Indian billionaire Gautam Adani to seek dismissal of US SEC fraud case by April 30
April 8 (Reuters) - Adani Green Energy ADNA.NS on Wednesday said group chair Gautam Adani and his nephew Sagar Adani plan to seek dismissal of a civil suit stemming from an alleged bribery scheme filed by the U.S. Securities and Exchange Commission in a New York court by April 30.
The company said that the defendants have submitted a pre-motion letter to the court indicating their intent to seek dismissal of the SEC's complaint and said they are willing to attend a pre-motion hearing, if scheduled.
They argued the court lacks jurisdiction over Gautam and Sagar Adani, and said grounds for dismissal also include case's "extraterritorial nature", reflecting how the Adanis and all alleged misconduct were in India, and the bonds were never traded on a U.S. exchange.
On Tuesday, Reuters reported Adani's plans to seek dismissal US SEC fraud case, citing his lawyers
Gautam Adani and his nephew Sagar Adani were charged by the SEC in November 2024 with orchestrating a scheme involving hundreds of millions of dollars in alleged bribes to Indian officials to benefit Adani Green Energy, where both men are directors.
The securities fraud case is tied to Adani Green's alleged failure to disclose the scheme in documents for a $750 million bond offering in 2021.
Adani Green said that it was not a party to these proceedings, and no charges have been brought against it
