Mumbai: Adani Enterprises has refuted allegations made in a Bloomberg report that the US Securities and Exchange Commission (SEC) has tried (and failed) to issue summonses to Gautam Adani and his nephew Sagar Adani for a bribery scheme using capital raised in America.
In a series of rebuttals made by its various subsidiaries, Adani Enterprises has said that it isn’t a party involved in any US legal proceedings as alleged in the report.
“There are no allegations made against the Company in, and the Company is not party to, these proceedings,” the press releases by the Adani subsidiaries to the bourses read.
According to the Bloomberg report published on January 22, the US Securities and Exchange Commission (SEC) has asked US District Judge Nicholas Garaufis in New York to let it use alternate measures to issue summonses to both, after previous attempts involving help from Indian authorities failed.
The case involves Gautam Adani and his nephew using $265 million raised in the US to bribe Indian officials for securing electricity purchases from the group’s subsidiary, Adani Green Energy, with the allegations dating back to November 2024. The SEC has also filed a civil lawsuit against Gautam and Sagar Adani, separate from a criminal case by the US Department of Justice against the Adani Group and others, which is ongoing.
Following these developments, Adani Group subsidiaries saw their stocks decline on Friday, January 23, with Adani Green Energy plunging 14.6%, Adani Enterprises down by 10.7% and Adani Ports and Special Economic Zone dropping by 7.5%. Overall, the Adani Group companies lost about $12.5 billion in market cap due to the news.
