Adani group member Gautam Adani and his nephew Sagar Adani have been called to respond to the US Securities and Exchange Commission’s (SEC) accusation that they paid USD 265 million (₹2,200 crore) in bribes to land lucrative solar power contracts, according to news agency PTI.
Citing a notice sent through the New York Eastern District Court on November 21, PTI reported that the Adanis were summoned to their respective homes in Ahmedabad, with responses due in 21 days. The notice stated that if the Adanis did not reply promptly, a judgment by default would be issued against them.
Representatives for the Adani Group didn’t immediately respond to requests for comment, Bloomberg reported.
The notice said, “Within 21 days after service of this summons on you (not counting the day you received it) …you must serve on the plaintiff (SEC) an answer to the attached complaint or a motion under Rule 12 of the Federal Rules of Civil Procedure. If you fail to respond, judgment by default will be entered against you for the relief demanded in the complaint. You also must file your answer or motion with the court.”
Adani group faces bribery allegations, denies charges
Gautam Adani, 62, and seven other people, including his nephew Sagar Adani, a director at Adani Green Energy Ltd., are charged with bribing Indian government officials to get solar energy contracts for almost USD 265 million. Unsealed in a New York court on Wednesday, the indictment claims that the alleged bribes were paid between 2020 and 2024 to secure contracts that were anticipated to provide USD 2 billion in profits over a 20-year period.
The US Securities and Exchange Commission (SEC) has made charges against Gautam Adani, Sagar Adani, and Azure Power Global CEO Cyril Cabanes for “conduct arising out of a massive bribery scheme” in addition to the indictment from the US Department of Justice.
The Adani group said it will investigate all legal options and has refuted all of the accusations. “The Adani Group is resolutely committed to upholding the greatest levels of transparency, governance, and regulatory compliance in all of the nations in which it operates. We guarantee that we are a law-abiding company that complies with all legal requirements,” the Adani group said in a statement to its partners, stakeholders, and staff.
Details of the indictment
A grand jury’s formal legal charge is known as an indictment in the United States. The accused is given the opportunity to present a defense and is informed of the accusations.
According to the prosecution, the Adani group obtained USD 2 billion in bonds and loans, including from US companies, by hiding the bribery probe and making misleading statements about the company’s anti-bribery practices.
The study apparently encountered obstacles during its 2022 start.
Read Also: Trudeau Labels Canadian Official “Criminal” For Linking PM Modi, Jaishankar In Nijjar Murder Plot
