Prayagraj. Adani's Shantivan Farm residence in Ahmedabad and his nephew Sagar's Bodakdev residence in the same city have been summoned to respond to the SEC within 21 days. Adani Group Chairman Gautam Adani and his nephew Sagar have been booked in the solar power contract bribery case. The US Securities and Exchange Commission (SEC) has summoned. Both of them have been called to clarify their stand in this matter. Summons have been sent to Adani's Shantivan Farm residence in Ahmedabad and his nephew Sagar's Bodakdev residence in the same city to respond to the SEC within 21 days. Both of them are accused of paying US$265 million (Rs 2,200 crore) in bribes to get the contract.
The notice, dated November 21, sent through the New York Eastern District Court, states – “Within 21 days after service of this summons on you (not counting the day on which you receive it) … you must file a complaint with the Plaintiff (SEC ) must answer the attached complaint or a motion under Rule 12 of the Federal Rules of Civil Procedure.'' The notice says, “If you fail to answer, you will be in default of the relief sought in the complaint. A decision will be entered against. You must also file your answer or motion with the court.”
Gautam Adani and seven other defendants, including nephew Sagar, who is a director at Adani Group's Adani Green Energy Ltd, conspired to obtain lucrative solar power supply contracts for approximately 2020 and 2024, according to an indictment unsealed in a New York court on Wednesday. Beach agreed to pay approximately $265 million in bribes to Indian government officials, which is expected to yield a profit of US$2 billion over 20 years. Separately from the indictment brought by the US Justice Department, the US SEC has also charged the duo and Cyril Cabanes, an executive at Azure Power Global, with “conduct arising from a large-scale bribery scheme.”
Seven other accused, including Gautam Adani, 62, and his nephew Sagar, who is a director of Adani Group's power unit Adani Green Energy Ltd, are accused of allegedly paying bribes to Indian government officials between about 2020 and 2024. These people are accused of paying Rs 2200 crore. According to an indictment filed in a New York court on Wednesday, they received solar energy supply contracts on terms that were expected to yield profits of US$2 billion over 20 years.
Separately from the indictment brought by the US Justice Department, the US SEC has also accused the two and Cyril Cabanes, an executive at Azure Power Global, of “participating in a large-scale bribery scheme.”
Adani Group, which has business ranging from ports, airports to electricity, has denied the allegations and said that it will face the allegations with the help of all possible legal resources. Adani Group said in the statement – “Adani Group has always been strongly committed to maintaining the highest standards of governance, transparency and regulatory compliance in all jurisdictions in which it operates. We assure our stakeholders, partners and employees that we A law-abiding group that fully complies with all laws.”
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