Gautam Adani
Adani Group founder and chairman Gautam Adani and his nephew Sagar have been summoned by the US Securities and Exchange Commission (SEC) to clarify their stand on the allegations against them. Adani and his nephew are accused of being involved in paying bribes worth US$265 million (Rs 2,200 crore) to get favorable solar power contracts. Summons have been sent to Adani’s Shantivan Farm House in Ahmedabad and his nephew Sagar’s Bodakdev residence in the same city, asking the SEC to respond within 21 days.
Reply to be given in 21 days
“Within 21 days from the date of service of this summons (not including the day you receive this summons), you must file with Plaintiff (SEC) an answer to the attached complaint,” said the notice, sent through the New York Eastern District Court on November 21. Or serve a motion under Rule of Federal Civil Procedure 12.” It says, ”If you fail to answer, judgment will be entered against you for the relief sought in the complaint. You will also have to file your reply or proposal in the court.
What are the allegations?
The trial of Gautam Adani and seven other defendants, including his nephew Sagar, who is a director at the group’s renewable energy arm Adani Green Energy Ltd, began in a New York court on Wednesday. According to this, these people had agreed to pay bribes of approximately $265 million to Indian government officials between 2020 and 2024 to get favorable solar energy supply contracts.
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