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SEC says sought India law ministry’s help on summons for Adani
The SEC is coordinating with India's law ministry to serve Gautam Adani and his nephew with legal documents over alleged securities law violations.
Washington The Securities and Exchange Commission is in touch with India’s law ministry to serve billionaire Gautam Adani and his nephew Sagar Adani with legal documents related to a civil suit alleging violations of American securities laws, the US regulator said in a letter filed in a New York City court.
In its status updated dated August 11 to Magistrate Judge James Cho of the US District Court for the Eastern District of New York, the SEC said that Indian authorities have not yet served the Adanis, based in India, with the summons yet.
The SEC filed charges in November 2024 against the two businessmen, claiming they had a role in alleged payments to the tune of hundreds of millions of dollars to Indian officials for securing renewable energy contracts. The US markets regulator said it filed the charges as a 2021 offering by one of the companies allegedly involved, Adani Green, raised funds from US investors and the shares of another company, Azure Power, was previously traded on the New York Stock Exchange.
The Adani Group has denied the charges, terming them “baseless”. The group did not respond to a request for comment on the SEC’s latest filing.
The SEC informed the New York Court that it intends to continue efforts to work with Indian authorities and serve the Adanis via the Hague Service Convention, pointing out it could not summon a foreign national directly. The convention, which entered into force in 1965, creates standardized procedures that allow judicial and extrajudicial documents to be served abroad. India’s law ministry did not respond to a request for comment.
