PTI, New York
The US Securities and Exchange Commission (SEC) has issued summons to industrialists Gautam Adani and Sagar Adani in connection with alleged bribery. Adani is accused of paying $265 million (₹2,200 crore) in bribes to secure solar power contracts in various Indian states.
The summons were sent to Gautam Adani’s Shantivan Farm residence and Sagar Adani’s Bodakdev residence, both located in Ahmedabad. Issued on November 21, the SEC has required both individuals to respond within 21 days. The accusations include bribing Indian state officials for solar power contracts, misusing funds from American investors for these purposes, and concealing information about the transactions involving American investors’ money.
The Eastern District Court of New York issued the summons under Rule 12 of the United States Federal Rules of Civil Procedure. It states: “You must send a reply to the prosecutor within 21 days from the date of service of this summons to you.” A warning has also been issued that failure to respond may result in a guilty verdict.
Sagar Adani, a director at Adani Green Energy Limited, is among those named. The US Department of Justice has charged Gautam Adani, Sagar Adani, and six others with bribery. Additionally, the SEC has accused Adani’s cousin, Cyril Cabens, who is the CEO of Azure Power Global.
The Adani Group is said to have raised $2 billion in loans and bonds from US firms and other investors, allegedly using false and misleading statements regarding the firm’s anti-bribery policies. However, the Adani Group has denied all allegations.
