Adani Green Energy Limited has provided an update regarding the ongoing civil matter initiated by the U.S. Securities and Exchange Commission (SEC) against Mr. Gautam Adani and Mr. Sagar Adani. The defendants intend to move for a dismissal of the complaint by April 30, 2026. Key grounds for this dismissal include lack of personal jurisdiction, claims being impermissibly extraterritorial, and a lack of involvement by the defendants in the relevant offerings.
Legal Update on SEC Civil Matter
Adani Green Energy Limited has announced that the defendants in the SEC civil case, Mr. Gautam Adani and Mr. Sagar Adani, have submitted a pre-motion conference letter to the U.S. District Court for the Eastern District of New York. This step is part of the formal process to seek a dismissal of the SEC’s complaint, with the motion targeted for filing by April 30, 2026.
Grounds for Dismissal
The defendants have outlined several primary arguments to support their request for dismissal. These include the contention that the court lacks personal jurisdiction over the individuals involved. Furthermore, the defense argues that the SEC’s claims are impermissibly extraterritorial, that the alleged misstatements are not actionable, and that the defendants had no direct involvement in the specific Offering that serves as the basis for the agency’s claims.
Company Status and Clarification
It remains important to clarify that Adani Green Energy Limited is not a party to these proceedings, and no charges have been filed against the company itself. Additionally, the company reaffirmed that the defendants face no charges related to the United States Foreign Corrupt Practices Act. There are strictly no allegations of bribery or corruption associated with these civil proceedings.
Source: BSE
