SEC Updates Adani Case Service Efforts

New York, Jun 27 (PTI) The US Securities and Exchange Commission (SEC) has filed a status update with a federal court in New York, detailing its ongoing efforts to serve legal documents to billionaire Gautam Adani and his nephew Sagar in connection with a civil securities case filed last year.

In a June 27 letter submitted to Magistrate Judge James R Cho of the US District Court for the Eastern District of New York (EDNY), the SEC said it is continuing to pursue formal service of the summons and complaint under the provisions of the Hague Service Convention.

The defendants, who are based in India, are yet to be officially served.

US SEC has to serve the summons to Adani Group founder and chairman Gautam Adani and his nephew Sagar in the alleged USD 265 million payoffs to win lucrative renewable power supply contracts, through proper diplomatic channels as it has no jurisdiction to summon a foreign national directly.

The SEC originally filed the complaint on November 20, 2024, alleging that two violated US securities laws by making false and misleading statements related to a September 2021 bond offering by Adani Green Energy Ltd.

According to the SEC, Rule 4 (f) of the Federal Rules of Civil Procedure governs service in foreign jurisdictions and permits the use of international treaties, such as the Hague Convention. The rule does not impose a specific time limit for service, provided reasonable efforts are being made.