US regulators blame Indian authorities for failure to serve summons to Gautam Adani
The status report, reviewed by India Today, shows that while the SEC has been actively attempting to advance the federal lawsuit -- stemming from allegations of securities law violations and misleading representations tied to Adani Group activities -- progress has stalled due to procedural bottlenecks involving cross-border legal cooperation.According to a previous report from July, the SEC had informed the New York court that nearly four months after requesting assistance from India's Ministry of Law and Justice in February, the summons remained unserved. The Law Ministry had reportedly forwarded the request to a court in Ahmedabad, Gujarat, but the SEC had received no confirmation of the summons being issued.In its most recent filing, the SEC confirmed it has continued to communicate with the Indian Law Ministry and is pursuing service under the Hague Convention. However, it stated that as of August 11, Indian authorities "have not yet effected service" despite ongoing correspondence. The SEC also noted that it had issued "Notices of Lawsuit and Requests for Waiver of Service of Summons" directly to Adani's legal counsel in India as an additional measure.The legal process is a direct result of an indictment unsealed in a New York court on November 22, 2024, which charged Adani and others with bribery and fraud. The indictment detailed allegations of a bribery scheme spanning from 2020 to 2024 to secure solar power contracts from Indian state electricity distribution companies. The US has jurisdiction in the matter because it alleges the Adani Group misled American banks and investors while raising billions for the solar energy project.The SEC's civil action is separate from the criminal prosecution but stems from the same core allegations.- EndsMust Watch
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