Indian billionaire Gautam Adani and his nephew, Sagar Adani, have been summoned by the US Securities and Trade Fee to clarify allegations that they paid greater than $250 million in bribes to win solar-power contracts, Press Belief of India reported.
The summons have been despatched to the Adanis’ respective residences within the western Indian metropolis of Ahmedabad, with replies anticipated inside 21 days, PTI mentioned, citing a Nov. 21 discover dispatched by way of the New York Japanese District Court docket. A judgment by default will probably be entered towards the Adanis in the event that they don’t reply on time, the discover mentioned.
The SEC must ship the summons by way of an “established protocol” involving diplomatic channels, which embrace the Indian Embassy within the US, PTI mentioned in a separate story citing two sources. It’ll take a while earlier than the discover will be served to the Adanis, the report added.
A consultant for the Adani Group didn’t instantly reply to requests for remark exterior enterprise hours.
On Nov. 20, US prosecutors introduced a felony indictment towards the 2 Adanis and others in relation to the bribery allegations, whereas the SEC individually charged them in a civil case.
The Adani Group denied wrongdoing. On Saturday, Chief Monetary Officer Jugeshinder Singh mentioned in a publish on X that the group would reply publicly to the costs after an in depth authorized evaluate, including that the claims are allegations and the accused have a presumption of innocence.
Individually, a recent plea has been filed to India’s Supreme Court docket searching for an investigation by Indian authorities into the bribery allegations, CNBC reported. India’s capital markets regulator can be trying into whether or not the group violated guidelines mandating the disclosure of market-moving data, Bloomberg Information reported Friday.
