2024-11-23 10:57:05 :
bangalore
: The US Securities and Exchange Commission (SEC) has issued subpoenas to Adani Group founder and chairman Gautam Adani and his nephew Sagar Adani, executive director of Adani Green Energy , thus initiating legal proceedings suspected of being involved. $20 billion ($250 million) bribery case.
“Within 21 days after service of the subpoena on you (excluding the date you received the subpoena)…you must serve on the plaintiff a response to the attached complaint or motion pursuant to Federal Rules of Civil Procedure 12,” November On the 21st, the SEC issued notices to Gautam Adani and Sagar Adani.
“If you fail to respond, a default judgment will be entered for the relief you request in your complaint. You must also file your answer or motion with the court,” the U.S. regulator said, which has filed a lawsuit over the complaint. New York Court.
Adani Group has yet to respond Mintquestionnaire.
case file
Federal prosecutors in New York on Wednesday indicted a total of eight people for allegedly paying more than $250 million in bribes to Indian government officials between 2020 and 2024 to secure lucrative solar contracts.
The Indian conglomerate denied the allegations by the US Department of Justice (DoJ) and SEC, calling the allegations against its directors “baseless”.
“All possible legal recourse will be pursued,” a spokesperson for the Adani Group said on Thursday. “The Adani Group remains committed to maintaining the highest standards of governance, transparency and regulatory compliance in all jurisdictions in which it operates. “We assure our stakeholders, partners and employees that we are a law-abiding organization and fully comply with all laws.”
“We were aware of the ‘unusual nature’ of this matter two days ago,” Jugeshinder Singh, Adani Group’s chief financial officer, wrote on X on Saturday morning, referring to US authorities targeting three directors of Adani Green Energy Ltd. Ongoing cases filed.
“We are aware that something is going on (in February 2024, we disclosed in our Risk Factors 144a offering circular). This is where our portfolio companies or their subsidiaries or joint ventures for the year ended March 31, 2023. post-performance IPO),” Singh wrote.
Singh said none of the group’s 11 listed companies had been subject to legal action. “No issuer (i.e., a company in our portfolio or a specific issuer that is a subsidiary of a public company) has been alleged to have engaged in any wrongdoing in the legal filings above,” Singer wrote.
According to the indictment, Adani Green Energy Ltd. raised $2 billion from U.S. and foreign investors based on false and misleading statements about the company’s anti-corruption and anti-bribery efforts. To this end, the Department of Justice has launched a criminal investigation, while the SEC is conducting a civil investigation into Gautam Adani, Sagar Adani and Adani Green Energy CEO Vneet Jaain .
The U.S. Department of Justice still needs to subpoena three executive directors of Adani Green Energy.
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