Gautam Adani not served summons in bribery probe, US court told of Indian delays
The US Securities and Exchange Commission (SEC) has informed the New York Eastern District Court that Indian authorities have not yet served the summons to Indian industrialist Gautam Adani in a federal securities violation case.India Today has exclusively accessed the status report filed by the US AEC in the New York court. India Today reached out to the Adani group for comment on this latest development. The company preferred not to comment on the issue. India Today learnt that the update is part of a routine procedure in transcontinental court cases.advertisementAccording to the status report, the American regulator had sought assistance from the Indian central government in February this year to serve summons on Gautam Adani and his nephew Sagar Adani. Nearly four months later, the summons remain unserved.
India Today has exclusively accessed the status report filed by the US AEC in the New York court.
In early March, the Law Ministry forwarded the SEC's summons to the District & Sessions Court in Ahmedabad, Gujarat, for service on Gautam Adani. However, the SEC has received no confirmation whether the summons have been issued by the court since then.The case against Gautam Adani and Sagar Adani centres on allegations that they violated federal securities laws by making false and misleading statements concerning Adani Green Energy Limited. The case alleges that Gautam Adani, his nephew Sagar Adani and six others agreed to pay about USD 265 million in bribes to Indian government officials to obtain contracts expected to yield USD 2 billion of profit over 20 years, and develop India's largest solar power plant project. The SEC initiated legal action in the US to investigate and prosecute the matter.advertisementTo facilitate the service of summons, the SEC had approached India's Ministry of Law and Justice to act under the Hague Service Convention, an international treaty that governs cross-border judicial document delivery. However, the summons have yet to be transmitted by Indian authorities to the Adanis.The delay in serving the summons continues to stall the progress of the case in the US court.The next status report in the matter is due to be filed by August 11.This comes a day after the Indian billionaire denied the US allegeations during the Annual General Meeting (AGM) of Adani Group. He stated that no one from the group has been charged with violating the Foreign Corrupt Practices Act (FCPA) or obstructing justice in connection with the bribery allegations by US authorities and the SEC.Referring to the scrutiny around Adani Green Energy, Adani said the group stood firm despite pressure.- EndsMust Watch
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