Billionaire industrialist Gautam Adani has secured a key legal opening in the US, with a federal court granting his request for a hearing to argue for dismissal of a fraud case filed by the US Securities and Exchange Commission (SEC).
The eastern district court of New York approved a pre-motion conference sought by Mr Adani and his nephew Sagar Adani, allowing them to formally present arguments seeking to have the case thrown out at an early stage.
“The Court has received defendants' (the Adanis) letter requesting a pre-motion conference… The Court grants that request and directs the parties to schedule the pre-motion conference,” the judge says in the order.
The case, filed by SEC in November 2024 alongside a criminal complaint by the US department of justice (DoJ), alleges that the Adanis orchestrated a bribery scheme exceeding US$250mn (million) to secure solar energy contracts in India and misled US investors while raising funds.
The allegations relate to a US$750mn bond issuance by Adani Green Energy Ltd in 2021.
The Adani group has strongly denied all allegations, maintaining that none of its entities or executives have been charged under the US Foreign Corrupt Practices Act and asserting that Adani Green Energy is not a party to the proceedings.
In their filings, the Adanis’ legal team mounted a multi-pronged challenge, arguing that the SEC case lacks jurisdiction, is legally flawed, and fails to establish any actionable claim.
A central argument is that US courts do not have personal jurisdiction over the defendants, as neither Gautam Adani nor Sagar Adani has sufficient links to the US or direct involvement in the bond offering.
Reinforcing this position, in a regulatory filing, Adani Green Energy says that the defendants have already outlined grounds for dismissal before the court.
“We understand that the defendants intend to move to dismiss the SEC’s complaint by 30 April 2026… [including] that the Court lacks personal jurisdiction… the claims are impermissibly extraterritorial, none of the alleged misstatements are actionable, and the defendants’ lack of involvement… bars the SEC’s claims,” the company says.
The Adanis also stressed that the bond issuance was conducted outside the US under Rule 144A and Regulation S exemptions, with securities initially sold to non-US underwriters and only later resold to certain institutional investors.
“The SEC’s claims… involve Indian defendants, an Indian issuer, securities not registered with the SEC and not traded on any US exchange,” the filing says, arguing that the case falls outside the scope of US securities laws.
The Adanis also disputed the substance of the allegations, stating that there is no credible evidence supporting the alleged bribery scheme.
They highlighted that the SEC has not alleged any investor losses, adding that the bonds matured and were fully repaid with interest in 2024.
“Notably, the SEC does not allege that there were any investor losses, and there were none,” the filing stated.
The Adanis further argued that the statements cited by SEC — including those related to environmental, social and governance (ESG) commitments and corporate governance — constitute general corporate optimism or 'puffery' and are not legally actionable.
It also claimed that the regulator failed to link either Gautam Adani or Sagar Adani to specific misleading statements or demonstrate intent to defraud.
“The complaint contains no plausible allegation that Gautam Adani was involved in drafting, reviewing, or approving any document containing any alleged misstatement,” the filing says.
The court’s decision to grant a pre-motion hearing is a procedural but significant step, allowing the Adanis to seek dismissal before the case proceeds to discovery or trial.
If successful, the move could prevent a prolonged legal battle in US courts.
The lawsuits had earlier seen delays due to challenges in serving notices to the India-based defendants.
The Adanis are expected to formally file their motion to dismiss by 30 April 2026. The outcome of the pre-motion conference will determine whether the case proceeds further or is dismissed at a preliminary stage.
The case is being closely watched by global investors, given its implications for cross-border securities regulation and the extraterritorial reach of US laws.
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