Gautam Adani Latest News: A session court in Ahmedabad is likely to send a notice to industrialist Gautam Adani soon, having received a direction from the Law Ministry containing a summon from the US Securities and Exchange Commission (SEC), according to sources. In a letter addressed to the district judge in the District and Sesions Court in Ahmedabad, dated February 25, the Department of Legal Affairs under the Ministry of Law and Justice Department had received a request from the US capital market regulator seeking legal assistance in delivering its summon to the industrialist’s address in the city. The American regulator requested the Indian government to forward the summon to Adani to a residence in Ahmedabad.
When contacted by Zee 24 Kalak, the district court registrar and the public prosecutor refused to comment given the sub judice nature of the matter. According to sources, the Ahmedabad court has initiated the process of sending a notice to Gautam Adani and will be completing it soon.
According to the letter, two sets of the request along with other documents are enclosed along with the letter, seeking “a report on the proof of service (along with the second set of the case)” to the department in New Delhi. The response will then be forwarded to the foreign authority concerned, according to the document.
“Since the matter requires correspondence with foreign authorities, it is earnestly requested that the report on the proof of service be in English. Further, in this case, the bailiff/process server’s report is in the regional language, it is requested that an English translation of the report be attached thereto,” read the communication from the department.
The matter relates to a case in an American district court wherein the US market regulator has named Adani along with others including his nephew Sagar Adani in an alleged bribery scheme. Both Gautam Adani and the Adani group have already denied any wrongdoing in the matter.
Meanwhile, Adani and others are charged under a law paused by US President Donald Trump through an executive order on February 10. According to the White House, the now-paused foreign bribery law is “overexpansive and unpredictable” and is actively harming “American economic competitiveness and, therefore, national security”.
In November, the New York Eastern District Court summoned Gautam Adani and his nephew Sagar to explain their stand on the US regulator’s accusation that they paid $265 million in alleged bribes to secure lucrative solar power deals. That notice, dated November 21, required the duo to submit a reply within 21 days after the service of summons (excluding the day of receipt).
Adani and seven other defendants, including Sagar, a director at the group’s renewable energy unit Adani Green Energy, allegedly agreed to pay about $265 million in bribes to Indian government officials roughly between 2020 and 2024 to secure lucrative solar energy supply contracts on terms that expected to yield $2 billion of profit over 20 years, according to information made public by the New York court. Then, an Adani group spokesperson denied the allegations made by the US Department of Justice and the US SEC against Adani Green directors, terming them “baseless”, and said that the group would seek “all possible legal recourse”.
Who are the eight defendants?
According to the US authorities, the defendants in the matter are:
- Gautam S Adani
- Sagar S Adani
- Vneet S Jaain
- Ranjit Gupta
- Cyril Cabanes
- Saurabh Agarwal
- Deepak Malhotra
- Rupesh Agarwal
Separately, the US SEC also charged the two and Cyril Cabanes, an executive of Azure Power Global, for “conduct arising out of a massive bribery scheme”.
With inputs from agencies
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