US SEC Remains Active On Case Against Adanis
Informs a federal judge that its efforts to serve complaint on Gautam Adani, Sagar Adani in alleged bribery scheme are ongoing
US SEC Remains Active On Case Against Adanis
SEC said that its complaint dated Nov 20, 2024, alleges that Gautam Adani and Sagar Adani violated the antifraud provisions of the federal securities laws by knowingly or recklessly making false and misleading representations concerning Adani Green Energy Ltd in connection with a Sept 2021 debt offering by Adani Green
New York: The US Securities and Exchange Commission (SEC) has told a federal judge here that its efforts to serve its complaint on Gautam Adani and Sagar Adani in the alleged bribery scheme are ‘ongoing’, including through a request for assistance to the Indian authorities.
The SEC submitted a status update Tuesday to Judge Nicholas Garaufis at the United States District Court, Eastern District of New York regarding its efforts to serve its complaint on Gautam Adani and Sagar Adani. The SEC said that “both Gautam Adani and Sagar Adani are located in India, and the SEC’s efforts to serve them there are ongoing, including through a request for assistance to the Indian authorities to effect service under the Hague Service Convention for Service Abroad of Judicial and Extrajudicial Documents in Civil or Commercial Matters.”
The SEC said that its complaint dated November 20 last year alleges that Gautam Adani and Sagar Adani violated the antifraud provisions of the federal securities laws by “knowingly or recklessly making false and misleading representations concerning Adani Green Energy Ltd in connection with a September 2021 debt offering by Adani Green.
It said that because the “defendants are located in a foreign country, Rule 4(f) of the Federal Rules of Civil Procedure (FRCP) governs service of the Summons and Complaint. FRCP 4(f) contains no set time limit for service, and the SEC may serve Defendants “by any internationally agreed means of service that is reasonably calculated to give notice,”... such as the Hague Service Convention.”
The SEC update, submitted by its Counsel Christopher Colorado, cited a case which notes that service via the Hague Service Convention is one permissible means of serving defendants located in India.
