Adani secures US court hearing in bid to quash SEC charges
A US judge granted a request from billionaire Gautam Adani to schedule a hearing in his effort to dismiss a US Securities and Exchange Commission (SEC) case, which he says lacks necessary jurisdiction as well as fails on multiple grounds. This followed lawyers of Adani and his nephew, Sagar, filing a plea seeking dismissal of the case.
“The court has received Defendants’ letter requesting a pre-motion conference on their anticipated motion to dismiss the Complaint. The court GRANTS that request and DIRECTS the parties” to schedule the pre-motion conference, the Eastern District court of New York said in its order. In the filing, the Adanis’ lawyers said there was no credible evidence supporting the alleged bribery scheme.
The SEC, they said, lacked necessary jurisdiction over the two men and that the alleged misstatements underpinning the case weren’t actionable.
The case brought by the SEC in November 2024, alongside a criminal complaint by the US Department of Justice, alleges that the Adanis sought to pay over USD 250 million in bribes to Indian officials to secure solar energy contracts and concealed the scheme from US investors and banks when they raised funds.
The Adani Group has denied all allegations, stating that none of its entities or executives have been charged under the US Foreign Corrupt Practices Act, and that Adani Green Energy – the renewable energy arm that raised the funds – is not a party to the proceedings. While Gautam Adani chairs the Adani Group, Sagar Adani is executive director at Adani Green Energy.
The lawsuits had been stalled for over a year because the defendants, based in India, had not been served with notices. The group, which spans green energy, ports, realty, mining, and news media, has continued to raise funds from global investors, including BlackRock, since the charges were filed. The Brooklyn, New York court’s decision to grant a hearing allows Adani to argue that the regulator’s complaint should be dismissed at an early stage, potentially avoiding a protracted discovery process and trial. In filings, Adani’s legal team has argued that the case lacks a sufficient jurisdictional basis and fails to establish actionable claims under US securities laws.
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