Adanis, SEC Seek Extension in Bribery Lawsuit

The United States===United States Securities and Exchange Commission (SEC) and Indian businessmen Gautam Adani and Sagar Adani have jointly requested a U.S. court for more time to file key submissions in a civil securities case. The SEC sued Gautam Adani, founder of Adani Group, and his nephew, Sagar Adani, in November 2024, alleging they misled investors by failing to disclose an alleged bribery scheme tied to Indian state officials. The Adanis deny all allegations and are seeking dismissal of the fraud lawsuit, arguing it represents an impermissible extraterritorial application of U.S. law and lacks personal jurisdiction. A revised schedule for motions and responses has been proposed to the United States===United States District Court for the Eastern District of New York, awaiting approval from Judge Nicholas Garaufis. The Adanis are expected to argue that the court lacks jurisdiction, the alleged statements are too general, and they were not involved in a 2021 bond offering.