New Delhi: A US court has granted billionaire Gautam Adani’s request to schedule a hearing on his plea to dismiss a fraud case filed by the US Securities and Exchange Commission (SEC).
The Eastern District Court of New York approved a pre-motion conference, allowing Adani and his nephew Sagar Adani to argue for early dismissal of the complaint, potentially avoiding a prolonged trial.
The SEC’s case, filed in November 2024 alongside a criminal complaint by the US Department of Justice, alleges the Adanis were involved in a $250 million bribery scheme linked to solar energy contracts in India and misled US investors during fundraising.
Adani’s legal team has strongly denied the allegations, arguing there is no credible evidence of bribery and that US regulators lack jurisdiction. They contend the case represents an “impermissible extraterritorial application” of US securities laws.
Adani Green jumps over 11%
New Delhi: Adani Group stocks were in high demand on Wednesday, with Adani Green surging over 11 per cent, in tandem with a sharp rally in the broader equity market. A US judge granted a request from billionaire Gautam Adani to schedule a hearing in efforts to dismiss a US Securities and Exchange Commission fraud case, which he says lacks necessary jurisdiction as well as fails on multiple reasons.