Gautama Adani
A big update has emerged regarding the allegations against Adani Group founder and chairman Gautam Adani and his nephew Sagar. The US Securities and Exchange Commission cannot directly summon Gautam Adani and his nephew. They will have to send the subpoenas in an appropriate diplomatic manner.
This information has come to light citing sources that the SEC has no authority to directly summon any foreign national in the $265 million (Rs 2.2 billion) bribery case. Therefore, he will have to send subpoenas to be interrogated through diplomatic channels. The SEC wants Adani to present his side of the allegations against him and record his statement.
Summons must be sent through the embassy.
According to two sources following the matter, Adani will have to send the summons through the Indian Embassy in the United States and follow established protocols under other diplomatic formalities. He said the US SEC has no authority over foreign citizens. This subpoena is part of the SEC’s legal document filed in the New York court and will take some time to reach Adani. Adani is yet to receive any summons.
read this too
The trial began on Wednesday.
The trial against seven other people, including Gautam Adani and his nephew Sagar, began on Wednesday in a New York court. These individuals are accused of agreeing to pay bribes worth approximately $265 million to Indian government officials between 2020 and 2024 to obtain solar supply contracts.
There are no charges against 11 listed companies of the Adani Group
Adani Group Chief Financial Officer (CFO) Jugeshinder Robi Singh called the allegations against the company in the United States false. He said Adani Group has a portfolio of 11 public companies and none of them are being prosecuted. That means these companies are not defendants in any lawsuit recently filed by an attorney in a New York court. He said the allegations relate to an Adani Green contract, which represents about 10 percent of Adani Green’s total business. He said that we will tell this in detail.
