NEW YORK, April 7 (Reuters) – Gautam Adani, India’s second richest individual, will ask a U.S. choose to dismiss the Securities and Alternate Fee’s civil fraud case towards him, his attorneys stated on Tuesday.
Adani and his nephew Sagar Adani have been charged by the SEC in November 2024 with orchestrating a scheme to pay or promise to pay lots of of hundreds of thousands of {dollars} in bribes to Indian authorities officers to learn Adani Inexperienced Power, the place each males are executives and administrators.
The securities fraud case is tied to Adani Inexperienced’s alleged failure to disclose the scheme in paperwork for a $750 million bond providing in 2021.
In a submitting within the Brooklyn, New York federal court docket, Adani’s attorneys stated the SEC claims have been “impermissibly extraterritorial,” provided that the defendants and all alleged misconduct have been in India, and the bonds have been by no means traded on a U.S. trade.
The attorneys additionally stated the Adanis’ lack of involvement in the providing and the absence of credible proof supporting the bribery scheme supported a dismissal.
The SEC didn’t instantly reply to a request for remark.
(Reporting by Jonathan Stempel in New YorkEditing by Tomasz Janowski)