The Adani Group, one of India’s largest conglomerates, faced renewed market turmoil after the U.S. Securities and Exchange Commission (SEC) escalated its legal action in a high-profile civil case. The regulator asked a U.S. court for permission to serve summons directly to Gautam Adani, the group’s founder, and Sagar Adani, a senior executive, over allegations involving fraud and an alleged $265 million bribery scheme linked to major energy contracts. SEC Legal Move: Bypassing Conventional Service The SEC’s filing in a New York court represents a significant development in an ongoing legal saga. Standard international procedure for serving legal documents through government channels in India was twice rejected on procedural grounds. As a result, the SEC told the court it should be permitted to serve summons via personal email and through U.S. counsel to ensure Adani executives receive notice of the proceedings. The allegations cover claims of misconduct that could have misled investors and violated U.S. securities laws, including anti-bribery and anti-corruption statutes. The civil case is separate from a criminal probe by the U.S. Department of Justice that also involves related charges. Market Reaction: Sharp Sell-Off Across Stocks The immediate impact of the SEC’s action was evident in financial markets.… Read MoreBusiness Archives – Trak.in – Indian Business of Tech, Mobile & Startups
