SEC Pursues Legal Action Against Adani Family Over Securities Law Violations
The US SEC filed a status update with a federal court regarding efforts to serve Gautam Adani and his nephew in a securities case. This involves alleged violations related to Adani Green Energy Ltd's bond offering. The SEC seeks to use the Hague Service Convention to fulfill legal processes.
The US Securities and Exchange Commission (SEC) has initiated legal procedures against billionaire Gautam Adani and his nephew, Sagar Adani, concerning a civil securities case concerning bonds from Adani Green Energy Ltd.
The commission's recent status update to Magistrate Judge James R Cho emphasizes its ongoing efforts to serve crucial legal documents under the Hague Service Convention, needs that have arisen due to the defendants' residence in India.
This case involves alleged false and misleading statements following a 2021 bond offering, with the SEC citing substantial USD 265 million payoffs. The SEC submitted the formal complaint in November 2024, and adherence to international treaties remains critical as the case unfolds.
(With inputs from agencies.)
Google News