The United States Securities and Exchange Commission (SEC) initially filed its complaint on November 20, 2024, alleging that the Adani executives engaged in fraudulent practices by knowingly or recklessly disseminating misleading information to investors
New York, February 18, 2025 – The United States Securities and Exchange Commission (SEC) has provided an update on its ongoing efforts to serve a complaint on Gautam Adani and Sagar Adani, both of whom are based in India.
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The SEC has accused the Adanis of violating federal securities laws through false and misleading representations related to Adani Green Energy Ltd.’s (“Adani Green”) September 2021 debt offering.
The SEC initially filed its complaint on November 20, 2024, alleging that the Adani executives engaged in fraudulent practices by knowingly or recklessly disseminating misleading information to investors. The allegations are linked to a broader criminal investigation by the U.S. Attorney for the Eastern District of New York, which has charged various defendants with conspiracy and securities fraud.
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The SEC has made a formal request for assistance from Indian authorities under Article 5(a) of the convention and is awaiting further action from India’s Ministry of Law and Justice and the Central Authority.
As the defendants are based in India, the SEC must follow Rule 4(f) of the Federal Rules of Civil Procedure (FRCP), which governs service of legal documents in foreign jurisdictions. FRCP 4(f) does not impose a specific time limit for service and permits service through internationally recognized methods, including the Hague Service Convention.
The SEC has contacted the defendants or their known legal representatives, sending Notices of Lawsuit and Requests for Waiver of Service of Summons, along with copies of the complaint. Additionally, under Article 5(a) of the Hague Service Convention, the SEC has sought assistance from India’s Ministry of Law and Justice, the country’s Central Authority for the convention. The service process remains ongoing, and the SEC has committed to keeping the court updated on its progress.
In November 2024, the SEC also charged Gautam Adani, Sagar Adani, and Cyril Cabanes, an executive at Azure Power Global Ltd., in connection with an extensive bribery scheme. The U.S. Attorney’s Office for the Eastern District of New York has unsealed criminal charges against them and other individuals linked to Adani Green and Azure Power.
The U.S. Department of Justice (DOJ) has indicted Gautam Adani, alleging his involvement in a long-running scheme to pay $250 million in bribes to Indian officials to secure favorable solar power contracts.
The Adani Group has dismissed the allegations by the DOJ and SEC as “baseless”, firmly denying any wrongdoing.
“These allegations against the directors of Adani Green are without merit and are strongly refuted,” an Adani Group spokesperson stated.
The company emphasized that under U.S. law, “The charges in the indictment are allegations, and the defendants are presumed innocent unless and until proven guilty.”
Reaffirming its commitment to legal compliance, the group stated that it adheres to the highest standards of governance, transparency, and regulatory compliance across all jurisdictions. It further assured stakeholders that all legal avenues will be pursued to challenge the charges.
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