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Gautam Adani, Sagar Adani Seek Negotiation With US SEC Over Fraud Case
Fourteen months later, the US SEC's fraud charges against Gautam Adani and Sagar Adani have taken a new turn. Adani's lawyers have now expressed their willingness to negotiate on accepting the SEC summons in US court. Previously, the Indian Law Ministry had twice returned the summons under the Hague Convention.
Gautam Adani and his nephew Sagar Adani have been accused of fraud. The fraud case was brought by the SEC, an organization responsible for governing the US Stock Market. However, after waiting for 14 months, Adani has come forward with a new defense in an American court in support of the Indian businessmen. The lawyers for Adani have stated in their letter this week that they are willing to negotiate with the SEC in America regarding how they will accept the summons.
January 23, the law firm of Sullivan & Cromwell LLP, which represents Gautam Adani and Sagar Adani, presented a petition before Judge Nicholas G., whose letter to Garaufis mentioned: "The parties, the Adani parties and the SEC, are engaged in discussions to reach an agreement with respect to the service of the summons." Therefore, the court has been requested to withhold a decision in this matter and allow both parties to negotiate.
The letter did not elaborate on the terms being discussed. This development comes two days after the SEC requested the court to bypass the Indian government and serve the summons directly via email and through Adani's American lawyers. This move was taken because India's Law Ministry had twice refused to serve the summons under the Hague Convention (an international treaty).
