Gautam Adani, Indian industrialist.
New York: Although the US Department of Justice has filed a case against the Indian industrialist allegedly accusing him, the US SEC will not be able to directly subpoena Gautam Adani in this case. For this, the SEC will have to send summons to Adani Group founder and chairman Gautam Adani and his nephew Sagar through proper diplomatic channels in the alleged $265 million (Rs 2.2 billion) bribery case.
Sources said the US Securities and Exchange Commission (SEC) does not have the authority to directly summon any foreign national. The SEC wants Adani to clarify his stance on allegations of paying bribes to obtain favorable solar contracts. Two sources familiar with the entire matter said that this request will have to be sent through the Indian Embassy in the United States and other diplomatic formalities will have to be followed as per the established protocol. He said the US SEC has no authority over foreign nationals.
The case has been filed in a New York court.
According to sources, this subpoena is part of the SEC’s legal document filed in the New York court, and it will take some time for Adani to arrive. Adani is yet to receive any summons. 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. (Language)
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