A US court has granted a pre-motion conference in the SEC case against the Adani Group, with Gautam Adani and Sagar Adani seeking dismissal of the lawsuit.
The case, 'SEC v. Adani et al', arises from a complaint filed by the SEC in November 2024 alleging securities fraud linked to a 2021 bond issuance by Adani Green Energy Ltd.
The Adanis argued that the US court lacks jurisdiction and that the complaint fails to establish any wrongdoing, stating that the USD 750 million bond sale was conducted outside the US.
They also disputed allegations of a bribery scheme involving Indian officials, stating there is no credible evidence and that the SEC failed to establish a 'domestic transaction', a requirement for invoking US securities laws.
The pre-motion conference will determine whether the case proceeds to a formal motion stage.
