Tahir Qureshi
Tahir Qureshi is a senior sub-editor at India.com, whose primary duties are writing news related to different beats like National. World, Business, and viral. He also breaks stories and then follows t ... Read More
New Delhi: Gautam Adani and his nephew Sagar Adani have agreed to accept the legal notice in a civil fraud case filed by the US regulator, the Securities and Exchange Commission (SEC), after 15 months. According to documents filed in a New York court, Adani’s lawyers have agreed to accept the regulator’s papers.
This means the judge will no longer have to decide how to serve the notice on the Adani family. The case dates back to November 2024, when the SEC alleged that Adani Green Energy Limited (AGEL) had misled investors. Now that the notice has been accepted, the Adani Group will have 90 days to present its defense.
According to the filing in the Brooklyn Federal Court in New York, a consent agreement has been signed between Adani and the SEC. Earlier, the SEC had appealed to the court, stating that Adani was in India and the notice could not be served, and therefore requested permission to send the notice via email or other means. However, Adani’s lawyers have now agreed to receive the notice themselves, resolving this legal hurdle.
Adani Green Energy (AGEL) clarified in a filing with the stock exchange that this step is merely part of a legal process. According to the company, accepting the notice does not mean that they have accepted the jurisdiction of the New York court. The group has reserved all its rights to defense and will seek to have the case dismissed.
According to the information provided to the court, the Adani Group will have a period of 90 days to file its defense or a motion to dismiss the case. After that, the SEC will be given 45 days to respond to Adani’s response, and finally, the Adani Group will be able to respond to the SEC’s arguments.
The SEC alleges that Adani Green Energy provided false information while raising funds from US investors. In addition, US prosecutors, in a separate criminal case, have accused Adani of conspiring to pay $265 million (approximately Rs 2,429 crore) in bribes to secure solar power contracts in India. However, the Adani Group has categorically denied all these allegations, calling them baseless.
Gautam Adani has appointed Robert Giuffra Jr., a renowned Wall Street lawyer, to represent him. Robert Giuffra is the co-chair of the law firm Sullivan & Cromwell. Notably, he has also served as a lawyer for former US President Donald Trump. Robert Giuffra informed the court about the agreement to accept the notice on behalf of Adani.
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