‘If you fail to respond…’: US SEC summons Gautam Adani, nephew Sagar Adani in bribery case
PTC News Desk: Gautam Adani and his nephew Sagar Adani have been asked to explain their stand on the US Securities and Exchange Commission's (SEC) charge of paying USD 265 million (₹2,200 crore) in bribes to gain lucrative solar power contracts.
The summons were sent to the Adanis' respective Ahmedabad houses, with responses anticipated within 21 days. If the Adanis fail to respond within the specified time frame, a default judgment will be issued against them, according to the notice.
"Within 21 days after service of this summons on you (not counting the day you received it)...you must serve on the plaintiff (SEC) an answer to the attached complaint or a motion under Rule 12 of the Federal Rules of Civil Procedure," the notice read.
“If you fail to respond, judgment by default will be entered against you for the relief demanded in the complaint. You also must file your answer or motion with the court,” it further said.
Adani and seven other defendants, including his nephew Sagar Adani, allegedly agreed to pay around $265 million in bribes to Indian government officials to win contracts worth $2 billion over 20 years and to create India's largest solar power plant project.
Prosecutors also claimed that the Adanis and another Adani Green Energy executive, former CEO Vneet Jaain, raised more than $3 billion in loans and bonds by concealing their corruption from lenders and investors.
According to the indictment, some conspirators referred to Gautam Adani as "Numero uno" and "the big man," while Sagar Adani reportedly used his cellphone to track details about the bribery.
Gautam Adani, Sagar Adani, and Jaain were charged with securities fraud, securities fraud conspiracy, and wire fraud conspiracy. The Adanis were also charged in a civil case by the Securities and Exchange Commission in the United States.
The remaining five defendants were charged with conspiracy to violate the Foreign Corrupt Practices Act, a US anti-bribery law, and four with conspiracy to impede justice.
- PTC NEWS
