Adani has not received summons in bribery case, SEC informs US court
US Securities and Exchange Commission (SEC) is awaiting further developments.The case in question revolves around an alleged $265 million payoff to secure beneficial renewable energy contracts. The complaint, initially filed on November 20, 2024, accuses Goutam and Sagar Adani of breaching United States securities laws by providing misleading and fraudulent information regarding Adani Green Energy’s bond sale to American investors in September 2021.The SEC’s filing also makes reference to Rule 4(f) of the Federal Rules of Civil Procedure, which dictates procedures for service in foreign countries. This rule, in conjunction with international agreements like the Hague Convention, permits ongoing efforts to serve foreign nationals without a set deadline, as long as reasonable attempts are being made by the authorities.
The SEC’s correspondence with the court indicates the complexities involved in serving legal documents to individuals in a foreign jurisdiction like India. Despite the ongoing efforts, the official legal summons have not yet reached Gautam Adani and Sagar Adani. The SEC clarified that it is actively engaging with Indian authorities to facilitate the process under the Hague Service Convention. However, due to the constraints faced by the SEC in directly summoning foreign nationals, the matter is subject to the diplomatic channels established by international agreements.
Looking ahead, the SEC has committed to providing the court with a further update on the case by August 11. Until then, the legal proceedings are contingent upon the successful service of the summonses and complaints to the Adanis in accordance with the Hague Convention. The regulatory body continues to navigate the complexities of international legal processes in its pursuit of enforcing securities laws in cases involving foreign entities like the Adanis.
As the legal battle unfolds, the SEC remains steadfast in its commitment to upholding the integrity of US securities laws, regardless of the challenges posed by cross-border litigation. The intricacies of serving legal notices in foreign jurisdictions underscore the importance of international cooperation and adherence to established protocols like the Hague Convention. The outcome of this case will not only impact the Adani family but also serve as a testament to the efficacy of international legal frameworks in addressing transnational securities fraud allegations.