Gautam Adani agrees to receive legal notice in US SEC civil fraud case, to respond in 90 days

New York/New Delhi: Billionaire Gautam Adani and his nephew, Sagar Adani, have agreed to receive a legal notice from the US Securities and Exchange Commission in a civil fraud lawsuit alleging they misled investors about a bribery scheme, according to a court filing.

The stipulation is subject to court approval.

In a filing in a federal court in Brooklyn, New York, seen by PTI, the SEC and US-based lawyers for Gautam and Sagar Adani said the lawyers had agreed to accept service of the regulator's legal papers, removing the need for a judge to rule on how the defendants should be served.

The joint application (or stipulation) has been submitted for approval from the concerned Court. This is a standard procedural step in US legal proceedings that allows for the orderly resolution of cases.

If agreed by the judge, the joint application will allow the SEC matter to progress while giving time to the Adanis to either file their motion to dismiss or their defence within 90 days. The SEC thereafter can file their opposition within a further period of 60 days. The Defendants can file their replies to such opposition within 45 days.

The SEC had filed a lawsuit in November 2024 alleging that the two violated US securities laws by making false and misleading representations about Adani Green Energy Ltd (AGEL).

In addition to the SEC's civil complaint, federal prosecutors in Brooklyn, New York, have charged the Adanis and others with allegedly helping to drive a USD 265 million bribery scheme in India to secure solar power contracts.

The Adani Group has repeatedly denied all accusations made against it or the founder family.

Both lawsuits have been stalled for more than a year as both Adanis remain in India and couldn't be served the notices. Last week, the SEC asked a US judge to allow alternative methods to notify them of the suit, including service by email and through other US law firms representing the Adanis.

AGEL, the renewable energy arm of the ports-to-cement conglomerate Gautam Adani leads, in a stock exchange filing, said the defendants - Gautam and Sagar Adani - agreeing to accept the notice is a procedural step and they would seek dismissal of the SEC's complaint or file responsive pleadings.

"We understand that on January 30, 2026, Counsel for Defendants filed an application agreeing to accept service on behalf of the Defendants without accepting the jurisdiction of the Eastern District of New York (EDNY) and reserving all defences the Defendants may raise, including as to jurisdiction," it said.

"We further understand that the Defendants have taken procedural steps and intend to move to dismiss the SEC's complaint or file responsive pleadings." AGEL went on to cite its previous statement that the Gautam Adani and Sagar Adani who are directors on its board, have not been "charged with violation/(s) of the United States Foreign Corrupt Practices Act i.e. there are no charges of bribery or corruption against the Defendants." Also, the "company is not a party to these proceedings, and no charges have been brought against it," the filing said.

Adani has hired a prominent Wall Street lawyer, Robert Giuffra Jr, who also counts US President Donald Trump among his clients, to defend him in the case.

Robert Giuffra Jr, co-chair of white-shoe law firm Sullivan & Cromwell, told a federal judge that he reached an agreement to accept the lawsuit on behalf of Gautam and Sagar Adani.

The a joint filing made by the Defendants and SEC in the Eastern District Court of New York, said the SEC on February 17, 2025, "submitted a formal request to India's Ministry of Law and Justice, Department of Legal Affairs for assistance under the Hague Convention on the Service Abroad of Judicial and Extrajudicial Documents in Civil or Commercial Matters but service on the Defendants has not yet been effected." On January 21, 2026, the SEC filed a motion and proposed order seeking permission to effect alternative service through Defendants' US counsel and Defendants' business emails.

"On January 23, 2026, US counsel for Defendants agreed to service of process, thereby obviating the need for the Court to rule on the Motion," the court filing said.

"Except with respect to service, Defendants expressly preserve all defenses in this litigation, including but not limited to defences relating to personal jurisdiction." AGEL is not a party to these proceedings. No charges have been brought against the company, whether in relation to bribery, corruption or otherwise. The only parties to the proceeding are two directors of the company. However, no criminal charges have been brought against directors. The proceedings are entirely civil in nature.

Officials said AGEL business operations continue normally across all jurisdictions and the firm remained focused on delivering value to its stakeholders. Its projects and commitments are proceeding as planned and the financial position remains strong, they said.

The Adani Group, they said, maintains the highest standards of governance, transparency and regulatory compliance. It operates as a law-abiding organisation across all jurisdictions.

The SEC matter will proceed through the appropriate legal channels, they added.