New York: Billionaire industrialist Gautam Adani and his nephew Sagar Adani have agreed to formally accept a legal notice from the US Securities and Exchange Commission (SEC) in a civil fraud case alleging that investors were misled over an alleged bribery scheme, according to court filings.
The agreement, which is subject to court approval, was submitted to a federal court in Brooklyn, New York. The filing shows that lawyers representing the Adanis in the United States have consented to receive the SEC’s legal papers on their behalf, eliminating the need for a judicial ruling on alternative methods of serving notice.
Once approved by the court, the stipulation will allow the case to progress procedurally. The Adanis will have up to 90 days to either file a motion seeking dismissal of the SEC’s complaint or submit their formal defence. The SEC will then have 60 days to respond, followed by a 45-day window for the defendants to file a reply.
The SEC had initiated the civil lawsuit in November 2024, alleging that Gautam and Sagar Adani violated US securities laws by making false or misleading statements related to Adani Green Energy Ltd (AGEL). Separately, federal prosecutors in Brooklyn have accused the Adanis and others of involvement in an alleged USD 265 million bribery scheme linked to solar power contracts in India.
The Adani Group has consistently rejected all allegations. In a stock exchange filing, AGEL clarified that the decision to accept service of notice is purely procedural and does not imply acceptance of the jurisdiction of the Eastern District of New York. The company said the defendants have reserved all legal defences, including challenges to jurisdiction, and intend to seek dismissal of the SEC’s complaint or file appropriate pleadings.
AGEL also reiterated that neither Gautam nor Sagar Adani has been charged under the US Foreign Corrupt Practices Act and that no bribery or corruption charges have been filed against them. The company further noted that it is not a party to the proceedings and faces no charges in the matter.
The lawsuit had remained stalled for over a year as the Adanis, who are based in India, had not been formally served. Earlier this month, the SEC had sought court approval to use alternative service methods, including email and delivery through US law firms representing the Adanis. The agreement between the parties has now rendered that request unnecessary.
Gautam Adani has engaged senior Wall Street lawyer Robert Giuffra Jr of Sullivan & Cromwell to represent him in the case. Court documents confirm that US counsel agreed to accept service on January 23, 2026, allowing the litigation to move ahead.
AGEL said its business operations continue as normal across all markets, adding that projects, financial commitments and governance standards remain unaffected by the proceedings. The group maintained that it continues to adhere to high standards of transparency, regulatory compliance and lawful conduct.
