Washington DC: Gautam Adani and Sagar Adani, in collaboration with the U.S. Securities and Exchange Commission (SEC), have jointly requested the U.S. District Court for the Eastern District of New York for an extension to file crucial legal submissions. According to court filings made on Saturday, April 18, 2026, both parties have reached a consensus on a revised timeline, which has been submitted to Judge Nicholas G. Garaufis for formal approval. This move follows a pre-motion letter submitted by the Adanis on April 7, wherein they expressed their intention to seek the dismissal of the civil fraud lawsuit initiated by the SEC in late 2024.
The SEC’s case alleges that the Adani Group founders misled international investors by failing to disclose a multi-million dollar bribery scheme reportedly involving Indian state officials. The Adanis have categorically denied all charges, arguing that the U.S. court lacks personal jurisdiction and that the SEC is attempting an “impermissible extraterritorial application” of American securities laws. They contend that the $750 million bond offering at the centre of the dispute was conducted primarily outside the United States and involved non-U.S. underwriters.
Proposed Legal Timeline:
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June 8, 2026: Deadline for the Adanis to file their formal motion to dismiss.
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August 7, 2026: Deadline for the SEC to file an amended complaint or opposition to the dismissal motion.
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September 21, 2026: Deadline for the defendants to file their reply to the SEC’s opposition.
The parties have also suggested potential dates for a pre-motion conference—May 20, 22, or 29—pending the court’s availability. This conference is a standard procedural step before a judge decides whether to allow the motion to dismiss to proceed.
Key Defence Arguments:
In their anticipated motion, the Adanis’ legal team, comprising Sullivan & Cromwell LLP and Nixon Peabody LLP, is expected to argue that the alleged misstatements were merely general corporate “puffery” and not actionable fraud. They will also emphasize that the bonds in question were fully repaid with interest in 2024, and that no actual investor losses have been alleged by the regulator. The outcome of this jurisdictional challenge will be a critical determinant for the future of the civil proceedings.
