Indian Law Ministry has directed Ahmedabad Court to serve a summons from the US Securities and Exchange Commission or SEC to Gautam Adani. This is a part of a lawsuit alleging Adani and his nephew were involved in a massive bribery scheme to secure solar energy contracts in India.
What’s the case?
The SEC lawsuit accuses Adani Group executives of concealing hundreds of millions of dollars in bribes paid to Indian Government officials. These bribes were allegedly used to secure agreements at higher rates which benefited Adani Green and Azure Power.
THE US SEC wanted assistance from India’s Ministry of Law and Justice under Hauge Service Commission. This will allow countries to request legal assistance in serving documents for international cases. As India is one of the signatories of this conversion, is obligated to assist in the case and serve notices.
The latest update on the Case
Currently, summons are forwarded to the Ahmedabad session court to be served on Adani at his local address. This development highlights the ongoing legal challenges faced by the Adani Group, both in US and India.
Impact of the Case and Future Outcomes
The Adani Group is currently facing multiple legal battles, including the allegations of conspiracy and securities fraud. But, recent changes in US regulatory policies may offer some breathing space. Despite all these challenges Adani Group continues to explore business opportunities in US.
