Adani Official Notice to Be Sent Through Proper Channel: US SEC Has No Jurisdiction

The US Securities and Exchange Commission (SEC) is looking to get some answers from the Adanis regarding allegations of paying bribes, specifically in relation to securing solar power contracts. However, there’s a bit of a process involved in serving these summons to foreign nationals, like the Adani Group Founder and Chairman Gautam Adani, and his nephew Sagar. The SEC doesn’t have the jurisdiction to directly summon them, so they’ll have to go through the proper diplomatic channels, like reaching out to the Indian Embassy in the US, before anything can move forward.

These kinds of situations are governed by the 1965 Hague Convention and the Mutual Legal Assistance Treaty between India and the US, which have procedures in place for handling these requests. It’s all about following the established protocol.

Despite the legal docket filed by the SEC in a New York court, no summons have been served on the Adanis as of yet. They have a window of 21 days to respond after being served with the summons, or else a default judgment might be entered against them. It’s all outlined in the notice dated November 21, set through the New York Eastern District Court.

The allegations in question involve supposed bribes amounting to around $265 million being paid to Indian government officials to secure solar energy contracts. The Adani Group has vehemently denied these claims and plans to explore all legal avenues to address the situation. They maintain that governance, transparency, and regulatory compliance are central to their operations.

While a formal indictment in the US launches a legal process, those accused have the opportunity to respond and defend themselves. The investigation into these bribery allegations began in 2022 and has led to some high-stakes accusations. The Adani Group is being accused of misrepresenting their anti-bribery practices and policies while trying to secure financial support from investors.

The prosecutors involved in this case are committed to rooting out corruption on the international stage and protecting the integrity of financial markets. As the story unfolds, it’s clear that there are legal battles ahead for all parties involved.