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a day ago
- Business
- Scroll.in
US market regulator says India yet to deliver summons to Gautam Adani in fraud case
The United States Securities and Exchange Commission has told a district court in New York that India is yet to deliver summons to Adani Group Chairperson Gautam Adani and his nephew Sagar Adani in an alleged $265 million bribery and fraud, The News Minute reported on Tuesday. In a status report filed in the Eastern District court on Monday, the US market regulator said that it had asked India's Ministry of Law for help in serving the complaint six months ago, according to The Telegraph. In November, the US Attorney's office for the Eastern District in New York indicted Gautam Adani in a $265 million bribery and fraud case. The US Department of Justice had alleged that executives of the conglomerate participated in a scheme to bribe officials in India for solar energy contracts, then misrepresented the company's anti-bribery practices to investors in the United States. The details of the alleged bribes were concealed to secure financing, the US Department of Justice claimed. The Adani Group has denied the allegations and vowed legal action. In December, Gautam Adani blamed the press for what he described as ' incorrect and reckless reporting' on the matter. In February, the US SEC told the district court in New York that it had asked the Indian government for help in its investigation into the matter. It added that it was trying to serve its complaint to Gautam Adani and Sagar Adani and that it had sought assistance from the Indian law ministry. On Monday, the SEC said that it had sent notices and other documents on the summons directly to the defendants and their counsel, along with a communication about it to the ministry, The News Minute reported. 'The SEC understands that those authorities have not yet effected service,' it said. The US market regulator added that it would continue communicating with New Delhi and 'pursue service of the defendants via the Hague Service Convention'. Rule 5 (a) of the convention says that a central authority of the state can serve a document or shall arrange to have it served by an appropriate agency While the indictment document outlines conspiracy to obstruct justice and violations of the Foreign Corrupt Practices Act, Adani and his executives were not charged with these counts. However, the indictment document names Gautam Adani, Sagar Adani and Cyril Cabanes of Azure Power Global in what it describes as a 'massive bribery scheme'. On November 27, the Adani Group said in a stock exchange filing that Gautam Adani and Sagar Adani had been charged in the US for securities fraud, not bribery. The charges had hurt the group's market value with shares falling by $54 billion at the time. The Union government had said on November 29 that it views the developments relating to the indictments as a legal matter involving private companies, individuals and the US Justice Department. On February 10, US President Donald Trump signed an executive order directing the justice department to pause prosecutions of Americans accused of bribing foreign officials to secure business deals. The order halts enforcement of the Foreign Corrupt Practices Act, a 1977 law, which bars US companies from bribing foreign government officials. Trump has directed US Attorney General Pam Bondi to review actions related to the Act and draft new enforcement guidelines. The decision was viewed as a potential relief for the Adani Group and its chairperson. With the pause in prosecutions under the Act, investigations against them could be delayed or potentially weakened, reports had said.
Time of India
2 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 .
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Business Standard
2 days ago
- Business
- Business Standard
US SEC asks India to help serve notice to Gautam, Sagar Adani in fraud case
The United States Securities and Exchange Commission (SEC) has turned to Indian authorities for help in serving legal notices to two senior Adani Group executives, as part of a $750-million bond fraud case filed in a US court. In a status report dated August 11 to Magistrate Judge James R Cho of the Eastern District of New York, the US SEC said it had approached India's Ministry of Law & Justice under the Hague Service Convention, which governs cross-border delivery of legal documents. The US SEC's November 2024 complaint accused Gautam Adani, founder of Adani Green Energy Ltd, and his nephew Sagar Adani, the company's executive director, of paying or promising hundreds of millions of dollars in bribes to secure Indian state energy contracts for the 'Manufacturing Linked Projects'. According to the US market regulator, these contracts were later used to market a $750-million green bond issue in 2021, including $175 million sold to US investors, with representations of strict compliance with anti-bribery rules. Summons yet to be served on Gautam and Sagar Adani In its status report, the regulator said previous summons and complaints to Gautam Adani, founder of Adani Green Energy Ltd, and his nephew Sagar Adani, the company's executive director and their lawyers had not yet been formally served since the complaint was filed in November 2024. The US SEC said that despite multiple attempts since early 2025, including sending notices directly to the executives and their counsel and coordinating with Indian authorities, the summons and complaint have not yet been formally served. The regulator is seeking civil penalties, injunctions, and bans on the two executives from serving as officers or directors of public companies. The case is being pursued under Rule 4(f) of the US Federal Rules of Civil Procedure, which allows service abroad by any internationally agreed method 'reasonably calculated to give notice' and does not impose a deadline. The commission has been updating the court periodically, with earlier reports submitted on April 23 and June 27. Adani Group denies US SEC allegations The Adani Group has strongly rejected the allegations from both the SEC and the US Department of Justice, calling them 'baseless and denied'. Following the allegations in November, a spokesperson said the charges remain unproven, noting the presumption of innocence, and pledged to pursue 'all possible legal recourse.' '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,' the spokesperson said. 'We assure our stakeholders, partners and employees that we are a law-abiding organisation, fully compliant with all laws.'
Hindustan Times
2 days ago
- Business
- Hindustan Times
SEC says sought India law ministry's help on summons for Adani
Washington The Securities and Exchange Commission is in touch with India's law ministry to serve billionaire Gautam Adani and his nephew Sagar Adani with legal documents related to a civil suit alleging violations of American securities laws, the US regulator said in a letter filed in a New York City court. The Adani Group has denied the charges, terming them 'baseless' (Subhankar Chakraborty/HT PHOTO) In its status updated dated August 11 to Magistrate Judge James Cho of the US District Court for the Eastern District of New York, the SEC said that Indian authorities have not yet served the Adanis, based in India, with the summons yet. The SEC filed charges in November 2024 against the two businessmen, claiming they had a role in alleged payments to the tune of hundreds of millions of dollars to Indian officials for securing renewable energy contracts. The US markets regulator said it filed the charges as a 2021 offering by one of the companies allegedly involved, Adani Green, raised funds from US investors and the shares of another company, Azure Power, was previously traded on the New York Stock Exchange. The Adani Group has denied the charges, terming them 'baseless'. The group did not respond to a request for comment on the SEC's latest filing. The SEC informed the New York Court that it intends to continue efforts to work with Indian authorities and serve the Adanis via the Hague Service Convention, pointing out it could not summon a foreign national directly. The convention, which entered into force in 1965, creates standardized procedures that allow judicial and extrajudicial documents to be served abroad. India's law ministry did not respond to a request for comment.
Economic Times
2 days ago
- Business
- Economic Times
US SEC yet to serve summons on Gautam Adani, nephew in India
The US SEC has not served summons to Gautam Adani and Sagar Adani in India. The SEC filed a complaint against them nine months ago. The agency requested assistance from Indian authorities. It alleges false representations about Adani Green Energy. The SEC is also investigating CDPQ executives for evidence destruction. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads 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 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."ET has reviewed the SEC's deposition before 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."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 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 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.
