Adani Group Founder and Chairman Gautam Adani and his nephew Sagar have been summoned by the US Securities and Exchange Commission (SEC) to clarify their position on the allegations against them. Adani and his nephew are accused of being involved in paying bribes worth $265 million (Rs 2.2 billion) to obtain favorable solar energy contracts. Summons have been sent to Adani’s Shantivan Farm House in Ahmedabad and his nephew Sagar’s Bodakdev residence in the same city, asking the SEC to respond within 21 days.
The response will be given in 21 days.
“Within 21 days from the date you serve this subpoena (not including the day you receive it), you must file with the plaintiff (SEC) a response to the attached complaint,” said the notice, sent via of the Eastern District of New York. Court on November 21. Or file a motion under Federal Rule of Civil Procedure 12”. It says: ”If you do not respond, a judgment will be issued against you for the compensation requested in the lawsuit. You will also have to present your response or proposal to the court.
What are the accusations?
The trial of Gautam Adani and seven other defendants, including his nephew Sagar, director of the group’s renewable energy arm, Adani Green Energy Ltd, began in a New York court on Wednesday. According to this, these individuals had agreed to pay bribes of approximately $265 million to Indian government officials between 2020 and 2024 to obtain favorable solar energy supply contracts.
Latest business news
