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Adani Case Update: The US SEC will have to summon Adani Group founder and chairman Gautam Adani and his nephew Sagar Adani through proper diplomatic channels in the alleged USD 265 million (Rs 2,200 crore) bribery case, sources said, adding that the US Securities and Exchange Commission (SEC) has no authority to directly summon a foreign national.
The SEC wants Adani to clarify his stand on allegations of paying bribes to secure favorable solar power contracts. The request would have to be routed through the Indian Embassy in the US and follow established protocols along with other diplomatic formalities, two sources aware of the matter said.
'US SEC has no authority over foreign citizens'
He said that the US SEC has no authority over foreign citizens. According to sources, this summons is part of the legal document filed by the SEC before the New York court, and it will take some time to reach Adani. No summons has been served to Adani yet.
Gautam Adani and seven other defendants, including his nephew Sagar, who is a director in the group's renewable energy unit Adani Green Energy Ltd, went on trial in a New York court on Wednesday, alleging that they agreed to pay bribes of about $265 million to Indian government officials between 2020 and 2024 to secure favorable solar power supply contracts.
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