SEC Pursues Legal Service to Adani in Landmark Securities Case

The US SEC seeks assistance from India's Ministry of Law and Justice to serve legal documents to billionaire Gautam Adani and his nephew in a civil securities case. Despite ongoing efforts via the Hague Service Convention, the defendants are yet to receive the summons related to alleged payoffs.

The US Securities and Exchange Commission (SEC) has intensified its efforts to legally summon billionaire Gautam Adani and his nephew, Sagar Adani, amid ongoing civil securities case proceedings. The regulatory body disclosed its strategy in a federal court filing in New York, seeking India's cooperation.

On August 11, the SEC updated Magistrate Judge James R Cho at the US District Court for the Eastern District of New York, revealing its intention to continue utilizing the Hague Service Convention for formal summons delivery. Gautam Adani and Sagar Adani, based in India, have yet to receive the summons officially.

Accusations involve a USD 265 million scandal where alleged payoffs were made to secure renewable power contracts. While the Adani group refutes these charges, the SEC is compelled to navigate diplomatic channels given the defendants' foreign nationality. To date, no subsequent hearing dates have been disclosed.

(With inputs from agencies.)