Fourteen months after US regulators charged Gautam Adani and his nephew Sagar with fraud, their lawyers filed a response in a New York court, seeking talks on summons service amid India's refusals.
Billionaire Gautam Adani and his nephew Sagar Adani faced US Securities and Exchange Commission (SEC) civil charges on November 20, 2024, for alleged securities fraud tied to a $750 million bond offering that raised over $175 million from US investors. The Adani Group has dismissed the claims as baseless.
The SEC sought to serve summons via the Hague Convention, submitting a request to India's Ministry of Law and Justice on February 17, 2025. The ministry rejected it twice: first on May 1, 2025, citing missing ink signature and seal; then on December 14, 2025, referencing SEC Rule 5(b), stating the summons 'does not cover in the above said categories.' Letters were signed by Krishna Mohan Arya, deputy legal adviser, and Niranjan Prasad, section officer (judicial).
The SEC called these objections baseless, noting the Convention requires no such elements and resubmitting on May 27, 2025. On January 21, 2026, the SEC asked a New York federal judge to allow service via email and the Adanis' US lawyers, bypassing India.
Two days later, on January 23, 2026, Sullivan & Cromwell LLP, representing the Adanis, filed a letter to Judge Nicholas G. Garaufis. It stated they are negotiating an agreement with the SEC on service, requesting the court defer its ruling. Terms were not disclosed.
Adani Group shares fell 3.4% to 14.54% on January 24, 2026, after the SEC motion surfaced. An SEC spokesperson declined further comment beyond filings. The law firm did not respond immediately.
New York attorney Ravi Batra noted, 'Nations who signed The Hague Convention have a duty to forward legal process... SEC has a right to ask for alternative means of service.' He added that lawyers aim to resolve issues favorably, possibly with a civil fine.
