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The Hindu
4 hours ago
- Business
- The Hindu
Adani indictment case: U.S. SEC updates court on efforts to serve legal documents
The U.S. Securities and Exchange Commission (SEC) has filed a status update with a federal court in New York, detailing its ongoing efforts to serve legal documents to billionaire Gautam Adani and his nephew Sagar in connection with a civil securities case filed last year. In a June 27 letter submitted to Magistrate Judge James R. Cho of the U.S. District Court for the Eastern District of New York (EDNY), the SEC said it is continuing to pursue formal service of the summons and complaint under the provisions of the Hague Service Convention. The defendants, who are based in India, are yet to be officially served. U.S. SEC has to serve the summons to Adani Group founder and chairman Gautam Adani and his nephew Sagar in the alleged $265 million payoffs to win lucrative renewable power supply contracts through proper diplomatic channels, as it has no jurisdiction to summon a foreign national directly. The SEC originally filed the complaint on November 20, 2024, alleging that two violated U.S. securities laws by making false and misleading statements related to a September 2021 bond offering by Adani Green Energy Limited. According to the SEC, Rule 4 (f) of the Federal Rules of Civil Procedure governs service in foreign jurisdictions and permits the use of international treaties, such as the Hague Convention. The rule does not impose a specific time limit for service, provided reasonable efforts are being made. The Court has asked the SEC to provide a further update by August 11, 2025. The 'defendants are located in India, and the SEC's efforts to serve them are ongoing, including a request for assistance from Indian authorities to effect service under the Hague Service Convention for Service Abroad of Judicial and Extrajudicial Documents in Civil or Commercial Matters', the SEC told the Court. SEC said it had previously requested assistance from India's Ministry of Law and Justice in serving the summons and complaint on Adani in India. 'The SEC also sent Notices of Lawsuit and Requests for Waiver of Service of Summons, including copies of the complaint, directly to defendants and their counsel,' it said. 'The SEC has corresponded with the India MoLJ concerning the efforts of the relevant Indian judicial authorities to serve the Summons and Complaints on Defendants, but the SEC understands that those authorities have not yet effected service,' it added. Gautam Adani (63) and seven other defendants, including his nephew Sagar, who is director at the group's renewable energy unit Adani Green Energy Limited, allegedly agreed to pay about $265 million in bribes to Indian government officials between approximately 2020 and 2024 to obtain lucrative solar energy supply contracts on terms that are expected to yield $2 billion of profit over 20 years, according to an indictment unsealed in a New York court in November last year. Separate from the indictment brought by the U.S. Department of Justice, the U.S. SEC has also charged the two and Cyril Cabanes, an executive of Azure Power Global, for 'conduct arising out of a massive bribery scheme'. The ports-to-energy conglomerate has denied the allegations and said it will seek all possible legal resources. 'The Adani Group has always upheld and is steadfastly committed to maintaining the highest standards of governance, transparency and regulatory compliance across all jurisdictions of its operations. We assure our stakeholders, partners and employees that we are a law-abiding organisation fully compliant with all laws,' they said. An indictment in the U.S. is basically a formal written allegation originating with a prosecutor and issued by a grand jury against a party charged with a crime. A person indicted is given formal notice to reply. That person or persons can then hire a defence lawyer to defend. Prosecutors said the investigation started in 2022 and found the inquiry obstructed. They allege that the Adani Group raised $2 billion in loans and bonds, including from U.S. firms, on the backs of false and misleading statements related to the firm's anti-bribery practices and policies, as well as reports of the bribery probe.
Indian Express
7 hours ago
- Business
- Indian Express
SEC updates US court on efforts to serve legal documents in Adani case
The US Securities and Exchange Commission (SEC) has filed a status update with a federal court in New York, detailing its ongoing efforts to serve legal documents to billionaire Gautam Adani and his nephew Sagar in connection with a civil securities case filed last year. In a June 27 letter submitted to Magistrate Judge James R Cho of the US District Court for the Eastern District of New York (EDNY), the SEC said it is continuing to pursue formal service of the summons and complaint under the provisions of the Hague Service Convention. The defendants, who are based in India, are yet to be officially served. US SEC has to serve the summons to Adani Group founder and chairman Gautam Adani and his nephew Sagar in the alleged USD 265 million payoffs to win lucrative renewable power supply contracts, through proper diplomatic channels as it has no jurisdiction to summon a foreign national directly. The SEC originally filed the complaint on November 20, 2024, alleging that two violated US securities laws by making false and misleading statements related to a September 2021 bond offering by Adani Green Energy Ltd. According to the SEC, Rule 4 (f) of the Federal Rules of Civil Procedure governs service in foreign jurisdictions and permits the use of international treaties, such as the Hague Convention. The rule does not impose a specific time limit for service, provided reasonable efforts are being made
India Today
7 hours ago
- Business
- India Today
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 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 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 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 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 delay in serving the summons continues to stall the progress of the case in the US next status report in the matter is due to be filed by August 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 to the scrutiny around Adani Green Energy, Adani said the group stood firm despite pressure.- EndsMust Watch
Time of India
8 hours ago
- Business
- Time of India
SEC updates US court on efforts to serve legal documents in Adani case
NEW YORK: The US Securities and Exchange Commission (SEC) has filed a status update with a federal court in New York, detailing its ongoing efforts to serve legal documents to billionaire Gautam Adani and his nephew Sagar in connection with a civil securities case filed last year. In a June 27 letter submitted to Magistrate Judge James R Cho of the US District Court for the Eastern District of New York (EDNY), the SEC said it is continuing to pursue formal service of the summons and complaint under the provisions of the Hague Service Convention. The defendants, who are based in India, are yet to be officially served. US SEC has to serve the summons to Adani Group founder and chairman Gautam Adani and his nephew Sagar in the alleged USD 265 million payoffs to win lucrative renewable power supply contracts through proper diplomatic channels as it has no jurisdiction to summon a foreign national directly. The SEC originally filed the complaint on November 20, 2024, alleging that two violated US securities laws by making false and misleading statements related to a September 2021 bond offering by Adani Green Energy Ltd. According to the SEC, Rule 4 (f) of the Federal Rules of Civil Procedure governs service in foreign jurisdictions and permits the use of international treaties, such as the Hague Convention. The rule does not impose a specific time limit for service, provided reasonable efforts are being made. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 5 Books Warren Buffett Wants You to Read In 2025 Blinkist: Warren Buffett's Reading List Undo The court has asked the SEC to provide a further update by August 11, 2025. The "defendants are located in India, and the SEC's efforts to serve them are ongoing, including a request for assistance from Indian authorities to effect service under the Hague Service Convention for Service Abroad of Judicial and Extrajudicial Documents in Civil or Commercial Matters", SEC told the court. SEC said it had previously requested assistance from India's Ministry of Law and Justice in serving the summons and complaint on Adani in India. "The SEC also sent Notices of Lawsuit and Requests for Waiver of Service of Summons, including copies of the complaint, directly to defendants and their counsel," it said. "The SEC has corresponded with the India MoLJ concerning the efforts of the relevant Indian judicial authorities to serve the Summons and Complaints on Defendants, but the SEC understands that those authorities have not yet effected service." Gautam Adani, 63, and seven other defendants, including his nephew Sagar, who is director at the group's renewable energy unit Adani Green Energy Ltd, allegedly agreed to pay about USD 265 million in bribes to Indian government officials between approximately 2020 and 2024 to obtain lucrative solar energy supply contracts on terms that expected to yield USD 2 billion of profit over 20 years, according to an indictment unsealed in a New York court in November last year. Separate from the indictment brought by the US Department of Justice, the US SEC has also charged the two and Cyril Cabanes, an executive of Azure Power Global, for "conduct arising out of a massive bribery scheme". The ports-to-energy conglomerate has denied the allegations and said it will seek all possible legal resources. "The Adani Group has always upheld and is steadfastly committed to maintaining the highest standards of governance, transparency and regulatory compliance across all jurisdictions of its operations. We assure our stakeholders, partners and employees that we are a law-abiding organisation fully compliant with all laws." An indictment in the US is basically a formal written allegation originating with a prosecutor and issued by a grand jury against a party charged with a crime. A person indicted is given formal notice to reply. That person or persons can then hire a defence lawyer to defend. Prosecutors said the investigation started in 2022 and found the inquiry obstructed. They allege that the Adani Group raised USD 2 billion in loans and bonds, including from US firms, on the backs of false and misleading statements related to the firm's anti-bribery practices and policies, as well as reports of the bribery probe. PTI Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Economic Times
8 hours ago
- Business
- Economic Times
US SEC yet to serve legal documents to Gautam Adani, his nephew in alleged $265 million bribery case
The US SEC is actively working to serve legal documents to Gautam Adani and his nephew Sagar in India, concerning a securities case filed in November 2024. The case alleges false statements related to a bond offering by Adani Green Energy Ltd. The SEC is pursuing service through the Hague Service Convention, as the defendants are based in India. Tired of too many ads? Remove Ads The US Securities and Exchange Commission (SEC) has filed a status update with a federal court in New York, detailing its ongoing efforts to serve legal documents to billionaire Gautam Adani and his nephew Sagar in connection with a civil securities case filed last a June 27 letter submitted to Magistrate Judge James R Cho of the US District Court for the Eastern District of New York (EDNY), the SEC said it is continuing to pursue formal service of the summons and complaint under the provisions of the Hague Service defendants, who are based in India, are yet to be officially SEC has to serve the summons to Adani Group founder and chairman Gautam Adani and his nephew Sagar in the alleged USD 265 million payoffs to win lucrative renewable power supply contracts, through proper diplomatic channels as it has no jurisdiction to summon a foreign national SEC originally filed the complaint on November 20, 2024, alleging that two violated US securities laws by making false and misleading statements related to a September 2021 bond offering by Adani Green Energy Ltd According to the SEC, Rule 4 (f) of the Federal Rules of Civil Procedure governs service in foreign jurisdictions and permits the use of international treaties, such as the Hague Convention. The rule does not impose a specific time limit for service, provided reasonable efforts are being made.
