Adani was summoned by the US SEC to explain his position in the bribery case
Indian billionaire Gautam Adani and his nephew Sagar Adani have been subpoenaed by the US Securities and Exchange Commission to explain allegations that they paid more than $250 million in bribes to win energy contracts. Sun, Press Trust of India reported.
The summons have been sent to Adanis’ respective residence in the western Indian city of Ahmedabad and a response is expected within 21 days, PTI said, citing the announcement dated November 21 filed through the Eastern District Court of New York. By default, a judgment will be entered against Adanis if they do not respond promptly, the notice said.
PTI said in a separate story citing two sources that the SEC will have to send the summons through an “established protocol” involving diplomatic channels, including the Indian Embassy in the US. It will take some time before the notice can be sent to Adanis, the report added.
Adani Group representatives did not immediately respond to requests for comment outside business hours.
On November 20, US prosecutors announced a criminal indictment against the two Adanis and others in connection with bribery allegations, while the SEC charged them separately. civil case.
Adani Group denies wrongdoing. On Saturday, Chief Financial Officer Jugeshinder Singh said in a parcel ABOVE X that the team will publicly respond to the allegations after a detailed legal review, adding that the statements are allegations and the defendant is presumed innocent.
Separately, a fresh plea was filed with India Supreme Court asked Indian authorities to investigate bribery allegations, CNBC reported. India’s capital markets regulator is also looking into whether the group violated rules mandating disclosure of market movement information, Bloomberg News reported Friday.
