Adanis agree to accept SEC notice in US civil fraud case

Adani Group’s chairman Gautam and nephew Sagar Adani have agreed to accept a legal notice from the US Securities and Exchange Commission (SEC) in a civil fraud case involving the duo.

In November 2024, the SEC filed a civil lawsuit against Gautam Adani and Sagar Adani, alleging that investors in Adani Green Energy Limited (AGEL) were misled about an alleged bribery scheme.  Separately, federal prosecutors in New York have accused them of conspiring to pay bribes worth $265 million to secure a solar power contract in India.

The case had been stalled for nearly a year, as both defendants were based in India and could not be formally served with legal notices.  The SEC had recently sought a US court’s permission to serve the summons through alternative means, including email. However, lawyers representing the Adani Group in the United States have now indicated that they are willing to accept service of the notice on their clients’ behalf, removing the need for the court to rule on alternative methods of service.

Gautam Adani has hired a prominent Wall Street lawyer Robert Giuffra Jr., who has previously represented US President Donald Trump, to defend him in the case. Giuffra informed the court that while he agrees to accept the notice, this does not constitute acceptance of the New York court’s jurisdiction.

Once the court grants approval, a structured legal timeline will follow. The Adanis will have 90 days to file a motion to dismiss the case or present their defence. The SEC will then have 60 days to submit its opposition, after which the defendants will be given a further 45 days to respond.

The Adani Group has described the allegations as baseless. In a filing to the stock exchanges, Adani Green Energy Limited said the acceptance of the notice is a procedural step and reiterated that there are no criminal charges of bribery or corruption against Gautam Adani or Sagar Adani under the US Foreign Corrupt Practices Act. The company emphasised that the SEC’s action is civil in nature.