Gautam Adani and his nephew Sagar Adani have requested the US court to defer its ruling on the 21 January SEC motion, as their counsel and the US regulator were discussing a stipulation. Their lawyers made the first legal submission in the case 14 months after the Securities and Exchange Commission (SEC) filed a bribery and securities fraud complaint against the Indian billionaire and his nephew.
Global law firm Sullivan & Cromwell LLP, on behalf of Gautam Adani, with the consent of Sagar Adani, asked the US District Court for the Eastern District of New York to defer a ruling on a motion made by the SEC on 21 January, saying both parties were discussing a stipulation in the case. A stipulation is a formal agreement between opposing sides regarding a fact or procedure in the lawsuit that avoids repeated court debate.
Adani’s counsel did not specify the subject of the stipulation under discussion with the SEC. The SEC case was initially filed in November 2024 and alleges that the Adanis and others paid bribes to government officials in India to secure favourable power‑supply contracts for Adani Green Energy Ltd, and failed to disclose the payments to US investors while misstating company compliance practices.
The SEC is also seeking the court’s approval to serve summonses and the complaint directly by email and through US counsel, circumventing the usual requirement of personal service due to India’s Ministry of Law and Justice rejecting two previous requests to serve them in India. The SEC argues that public comments by Gautam Adani and legal representation taken on behalf of both defendants means they are already aware of the proceedings.
Related Context and Updates
• A separate report notes that the US Securities and Exchange Commission has asked a US court to bypass India’s government to serve legal summonses on Gautam and Sagar Adani, citing difficulties in conventional service methods and the defendants’ apparent awareness of the case.
• Another report states that Adani Group shares fell sharply, erasing roughly $12.5 billion in market value following the SEC’s move to seek the court’s permission to serve summonses directly via email.
Gautam Adani aur unke nephew Sagar Adani ne US court se request ki hai ki 21 January ke SEC motion pe ruling defer ki jaaye, kyunki unke lawyers aur US regulator ek stipulation discuss kar rahe hain. Yeh unka pehla legal submission hai, 14 mahine baad jab SEC ne bribery aur securities fraud ka case file kiya tha.
Adani ke lawyers ne, Sagar Adani ke consent ke saath, US District Court (Eastern District of New York) se kaha ki ruling ko defer kiya jaaye, kyunki dono parties ek formal agreement (stipulation) discuss kar rahe hain. Stipulation ka matlab hai ki dono sides kisi fact ya procedure pe agree kar lete hain, taaki baar-baar court me debate na ho.
Adani ke lawyers ne specify nahi kiya ki stipulation ka topic kya hai. SEC ka case November 2024 me file hua tha aur allegation hai ki Adanis aur unke associates ne India me government officials ko bribe diya taaki Adani Green Energy ke contracts favour me mile, aur US investors ko payments disclose nahi kiya aur company compliance practices ko galat dikhaya.
SEC court se approval maang raha hai ki summons aur complaint directly email ya US counsel ke through serve kiya jaaye, kyunki India ke Ministry of Law & Justice ne pehle do requests reject kar di thi. SEC ka kehna hai ki Gautam Adani ke public comments aur legal representation ke basis pe wo already proceedings ke aware hain.
Related Updates
- SEC ne US court se request ki hai ki India ke government ko bypass karke Adanis ko legal summons serve kiya jaaye, kyunki conventional service possible nahi ho pa raha.
- Adani Group ke shares gir gaye, aur approx $12.5 billion ka market value erase ho gaya SEC ki is move ke baad.