New Delhi/New York (Rajeev Sharma): Billionaire industrialist Gautam Adani and his nephew Sagar Adani have agreed to accept service of a legal notice issued by the US Securities and Exchange Commission (SEC) in a civil fraud lawsuit, according to a court filing in the United States. The move, described as procedural in nature, is subject to approval by the court.
In a joint filing submitted to a federal court in Brooklyn, New York, the SEC and US-based lawyers representing the Adanis confirmed that the defendants’ counsel has agreed to receive the regulator’s legal papers. This agreement removes the need for the court to decide on alternative methods of serving the notice, which had delayed proceedings for over a year.
If the stipulation is approved by the judge, the case will formally move forward. The Adanis will then have up to 90 days to file a motion to dismiss the SEC’s complaint or submit their defence. The SEC will have 60 days to respond, followed by a 45-day window for the defendants to file a reply.
The SEC filed the civil lawsuit in November 2024, alleging that Gautam and Sagar Adani violated US securities laws by making false and misleading statements to investors in connection with Adani Green Energy Ltd (AGEL), particularly regarding alleged bribery-linked issues.
Separately, federal prosecutors in Brooklyn have accused the Adanis and others of involvement in an alleged USD 265 million bribery scheme in India to secure solar power contracts. The Adani Group has consistently denied all allegations against its founder and family members.
The cases had remained stalled as both Gautam and Sagar Adani are based in India and had not been formally served. Last week, the SEC sought court permission to use alternative service methods, including email and service through US law firms representing the Adanis. That request became unnecessary after defence counsel agreed to accept service.
In a stock exchange filing, AGEL clarified that the acceptance of service does not amount to conceding jurisdiction. “The defendants have agreed to accept service without accepting the jurisdiction of the Eastern District of New York and while reserving all available defences, including those related to jurisdiction,” the company said. It added that the Adanis intend to seek dismissal of the SEC complaint or file appropriate pleadings.
AGEL also reiterated that neither Gautam Adani nor Sagar Adani has been charged under the US Foreign Corrupt Practices Act, and that there are no bribery or corruption charges against them. The company stressed that it is not a party to the proceedings and faces no charges in the matter.
The Adanis are being represented by prominent Wall Street lawyer Robert Giuffra Jr., co-chair of Sullivan & Cromwell, who confirmed to the court that an agreement had been reached to accept service on behalf of his clients.
According to the court filing, the SEC had earlier approached India’s Ministry of Law and Justice in February 2025 under the Hague Convention to serve legal documents, but the process had not been completed. On January 21, 2026, the SEC sought permission for alternative service, which was rendered unnecessary two days later after defence counsel consented.
AGEL said its business operations continue as usual across all jurisdictions and that the company remains financially strong, with projects progressing as planned. The Adani Group reiterated its commitment to governance, transparency and regulatory compliance, stating that it will address the matter through appropriate legal channels.
