Gautam Adani: Shares of Adani Group companies are going to be in focus in the coming times because the US Securities and Exchange Commission (SEC) has made all arrangements to prosecute Gautam Adani for civil fraud.

In an application filed on Friday in the Federal Court of Brooklyn, New York, it was informed that the lawyers fighting the case for Adani have agreed to accept the SEC’s legal papers, so that US District Judge Nicholas Garoufis will not need to decide on how to send notices to the defendants.

Answer will have to be given in 90 days

Let us tell you that this notice is in connection with a civil fraud case, in which he is accused of misleading investors by planning bribery. If the judge approves the motion, Gautam Adani and his nephew will have 90 days to respond to the SEC’s complaint, which may also include a request to dismiss the case. However, Gautam Adani’s lawyer Robert Giuffra and Sagar Adani’s lawyer Sean Hecker have refused to comment on this.

Giuffra, who fought the case for Gautam Adani, is not an ordinary lawyer. He is currently fighting the case of Donald Trump challenging his criminal conviction. He has also fought the case of Volkswagen and Goldman Sachs and got them victory. He has been honored with the Securities Litigator of the Year award in 2025.

What is the matter?

In November 2024, the SEC accused Adani of breaking US securities laws. He was accused of raising money by lying to American investors and banks to acquire renewable energy projects in India and later planned to use this money to bribe government officials. This amount was around 250 million dollars i.e. around Rs 2,029 crore. The SEC had said that it would be difficult to serve legal documents to him, so last week the SEC had requested the US judge to allow him to send summons (notice) to Adani through email or other lawyers.

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Adani Group: Adani Group companies – Adani Power, Adani Enterprises, Adani Ports and Adani Green Energy on Saturday clarified the recent media reports through stock exchange filings. It is being claimed in these reports that the United States Securities and Exchange Commission (US SEC) is seeking approval from the US court to send legal summons to Adani Group Chairman Gautam Adani and his nephew Sagar Adani through other means including direct email.

What explanation did the company give?

Expressing their views in the filing, Adani Group companies said that there are no allegations against them nor is the company involved in any such proceedings. In this, Adani Group also reiterated its previous clarification given on 21 November 2024, in which it had talked about similar concerns after Bloomberg’s previous report on the same matter.

During that time, Bloomberg’s report also said that Adani Group companies had planned to bribe government officials to the tune of Rs 2,000 crore to get renewable energy projects in India. However, even then Adani Group had termed these allegations as baseless and said that they have always followed the law. During that time, due to these news, the shares of Adani Green Energy had fallen by about 19 percent. This caused huge loss to the company.

What is the allegation?

In fact, 8 people including billionaire businessman Gautam Adani and his nephew Sagar Adani are accused of fraudulently acquiring renewable energy projects in India. It was told that to achieve this project, he first collected money by lying to American investors and banks. Later, this money was used to bribe government officials, which was around 250 million dollars i.e. around Rs 2,029 crore.

This case was registered in the Federal Court of New York on 24 October 2024. It was said in the charge sheet that this is a violation of America’s Foreign Corrupt Practices Act (FCPA), but the interesting thing is that mention of planning to offer bribe was found in the document of America’s Justice Department. There is no mention of bribes actually being given. The case was also heard in the court on 20 November 2024.

Loss of Rs 1.1 lakh crore in 1 day

The impact of this news from America was visible on Adani Group companies. Shares of Auani Enterprises fell by about 11 percent. Similarly, a decline of about 14.6 percent was recorded in Adani Green Energy and about 12 percent in Adani Energy Solutions. Not only this, decline was also recorded in Ambuja Cement, ACC and Adani Total Gas. Due to this heavy selling, the market cap of 10 listed companies of the group decreased by Rs 1.1 lakh crore in a day to Rs 12.45 lakh crore. This showed that investors are constantly keeping an eye on the news of the American investigation regarding Adani Group and are on alert mode.

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