Adani Notice to be Sent Through Proper Channel as US SEC Lacks Jurisdiction

The US Securities and Exchange Commission (SEC) is seeking answers from the Adani Group regarding allegations of paying bribes to secure solar power contracts. However, the SEC must follow proper diplomatic channels to serve the summons on Adani Group Founder and Chairman Gautam Adani and his nephew Sagar, as they are foreign nationals and the SEC has no jurisdiction over them directly.

According to sources familiar with the matter, the established protocol includes routing the request through the Indian Embassy in the US and following other diplomatic formalities. The US SEC cannot send anything by post to foreign nationals, as outlined in the 1965 Hague Convention and the Mutual Legal Assistance Treaty between India and the US.

While no summons has been served on the Adanis as of now, the legal process outlined by the SEC involves a specific timeline for response. Failure to respond could result in judgment by default being entered against the defendants.

The allegations against the Adani Group, including Gautam Adani and his nephew Sagar, involve accusations of paying bribes to Indian government officials to secure lucrative solar energy contracts. The Adani Group has vehemently denied these allegations and stated its commitment to upholding the highest standards of governance, transparency, and regulatory compliance.

Separate from the charges brought by the US Department of Justice, the US SEC has also charged the Adanis and Cyril Cabanes, an executive of Azure Power Global, for their involvement in a bribery scheme. The Adani Group has stated that it will utilize all legal resources in response to these charges.

It is important to note that an indictment in the US is a formal written allegation made by a grand jury against a party charged with a crime. The defendants have the opportunity to respond and defend themselves against these allegations.

Overall, the Adani Group has reiterated its commitment to compliance with all laws and regulations across its global operations. The investigation into these allegations is ongoing, and the Adani Group will continue to cooperate with the authorities to address these issues.