Billionaire industrialist Gautam Adani and his nephew Sagar Adani have agreed to accept legal notice from the U.S. Securities and Exchange Commission (SEC) in a civil fraud lawsuit, a procedural step that comes more than a year after the SEC filed charges alleging violations of U.S. securities laws. The agreement, filed jointly by the defendants and the SEC in Brooklyn federal court, will allow the Adanis to either file a motion to dismiss or submit a defense within 90 days, subject to court approval.

The SEC initially filed its complaint in November 2024, alleging that Gautam and Sagar Adani made false and misleading representations about Adani Green Energy Ltd (AGEL). In addition to the civil lawsuit, federal prosecutors in Brooklyn accused the Adanis of participating in a USD 265 million bribery scheme in India aimed at securing solar power contracts. The case has been stalled for over a year as both defendants were in India and had not accepted service of the notices.

Under the joint stipulation, the Adanis’ U.S.-based lawyers have agreed to accept service of the SEC’s legal papers, eliminating the need for a court ruling on alternative service methods. The Eastern District of New York will now allow the SEC to file opposition within 60 days, with the defendants permitted to reply within 45 days. Gautam Adani has retained prominent Wall Street attorney Robert Giuffra Jr., known for representing high-profile clients, including former U.S. President Donald Trump.

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AGEL, the renewable energy arm of the Adani conglomerate, emphasized that the agreement to accept service is purely procedural and does not indicate acceptance of jurisdiction. The company stated that it would continue normal operations and that the Adani duo intends to either seek dismissal of the SEC’s complaint or file responsive pleadings. AGEL reiterated that neither Gautam nor Sagar Adani have been charged with violations under the U.S. Foreign Corrupt Practices Act, and the company itself is not a party to the proceedings.

Officials noted that the matter will continue through appropriate legal channels, and AGEL remains focused on its business operations and delivering value to stakeholders across jurisdictions. Analysts say the case could have significant implications for Adani’s global business operations and investor confidence, though the procedural acceptance of service marks a key step toward resolving long-pending litigation.

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