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Adani Green Energy Ltd.

Photo: @InvGurInd/X New York, April 8 : A US judge has granted a request from Billionaire industrialist Gautam Adani to schedule a hearing to dismiss a US Securities and Exchange Commission (SEC) case of alleged fraud. The plea states that the case represents an impermissible extraterritorial application of US law and that the SEC has failed to establish actionable claims under US securities laws. "The court has received Defendants' letter requesting a pre-motion conference on their anticipated motion to dismiss the Complaint. The court grants that request and directs the parties to schedule the pre-motion conference,” the Eastern District Court of New York has stated in its order. While Gautam Adani is the chairman of the Adani Group, Sagar Adani is executive director at Adani Green Energy. .The court's decision to grant a hearing allows the Adanis’ to argue that the regulator's complaint should be thrown out at an early stage, potentially avoiding a protracted discovery process and trial.

Adani Group stocks surged up to 13% after Gautam Adani sought dismissal of a US SEC civil case, citing no credible evidence of bribery. Lawyers argued the alleged actions were extraterritorial and took place in India. This, along with a positive outlook for Adani Green Energy, boosted investor sentiment.

April 8 (Reuters) - Adani Green Energy on Wednesday said Gautam Adani and his nephew Sagar Adani plan to seek dismissal of a civil suit filed by the U.S.

Gautam Adani, India’s second richest person, will ask a US judge to dismiss the Securities and Exchange Commission’s (SEC) civil fraud case stemming from an alleged bribery scheme, his lawyers said on Tuesday. Adani and his nephew Sagar Adani were charged by the SEC in November 2024 with orchestrating a scheme to pay or promise to pay hundreds of millions of dollars in bribes to Indian government officials to benefit Adani Green Energy, where both men are executives and directors. The securities fraud case is tied to Adani Green’s alleged failure to disclose the scheme in documents for a $750 million bond offering in 2021. In a filing in the Brooklyn, New York federal court, the Adanis’ lawyers said their clients disputed that there was any credible evidence supporting the alleged bribery scheme. The lawyers said the Adanis’ lack of involvement in the offering, and the absence of any intent to defraud or negligence, supported a dismissal. They also called the SEC claims “impermissibly extraterritorial,” reflecting how the Adanis and all alleged misconduct were in India, and the bonds were never traded on a US exchange.