The US Securities and Exchange Commission (SEC) has reportedly told a federal court in New York that Indian authorities have not yet served legal documents to Gautam Adani and Sagar Adani in connection with its lawsuit alleging violations of federal securities laws.
In a status report dated 11 August 2025, submitted to magistrate judge James R Cho in the eastern district of New York, SEC says it has been attempting to serve the summons and complaint to the Adani group executives under the Hague Service Convention. The request for assistance was made to India’s ministry of law & justice (MoLJ) under article 5(a) of the convention, but the authorities have 'not yet effected service'.
The case, filed on 20 November 2024, accuses the Adanis of making false and misleading statements about Adani Green Energy Ltd in relation to a September 2021 debt offering. SEC alleges the statements violated US federal securities laws and were intended to mislead investors.
According to the status update, SEC has sent notices of lawsuit and requests for waiver of service of summons to the defendants and their counsel, and has communicated with the MoLJ. However, the service process remains incomplete. Under rule 4(f) of the US Federal Rules of Civil Procedure, there is no time limit for serving defendants abroad and the Hague Service Convention allows service via any internationally agreed means reasonably calculated to give notice.
SEC says it will continue working with Indian authorities and keep the court informed of developments.
The letter has not been published on SEC’s official website or in publicly accessible court dockets (like PACER), so its authenticity cannot be confirmed with absolute certainty. However, multiple reputable news outlets have reported details that closely match the contents of the status report.
The litigation stems from the US regulator’s probe into alleged misrepresentations by Adani Green Energy and its executives that, according to SEC, misled investors and impacted the value of the company’s debt securities. The proceedings continue in the eastern district of New York.
SEC complaint outlines a deliberate and systematic strategy led by Gautam and Sagar Adani to manipulate government agreements and mislead global investors. According to SEC, the executives orchestrated bribes amounting to hundreds of millions of dollars to Indian state government officials. These payments secured power supply agreements (PSAs) under unfavourable terms for the states but guaranteed profits for Adani Green Energy Ltd and Azure Power Global Ltd. Specific claims include a US$200mn bribe to Andhra Pradesh officials, which reportedly facilitated a 7,000MW agreement and a bribe worth hundreds of thousands of dollars in Odisha for a 500MW power purchase agreement.
According to SEC complaint Azure Power, another stakeholder in the projects, is accused of collaborating with Adani Green. The SEC alleges that Azure contributed to the bribes by transferring its rights to lucrative portions of the Andhra Pradesh projects to Adani Green. These transactions, the SEC claims, were structured to obscure the financial exchanges tied to the bribes.
In 2021, Adani Green raised US$750mn through bond offerings, with US$175mn sourced from US investors. The SEC claims that offering materials, signed by Gautam and Sagar Adani, misrepresented the company’s compliance with anti-bribery and anti-corruption policies. The bond documents highlighted Adani Green’s adherence to ESG (environmental, social, and governance) principles and anti-corruption standards, which were instrumental in attracting investments from ESG-focused stakeholders. However, the SEC alleges that during this period, the defendants were actively bribing officials, undermining the ethical narrative presented to investors.
SEC cites extensive evidence supporting its claims. Internal records of Adani Green reportedly tracked payments and promises made to state officials, revealing the organised nature of the bribery scheme. Financial transfers between Adani Green and Azure Power are further highlighted as evidence of collusion to facilitate and conceal the payments.
The SEC’s complaint, filed in the US District Court for the Eastern District of New York, seeks several remedies. These include permanent injunctions to prevent Gautam and Sagar Adani from further violating US securities laws, civil penalties for their alleged misconduct, and director and officer bans prohibiting their involvement in publicly traded companies.
In parallel, the US attorney’s office for the eastern district of New York has filed criminal charges against Gautam and Sagar Adani, Cyril Cabanes of Azure Power and others. These charges include securities and wire fraud and violations of the Foreign Corrupt Practices Act (FCPA). The criminal case, which carries the potential for harsher penalties, alleges a systematic scheme involving falsified financial statements, bribery, and obstructing justice. The criminal case requires proof “beyond a reasonable doubt” (Proof beyond a reasonable doubt" is the highest standard of proof used in criminal cases. It means that the evidence must be so strong that there’s no reasonable doubt in anyone’s mind that the person committed the crime).
The Adani group has vehemently denied the allegations made by the US department of justice and the SEC against directors of Adani Green, terming them 'baseless'. In a media statement released on 21 November 2024, the Adani group categorically denied the bribery allegations levelled by the US department of justice and the SEC. The company's spokesperson emphasised the preliminary nature of the charges, highlighting the legal principle of presumption of innocence.
The spokesperson for the conglomerate emphasised that the charges are mere 'allegations’, and the defendants are 'presumed innocent unless and until proven guilty’, as stated by the US department of justice itself. The Adani group has pledged to pursue all available legal avenues to address these accusations.
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