Adanis Seek SEC Lawsuit Dismissal

Gautam Adani and his nephew Sagar Adani have filed a pre-motion letter in a US court, seeking the dismissal of a securities fraud lawsuit brought by the United States — United States Securities and Exchange Commission. The lawsuit, initiated in November 2024, alleges that the Adanis misled investors regarding a 2021 bond sale by Adani Green Energy by failing to disclose an alleged bribery scheme tied to Indian state officials. The Adanis argue that the US court lacks personal jurisdiction over them and that the SEC's case represents an impermissible extraterritorial application of US law, as the bond sale was conducted outside the United States, the issuer is Indian, and the alleged misconduct occurred entirely in India. They also contend that there were no investor losses, as the bonds matured and were fully repaid in 2024, and that the statements cited by the SEC amount to non-actionable 'puffery'. The defendants are prepared to appear for a pre-motion conference ahead of a planned April 30 motion to dismiss.