Gautam Adani, Sagar Adani to seek US SEC fraud case dismissal by April 30

Adani Green Energy said on Wednesday that Gautam Adani and his nephew Sagar Adani will seek to have a civil lawsuit filed by the US Securities and Exchange Commission in a New York court dismissed by April 30, on the grounds that the court lacks jurisdiction.

"We understand that the Defendants intend to move to dismiss the SEC’s complaint by April 30, 2026 and, as part of this process, have submitted a pre-motion conference letter with the EDNY judge informing the Court that the Defendants are prepared to attend a pre-motion conference should the Court wish to schedule one," the company said in a stock exchange filing.

In the letter, the defendants have briefly set out their reasons for seeking dismissal of the SEC’s complaint, including that the court does not have personal jurisdiction over them or the claims against them, the filing said.


Adani Group stocks, including Adani Enterprises, Adani Green Energy and Adani Ports, rose by up to 13% on Wednesday after billionaire Gautam Adani, India’s second richest person, approached a US court to seek dismissal of a civil fraud case filed by the Securities and Exchange Commission.



Also Read: Adani Green, Adani Enterprises, Adani Ports shares rally up to 13%

The US Securities and Exchange Commission said in November 2024 that Adani and another executive had breached US securities laws by allegedly arranging a scheme to pay or promise hundreds of millions of dollars in bribes to Indian government officials to secure benefits for Adani Green Energy, where both were executives and directors.

The securities fraud case is linked to Adani Green’s alleged failure to disclose the scheme in documents for a $750 million bond offering in 2021.

Also Read: Gautam Adani moves to dismiss US bribery-linked SEC case, escalating legal battle



Adani’s legal team has now asked for the case to be dismissed, challenging the regulator’s claims as the proceedings pick up pace after months of little visible progress.

According to Adani’s exchange filing today, the grounds for dismissal also include the SEC’s failure to state a valid claim, on the basis that (i) the claims are impermissibly extraterritorial, (ii) none of the alleged misstatements can be acted on, and (iii) the defendants were not involved in the offering, which they say prevents the SEC from bringing claims against them. It is also understood that the letter was submitted in line with the procedural rules set by the EDNY judge.