 days, with a subsequent 45-day window for replies.
Adani has engaged prominent Wall Street lawyer Robert Giuffra Jr., known for representing high-profile clients, including former US President Donald Trump, to defend the family in the case.
AGEL stated that its operations remain unaffected and continue normally, emphasizing its commitment to governance, transparency, and compliance across all jurisdictions.
The case will now move forward through the Eastern District Court of New York, marking a significant procedural step in the SEC’s investigation into the civil fraud allegations against the Adani directors.
