According to the Press Trust of India, Indian billionaire Gautam Adani and his nephew, Sagar Adani, have been summoned by the US Securities and Exchange Commission to address accusations of paying over $250 million in bribes to secure solar-power contracts.
Notices were delivered to the Adanis’ residences in Ahmedabad, India, with responses to be provided within 21 days, as reported by PTI citing a notice from the New York Eastern District Court issued on Nov. 21. The notice stated that if the Adanis do not respond in time, a default judgment will be made against them.Â
It was mentioned by PTI that the SEC will need to send the summons through an official diplomatic protocol, which involves the Indian Embassy in the US. However, it will take some time for the notice to reach the Adanis.
A spokesperson for the Adani Group did not immediately respond to requests for comments outside of business hours.Â
On Nov. 20, the Adanis and others were indicted in a criminal case by US prosecutors in connection to the bribery allegations, while the SEC issued separate charges in a civil case.
The Adani Group has denied any wrongdoing. In a post on X, Chief Financial Officer Jugeshinder Singh stated that they would respond publicly to the charges after a thorough legal review, emphasizing that the claims are allegations and the accused are presumed innocent until proven guilty.
Furthermore, a new plea has been filed with India’s Supreme Court calling for an investigation by Indian authorities into the bribery allegations, as CNBC reported. Bloomberg News also noted that India’s capital markets regulator is investigating whether the group violated rules regarding the disclosure of market-sensitive information.
