Adani Group and U.S. SEC Settle Civil Suit Amid Controversy

The U.S. SEC and Adani Group Chairman Gautam Adani have agreed to settle a civil lawsuit involving a $250 million bribery case without admitting guilt. While Gautam Adani has agreed to pay $6 million, his nephew Sagar Adani will pay $12 million, pending court approval.

The U.S. Securities and Exchange Commission has reached a settlement with Adani Group Chairman Gautam Adani in a civil lawsuit, pending court approval. Reuters reports that the court documents reveal Gautam Adani will pay $6 million, while his nephew, Sagar Adani, will pay $12 million in penalties. The settlement does not include an admission of guilt by the parties.

The lawsuit initially accused Gautam Adani and Sagar Adani, along with others, of orchestrating a massive bribery scheme worth over $250 million between 2020 and 2024 for securing solar energy contracts in India. The U.S. District Court for the Eastern District of New York had previously received a plea from Adani's legal team to dismiss the case. The defendants argue lack of jurisdiction and claim the SEC’s accusations lack specificity.

In a letter to the court, the counsels for the Adanis requested a pre-motion conference for potential case dismissal. They assert that the SEC's claims are extraterritorial and allege that the transactions did not involve U.S. entities or securities registered under U.S. law. Discussions also involve a report by The New York Times that suggests the U.S. Justice Department might consider dropping charges following a meeting with Adani's new legal team, led by Robert J. Giuffra Jr., which highlighted the lack of evidence and jurisdiction.