A US federal court has agreed to hear a plea filed by Indian billionaire Gautam Adani seeking dismissal of a fraud case brought by the US Securities and Exchange Commission (SEC). The move marks an important step in the ongoing legal proceedings involving the Adani Group.
The SEC has accused Adani and his nephew, Sagar Adani, of being part of an alleged bribery scheme connected to business deals involving Adani Green Energy. According to the regulator, the alleged misconduct was not disclosed to investors during a bond issuance in 2021, potentially misleading those who invested in the offering.
During a recent hearing in New York, the court permitted Adani’s legal team to move forward with a pre-motion process. This allows them to formally argue why the case should be dismissed before it proceeds further in court. While this does not mean the case has been dropped, it gives the defence an opportunity to challenge the SEC’s claims at an early stage.
Adani’s lawyers have denied all allegations, stating there is no reliable evidence of wrongdoing. They have also argued that the SEC lacks jurisdiction, claiming the events in question occurred outside the United States and do not fall under US securities laws. Additionally, the defence maintains that neither Gautam Adani nor Sagar Adani played a direct role in the bond issuance tied to the case.
The lawsuit is part of a wider scrutiny of the Adani Group’s financial practices, which has drawn international attention over the past few years. The SEC alleges that critical information related to the alleged scheme was withheld from global investors.
Legal observers note that the court’s willingness to hear the dismissal plea is a routine but significant procedural step. The final outcome will depend on how convincingly Adani’s legal team can challenge both the allegations and the SEC’s jurisdiction.
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