Gautam Adani Seeks Dismissal of SEC Lawsuit

Gautam Adani and his nephew Sagar Adani have requested a US court to dismiss a securities fraud lawsuit filed by the United States===United States Securities and Exchange Commission. The lawsuit, initiated in November 2024, alleges that the Adanis misled investors by failing to disclose an alleged bribery scheme involving Indian state officials, tied to a $750 million bond sale by Adani Green Energy in 2021. The Adanis argue that the US court lacks personal jurisdiction over them, as they had insufficient contacts with the United States and were not directly involved in the bond offering. They also contend that the SEC's case is an impermissible extraterritorial application of US law, given that the securities were not listed in the United States, the issuer is Indian, and the alleged misconduct occurred entirely in India. The Adanis dispute the existence of any credible evidence supporting the bribery scheme and highlight that the bonds matured with all principal and interest repaid in full in 2024, with no investor losses.