In the filings, Adani Group companies stated that there are no allegations made against the company, nor is the company a party to any such proceedings. The group also reiterated its earlier clarification dated November 21, 2024, in which it addressed similar concerns following an earlier Bloomberg report on the same matter.
The group stated that the contents of the recent media report do not trigger any disclosure requirements under SEBI’s Regulations.
“This is in relation to the article appeared on “https://www.cnbctv18.com/” dated November 21, 2024, captioned “Adani Group stocks in focus: Here is what the US SEC said”. In this regard, we understand that the United States Department of Justice and the United States Securities and Exchange Commission have issued a criminal indictment and brought a civil complaint, respectively, in the United States District Court for the Eastern District of New York, against Shri Gautam Adani, as well as two other Board members of Adani Green Energy Limited,” the exchange filing read.
The media reports in question cite a Bloomberg article that says the US SEC has approached a federal judge in Brooklyn, New York, to allow alternative means of serving summons, as previous requests through official diplomatic channels had been denied by Indian authorities.
The regulator reportedly wants to ensure that both Gautam and Sagar Adani are made aware of the legal action against them. The SEC told the court that India had rejected two prior requests for service of summons on procedural grounds and raised questions over the SEC’s authority under the Hague Convention.
The legal action traces back to an indictment unsealed in November 2024, in which the US Department of Justice and the US SEC accused Adani Group executives of participating in a scheme involving the alleged bribery of Indian officials to secure power purchase agreements through Adani Green Energy. The complaint further alleged that the executives misled US investors by providing inaccurate disclosures regarding anti-corruption practices.According to the filings, the SEC intends to serve the summons to Adani executives directly via email, having reportedly cited repeated unsuccessful attempts to do so via India’s government.
In its November 2024 clarification, Adani Group had confirmed that the US proceedings were against certain individuals and did not involve the company itself. It had also shared a media release at the time stating that no allegations had been made against the company in connection with the reported indictment.
Meanwhile, shares of Adani Group companies have come under pressure following the resurfacing of these legal developments. As of the last trading session, Adani Enterprises was down 10.7%, Adani Ports fell 7.5%, Adani Green Energy declined over 14%, and Adani Power ended lower by 5.5%.
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