Adani bribery fees: Adani Group Chairman Gautam Adani and his nephew Sagar Adani have been reportedly summoned to elucidate their stand on the US Securities and Trade Fee (SEC) allegation of paying $265 million (Rs 2,200 crore) in bribes to safe profitable solar energy contracts. Summons have been despatched to Adani’s Shantivan Farm residence in Ahmedabad and his nephew Sagar’s Bodakdev residence in the identical metropolis for a reply to SEC inside 21 days, PTI Information reported on Saturday.
“Inside 21 days after service of this summons on you (not counting the day you acquired it)…you should serve on the plaintiff (SEC) a solution to the connected criticism or a movement underneath Rule 12 of the Federal Guidelines of Civil Process,” mentioned a November 21 discover despatched by means of the New York Japanese District Court docket.
“In the event you fail to reply, judgment by default will likely be entered in opposition to you for the reduction demanded within the criticism. You additionally should file your reply or movement with the court docket,” it added.
In keeping with a current indictment unsealed in a New York court docket, Gautam Adani, aged 62, together with seven different defendants, together with his nephew Sagar who serves as a director at Adani Inexperienced Power Ltd, allegedly conspired to pay roughly USD 265 million in bribes to Indian authorities officers from round 2020 to 2024. The purpose of those bribes was to safe profitable photo voltaic vitality provide contracts that had been anticipated to generate roughly USD 2 billion in income over a span of 20 years.
