New Delhi: The U.S. Securities and Exchange Commission has filed a status update with the federal court in New York, detailing its ongoing efforts to serve legal documents to Indian billionaire Gautam Adani and his nephew, Sagar, in connection with the civil securities case filed last year.
In a June 27th letter submitted to the Magistrate Judge James R Cho of the United States District Court for the Eastern District of New York, the Securities and Exchange Commission said it is continuing to pursue formal service of the summons and complaint under the provisions of the Hague Service Convention.
The defendants, who are based in India, are yet to be officially served. The United States Securities and Exchange Commission has to serve the summons to Adani Group founder and chairman Gautam Adani and his nephew Sagar in the alleged $256 million payoffs to win lucrative renewable power supply contracts through diplomatic channels, as it has no jurisdiction to summon a foreign national directly.
The Securities and Exchange Commission originally filed the complaint on November 20, 2024, alleging that two violated United States securities laws by making false and misleading statements related to the September 2021 bond offering to Adani Green Energy Limited.
SEC, Rule 4(f) of the Federal Rules of Civil Procedure governs service in foreign jurisdictions and permits the use of international treaties, such as the Hague Convention. The rule does not impose a specific time limit for service, provided reasonable efforts are being made.
