Adani : Counsel Accepts Service in US SEC Case, Plans Legal Challenge
Adani: Counsel representing Gautam Adani and Sagar Adani has formally agreed to accept legal service in connection with civil proceedings initiated by the United States Securities and Exchange Commission in 2024. The development was disclosed through a regulatory filing by Adani Green Energy Limited, offering clarity on the procedural status of the case pending before the United States District Court for the Eastern District of New York.
Acceptance of Service Without Jurisdiction Concession
According to the filing, the legal representatives submitted an application confirming their willingness to receive court documents on behalf of both Gautam Adani and Sagar Adani. This step allows the case to proceed without the involvement of court-appointed process servers. Importantly, the acceptance of service was made without conceding to the jurisdiction of the New York court.
The filing notes that the defendants have explicitly reserved their right to raise all available legal defenses. These include challenges related to jurisdiction, which may become a key issue as the matter progresses through the US legal system.
Directors Named in Civil Proceedings
Both Gautam Adani and Sagar Adani serve as directors of Adani Green Energy Limited, one of the listed companies under the Adani Group. While the SEC’s civil complaint names the individuals, the company itself emphasized that it has not been included as a defendant in the case.
Adani Green Energy reiterated in its disclosure that it is not involved in the court proceedings and faces no allegations from US regulators in this matter.
Next Legal Steps Under Consideration
The stock exchange filing further stated that the Adanis have initiated procedural actions and are expected to seek dismissal of the SEC’s complaint. Alternatively, they may submit formal responses addressing the allegations outlined by the regulator.
Such filings are standard practice in US civil litigation, allowing defendants to contest the legal basis of a complaint before substantive arguments are heard. The company indicated that these steps would be taken in accordance with applicable legal rights.
Clarification on Corruption and Bribery Allegations
In its latest statement, Adani Green Energy highlighted that the defendants have not been charged with violations of the United States Foreign Corrupt Practices Act. The filing underscored that there are no accusations of bribery or corruption against Gautam Adani or Sagar Adani under that statute.
The company referred to an earlier clarification issued to stock exchanges in November 2024, which stated that the SEC proceedings do not include charges related to corrupt practices as defined under US law.
Background of the US Criminal Indictment
In November 2024, US authorities unsealed a five-count criminal indictment in the Eastern District of New York. The indictment alleged a possible connection between the Adanis and an alleged bribery and fraud-related scheme. These charges were brought separately from the SEC’s civil action and attracted significant international attention at the time.
US prosecutors described the charges as allegations, consistent with standard legal practice, pending judicial review and trial proceedings.
Adani Group’s Response to Allegations
Following the unsealing of the indictment last year, the Adani Group issued a public statement rejecting the claims made by US authorities. The group maintained that the allegations lacked merit and emphasized the legal principle that defendants are presumed innocent until proven guilty.
The statement also reaffirmed the group’s commitment to governance, transparency, and regulatory compliance across all its global operations. It assured investors, partners, and employees that the organization operates within the framework of applicable laws and regulations in every jurisdiction where it conducts business.
Ongoing Scrutiny and Market Disclosure
The latest filing reflects the company’s effort to keep markets informed amid ongoing legal scrutiny involving senior executives. By outlining procedural developments and reiterating its non-involvement, Adani Green Energy aimed to provide factual updates without speculating on potential outcomes.
As the case moves forward, further disclosures are expected in line with regulatory requirements, particularly as motions or court decisions emerge in the United States.