Adani demands dismissal of fraud case from US court: Said – the matter is outside US jurisdiction, no fraud has been proved

Gautam Adani and his nephew Sagar Adani have demanded dismissal of the civil fraud case filed by the US regulator Securities and Exchange Commission (SEC). He said that this case is outside US jurisdiction and there are no concrete allegations in it. Adani Group filed a pre-motion letter in the New York court saying that the deal against which allegations have been made was made outside America. The SEC’s lawsuit is therefore legally weak and should be dismissed in its entirety. SEC had filed a case against Gautam Adani and Sagar Adani on 24 November. The SEC had alleged that Adani Group company Adani Green Energy Limited (AGEL) misled investors during the 2021 bond issue and did not disclose the bribery case. Adani’s argument – No direct connection with America Adani’s lawyers, while demanding dismissal of the case, have argued that neither Gautam Adani nor Sagar Adani has had any such contact with America which is necessary for this case. Also, he had no direct role in the bond issuance process. The Adani side cited old decisions of the US Supreme Court and said that the SEC had failed to show that any ‘domestic transaction’ was involved. He said that the company issuing the bonds is Indian, it is not listed in the US and the alleged incident also took place entirely in India. In such a situation, American laws cannot be implemented outside the country’s borders (Extraterritorial). Bond sale of $750 million and foreign regulations The filing said that the bond sale of $750 million (about ₹6,300 crore) was done outside the US under Rule 144A and Regulation. These securities were sold to non-US underwriters and later a portion of them were resold to qualified institutional buyers (QIBs). Lawyers say there is no allegation in the complaint that Gautam Adani had approved the issue or participated in any meeting to influence American investors. The group also informed the court that the SEC has not mentioned any loss suffered by investors. According to the group, the maturity of these bonds was completed in 2024 and the entire money along with interest has been returned to the investors. Apart from this, the group has also termed the allegations of bribery as completely baseless and said that there is no credible evidence in its favor. Future strategy: Big hearing possible on April 30 Adani Group has demanded that the case be closed completely. He has also said that he is ready to appear for a pre-motion conference if necessary. Now everyone’s eyes are fixed on April 30, when the detailed motion in this case will be placed before the court. ————————- Read this news also… Claim- Hundreds of messages and emails were sent between Epstein and Anil Ambani: The sex offender had described himself as an insider of the White House. America’s sex offender Jeffrey Epstein had presented himself to industrialist Anil Ambani in 2017 as an ‘insider’ of the White House of Donald Trump’s first term. According to the New York Times report, there were hundreds of messages and emails between the two for two years. Read the full news…



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