The US Securities and Exchange Commission (SEC) filed a status report before the US District Court, Eastern District Of New York, regarding its efforts to serve Summons and Complaint to Indian billionaire Gautam Adani (defendant) and his nephew Sagar Adani (defendant) in a bribery case of over $250 million.
SEC stated in the report-
“Defendants are located in India and SEC’s efforts to serve them are ongoing, including a request for assistance from Indian authorities to effect service under the Hague Service Convention for Service Abroad of Judicial and Extrajudicial Documents In Civil and Commercial Matters (Hague Service Convention).”
The SEC filed it’s complaint on November 20, 2024 alleging the defendants violated federal securities laws by making false and misleading claims about Adani Green Energy Limited in connection with a September 2021 debt offering.
Nine months ago, US District Court indicted Gautam Adani and others for allegedly paying more than $250 million in bribes to Indian government officials to obtain lucrative solar energy supply contracts with the Indian government, which were projected to generate more than $2 billion in profits after tax over an approximately 20-year period (the Bribery Scheme).
Defendants have been charged with conspiracies to commit securities and wire fraud and substantive securities fraud for their roles in a multi-billion-dollar scheme to obtain funds from US investors and global financial institutions on the basis of false and misleading statements.
However, despite the fact that a substantial amount of time has passed, defendants are yet to be served. The report further states-
“As Defendants are in India, service is governed by Rule 4(f) of Federal Rules Of Civil Procedure (FRCP).
FRCP 4(f) imposes no time limit for service and allows the SEC to serve defendants by internationally agreed means reasonably calculated to give notice such as Hague Service Convention.
As described in the prior status updates, the SEC has requested assistance from India’s Ministry of Law & Justice under Article 5(a) of the Hague Service Convention in serving the summons and complaint to defendants in India. The SEC has also sent Notices of lawsuit and requests for Waiver of Service of Summons, including copies of the complaint, directly to Defendants and their Counsel, and the SEC has communicated with the Indian Ministry of Law & Justice. The SEC understands that those authorities have not yet effected service.”
Click Here To View Status Report
