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Time of India
4 days ago
- Business
- Time of India
US SEC has not yet served summons on Gautam Adani, nephew Sagar Adani in India; here's why
The American regulatory body had initiated legal proceedings against the industrialists and their organisation a few months ago. (AP file photo) The US Securities and Exchange Commission (SEC) has not yet delivered legal summons to Adani Group chairman Gautam Adani and Sagar Adani, his nephew. The American regulatory body had initiated legal proceedings against the industrialists and their organisation a few months ago. The SEC submitted its third status update on August 11, 2025, to the Eastern District Court of New York's Magistrate Judge James R. Cho. The report indicated that the defendants are based in India, and the SEC continues its attempts to serve them, including seeking assistance from Indian officials under the Hague Service Convention for Service Abroad of Judicial and Extrajudicial Documents in Civil or Commercial Matters, according to an ET report. ET has examined the SEC's submission to the magistrate. On November 20, 2024, the SEC lodged its complaint, stating that the accused had breached federal securities regulations by presenting inaccurate and deceptive information about Adani Green Energy Ltd. regarding a debt offering in September 2021. The legal document noted that since the accused reside in India, service must comply with Rule 4(f) of the Federal Rules of Civil Procedure, permitting the SEC to deliver notices through internationally recognised methods, including the Hague Service Convention. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Find your car's value online in minutes. Spinny Click Here Undo The oversight body mentioned providing earlier updates on April 23 and June 27, 2025, "concerning its ongoing service efforts." The documentation states, "The SEC has requested assistance from India's Ministry of Law & Justice ('India MoLJ') under Article 5(a) of the Hague Service Convention in serving the Summons and Complaint on Defendants in India." The document further noted that the organisation "has also sent Notices of Lawsuit and Requests for Waiver of Service of Summons, including copies of the Complaint, directly to Defendants and their counsel, and the SEC has communicated with the India MoLJ." Nevertheless, the SEC acknowledges "that those authorities have not yet effected service." The Securities and Exchange Commission informed the court: "The SEC intends to continue communicating with the India MoLJ and pursue service of the Defendants via the Hague Service Convention, and will keep the Court apprised of its efforts." This civil litigation forms part of a larger series of legal proceedings in US courts involving Gautam Adani, Sagar Adani and Adani Green Energy Ltd. The SEC's investigation focuses on CDPQ executives Cyril Cabanes, Saurabh Agarwal, and Deepak Malhotra regarding allegations of evidence destruction and information concealment in a bribery investigation. According to documents examined by ET, the regulatory body has been working to serve the defendant under Rule 4(f) of the Federal Rules of Civil Procedure in Singapore. Local legal representatives have been actively searching for Cabanes. The SEC noted that they received information suggesting Cabanes has likely left Singapore, and they continue their efforts to locate him across different jurisdictions. Stay informed with the latest business news, updates on bank holidays , public holidays , current gold rate and silver price .
Time of India
5 days ago
- Business
- Time of India
US SEC yet to serve summons on Gautam Adani, nephew in India
Mumbai: The United States Securities and Exchange Commission (SEC) has not yet served summons on Adani Group chairman Gautam Adani and his nephew Sagar Adani in India. The US regulator had filed a civil and criminal complaint against the billionaires and the Adani entity nine months ago. In its third status report dated August 11, 2025, to Magistrate Judge James R. Cho of the Eastern District Court of New York, the SEC said 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." Finance Value and Valuation Masterclass - Batch 4 By CA Himanshu Jain View Program Artificial Intelligence AI For Business Professionals Batch 2 By Ansh Mehra View Program Finance Value and Valuation Masterclass - Batch 3 By CA Himanshu Jain View Program Artificial Intelligence AI For Business Professionals By Vaibhav Sisinity View Program Finance Value and Valuation Masterclass - Batch 2 By CA Himanshu Jain View Program Finance Value and Valuation Masterclass Batch-1 By CA Himanshu Jain View Program ET has reviewed the SEC's deposition before the magistrate. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Join new Free to Play WWII MMO War Thunder War Thunder Play Now Undo The SEC filed its complaint on November 20, 2024, alleging that the defendants "violated federal securities laws by making false and misleading representations about Adani Green Energy Ltd. in connection with a September 2021 debt offering." Live Events Because the defendants are in India, the filing noted, "service is governed by Rule 4(f) of the Federal Rules of Civil Procedure," which "allows the SEC to serve Defendants by any internationally agreed means reasonably calculated to give notice, such as the Hague Service Convention." The regulator said it has provided prior updates on April 23 and June 27, 2025, "concerning its ongoing service efforts." According to the filing, "The SEC has requested assistance from India's Ministry of Law & Justice ('India MoLJ') under Article 5(a) of the Hague Service Convention in serving the Summons and Complaint on Defendants in India." It added that the agency "has also sent Notices of Lawsuit and Requests for Waiver of Service of Summons, including copies of the Complaint, directly to Defendants and their counsel, and the SEC has communicated with the India MoLJ." However, the SEC understands "that those authorities have not yet effected service." Earlier, the ET reported that the Adani Group had engaged US law firms Kirkland & Ellis and Quinn Emanuel Urquhart & Sullivan to handle the matter. The SEC told the court: "The SEC intends to continue communicating with the India MoLJ and pursue service of the Defendants via the Hague Service Convention, and will keep the Court apprised of its efforts." The civil complaint is part of a broader set of legal actions involving Gautam Adani, Sagar Adani and Adani Green Energy Ltd., being pursued in US courts. The SEC is investigating CDPQ executives Cyril Cabanes, Saurabh Agarwal, and Deepak Malhotra for allegedly destroying evidence and withholding key information in a bribery case. In a filing reviewed by ET, the agency said it has been "making efforts to serve defendant in accordance with Rule 4(f) of the Federal Rules of Civil Procedure in Singapore" and that local counsel "has been actively making attempts at locating Cabanes." The SEC added that it learned Cabanes "is likely to have departed Singapore" and is continuing efforts to find him in other jurisdictions.
