Adani Group chairperson Gautam Adani has moved a United States court seeking that a fraud case filed by the US Securities and Exchange Commission be dismissed on the grounds that it constituted an impermissible extraterritorial application of American law, PTI reported.

The commission had in November 2024 indicted Gautam Adani and his nephew Sagar Adani for allegedly orchestrating a scheme to bribe officials in India for solar energy contracts, and then misrepresenting the company’s anti-bribery practices to investors in the US.

The allegations of fraud are based on the alleged failure of Adani Green to disclose the scheme in documents related to a $750 million bond offering in 2021.

Gautam Adani and Sagar Adani, in their petition, claimed that the US Securities and Exchange Commission’s claims are legally flawed for several reasons, according to PTI. They contended that the Eastern District Court of New York, which is hearing the matter, lacks personal jurisdiction over the case, as neither of them had sufficient contact with the US, and were not directly involved in the bond offering.

They contended that the bond sale was conducted outside the United States, and the securities were sold to underwriters outside the US, PTI reported. The petition argued that it was only later that the securities were resold in part...

Read more